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

Originally Posted by CharmedPiper

The direction of Iraq towards the lifting of the exchange rate of the local currency.
Financial : disbursement 2007 budget will be in the first month of the new year 8-editors studying the formation of the Press Council

I really like the sound of that!

Originally Posted by willie 2

What does "cheesed off" mean. Sounds like something I'd like to add to my vocabulary.

"Cheese Off", well the first thing it could mean is that the rat ran off with the cheese and the RV is on! Come on RV, we are waiting for you!

"Cheese Off", CO for short! That means not to "smile" as when you are going to have your picture taken right after hearing that your RV has happened and your grin goes to ear to ear, and it will! Well, "CO" means that it has not happened yet and you are unhappy and frowning!

"Cheese Off", CO for short again! This could mean that some "cheese" was cut or released! Now, this could mean that there might be some "extra" gas in the air that might offend some! As it is "out" in the open and not affecting much then, but in a confined area, it could be embarassing and quiet "deadly!"

So CO and lets get the RV going!

"cheese off", co for short and this is the last of the "co"s. It just means to just "knock it off", "cool-it", "bug-off", "leave me alone", "stop your grinning", etc...It is friendly, not to be misunderstood as something too harsh as other "Off or off's!"

Hope this helps you all out!

So lets get the CO and the RV Out and Off the starting gates!

Iraq Economy Slowed by Graft, Violence, Panel Says (Update1)

Bloomberg.com: News

By Brendan Murray

Dec. 6 (Bloomberg) -- Iraq's oil production is restrained by corruption and violence and the nation's economy is suffering from the scourge of soaring inflation with high unemployment, the Iraq Study Group concluded.

``Too many Iraqis do not see tangible improvements in their daily economic situation,'' the panel's report said. ``Economic development is hobbled by insecurity, corruption, lack of investment, dilapidated infrastructure and uncertainty.''

The panel said the Central Bank of Iraq should raise interest rates to 20 percent from the current benchmark of 16 percent and strengthen the dinar 10 percent to stem the rise in prices. The report recommended central control and distribution of oil revenue and suggested the Iraqi government allow domestic prices for refined petroleum products to rise.

The report from the bipartisan group, led by former Secretary of State James A. Baker III and former Representative Lee Hamilton, includes a set of milestones on subjects from security to the economy that Iraqis must meet if the U.S. commitment is to continue. The recommendations were presented to President George W. Bush and U.S. lawmakers earlier today.

The Iraqi economy -- ranked globally just behind New Zealand's $102 billion in gross domestic product -- is expected to expand 4 percent this year, less than the 10 percent target, the report said. Unemployment ranges from 20 percent to 60 percent and inflation has jumped more than 50 percent, it said. Foreign direct investment amounts to less than 1 percent of the country's GDP.

Oil Production

One of Iraq's biggest challenges is boosting oil production, which accounts for about 70 percent of Iraq's GDP and 95 percent of government revenue, the report said. Iraq is producing about 2.2 million barrels a day, lower than the pre- war output of 2.5 million barrels and ``far short of the vast potential of the Iraqi oil sector,'' the report said.

Foreign oil companies have been reluctant to invest in the country's oil sector and Iraqi experts have been subject to intimidation, forcing many to leave the country, the report says. Oil industry corruption is ``debilitating,'' it says, as ``perhaps as many as 500,000'' barrels of oil a day are being stolen. That corruption, more than insurgent violence, may be responsible for most of the breakdown in the oil sector, the report says.

While the country has plentiful oil reserves, price controls have resulted in shortages of refined products, the panel concluded. That has driven Iraqis to rely on the black market.

Revenue Sharing

Oil also is critical to Iraqi politics. Regional leaders are squabbling over how much of the oil revenue should be shared with the entire country and some, the Kurds in oil-rich northern Iraq in particular, are signing separate investment agreements with foreign companies. That has exacerbated divisions.

Iraq has no mechanism to share oil revenue on a per capita basis, a step that has ``the potential to give all Iraqi citizens a stake in the nation's chief natural resource,'' the panel said in its report. Setting up such a system would take ``substantial time'' to develop, it said.

One key recommendation that may prove to be controversial is the panel's position that Iraqi oil revenue be centrally controlled and distributed on the basis of population. Kurds in northern Iraq have been pushing for control of oil fields and revenue in their region. Many Sunni Muslim areas, meanwhile, have little in the way of oil production.

Distribution

The U.S. Energy Department estimates that Iraq has proven oil reserves totaling 115 billion barrels, the third-largest in the world after Saudi Arabia and Canada. While about two-thirds of Iraqi oil reserves are concentrated in the southern half of the country, where Shiite Muslims dominate, the Kirkuk field in the northern Kurdish area also is a main contributor to production.

Iraq's currency, the dinar, was introduced in October 2003. The International Monetary Fund, in a September report, said the Iraqi government has met most budget targets and the country's exchange rate has been stable against the U.S. dollar.

In the late 1990s, the dinar was valued at about 2,000 to the dollar.

Yesterday, the dinar had appreciated to 1,429 per dollar, 3.8 percent stronger than the exchange rate of 1,485 dinars per dollar at the beginning of this year and up 15.7 percent from 1,695 per dollar in January 2004, according to rates posted on the Central Bank of Iraq's Web site.

The Iraq Study Group report noted ``some encouraging signs'' on the country's economic performance. Currency reserves are at $12 billion and growing and imports of consumer goods ``have increased dramatically,'' it said.

To contact the reporter on this story: Brendan Murray in Washington at [email protected]
Last Updated: December 6, 2006 14:01 EST

Originally Posted by MrsCK

NO IMF meeting????????? Oops you must not have seen my post from yesterday go to this the Iraq President website : here is the LINK

Ok once there - click on the Press Monitoring on the left side.
Then click on December 5 - scroll down to the "The Consititution" newspaper.
Look in the headlines of that paper yesterday - See the IMF meeting?.

RV SOOOOOOOOO CLOSE!!

Yes MrsCK, I did see that yesterday, thank you.

That though does not describe anything about an SBA review.

For all we know -"International Monetary Fund hold sessions to discuss the application of oil and gas new" could be discussing the new HCL or could be more restrictions IMF is imposing on subsidies as they expected gas to go to $1.82 per gallon.

I'm looking for something on the SBA

Originally Posted by Jola

Iraq Economy Slowed by Graft, Violence, Panel Says (Update1)

Bloomberg.com: News

By Brendan Murray

Dec. 6 (Bloomberg) -- Iraq's oil production is restrained by corruption and violence and the nation's economy is suffering from the scourge of soaring inflation with high unemployment, the Iraq Study Group concluded.

``Too many Iraqis do not see tangible improvements in their daily economic situation,'' the panel's report said. ``Economic development is hobbled by insecurity, corruption, lack of investment, dilapidated infrastructure and uncertainty.''

The panel said the Central Bank of Iraq should raise interest rates to 20 percent from the current benchmark of 16 percent and strengthen the dinar 10 percent to stem the rise in prices. The report recommended central control and distribution of oil revenue and suggested the Iraqi government allow domestic prices for refined petroleum products to rise.

The report from the bipartisan group, led by former Secretary of State James A. Baker III and former Representative Lee Hamilton, includes a set of milestones on subjects from security to the economy that Iraqis must meet if the U.S. commitment is to continue. The recommendations were presented to President George W. Bush and U.S. lawmakers earlier today.

The Iraqi economy -- ranked globally just behind New Zealand's $102 billion in gross domestic product -- is expected to expand 4 percent this year, less than the 10 percent target, the report said. Unemployment ranges from 20 percent to 60 percent and inflation has jumped more than 50 percent, it said. Foreign direct investment amounts to less than 1 percent of the country's GDP.

Oil Production

One of Iraq's biggest challenges is boosting oil production, which accounts for about 70 percent of Iraq's GDP and 95 percent of government revenue, the report said. Iraq is producing about 2.2 million barrels a day, lower than the pre- war output of 2.5 million barrels and ``far short of the vast potential of the Iraqi oil sector,'' the report said.

Foreign oil companies have been reluctant to invest in the country's oil sector and Iraqi experts have been subject to intimidation, forcing many to leave the country, the report says. Oil industry corruption is ``debilitating,'' it says, as ``perhaps as many as 500,000'' barrels of oil a day are being stolen. That corruption, more than insurgent violence, may be responsible for most of the breakdown in the oil sector, the report says.

While the country has plentiful oil reserves, price controls have resulted in shortages of refined products, the panel concluded. That has driven Iraqis to rely on the black market.

Revenue Sharing

Oil also is critical to Iraqi politics. Regional leaders are squabbling over how much of the oil revenue should be shared with the entire country and some, the Kurds in oil-rich northern Iraq in particular, are signing separate investment agreements with foreign companies. That has exacerbated divisions.

Iraq has no mechanism to share oil revenue on a per capita basis, a step that has ``the potential to give all Iraqi citizens a stake in the nation's chief natural resource,'' the panel said in its report. Setting up such a system would take ``substantial time'' to develop, it said.

One key recommendation that may prove to be controversial is the panel's position that Iraqi oil revenue be centrally controlled and distributed on the basis of population. Kurds in northern Iraq have been pushing for control of oil fields and revenue in their region. Many Sunni Muslim areas, meanwhile, have little in the way of oil production.

Distribution

The U.S. Energy Department estimates that Iraq has proven oil reserves totaling 115 billion barrels, the third-largest in the world after Saudi Arabia and Canada. While about two-thirds of Iraqi oil reserves are concentrated in the southern half of the country, where Shiite Muslims dominate, the Kirkuk field in the northern Kurdish area also is a main contributor to production.

Iraq's currency, the dinar, was introduced in October 2003. The International Monetary Fund, in a September report, said the Iraqi government has met most budget targets and the country's exchange rate has been stable against the U.S. dollar.

In the late 1990s, the dinar was valued at about 2,000 to the dollar.

Yesterday, the dinar had appreciated to 1,429 per dollar, 3.8 percent stronger than the exchange rate of 1,485 dinars per dollar at the beginning of this year and up 15.7 percent from 1,695 per dollar in January 2004, according to rates posted on the Central Bank of Iraq's Web site.

The Iraq Study Group report noted ``some encouraging signs'' on the country's economic performance. Currency reserves are at $12 billion and growing and imports of consumer goods ``have increased dramatically,'' it said.

To contact the reporter on this story: Brendan Murray in Washington at [email protected]
Last Updated: December 6, 2006 14:01 EST

Hmmmm .......... would have loved for this to have read 1000% increase not just 10% and seems at least to bloomberg the rate is doing well compaired to the 2000-1 in 1990

this is good though

"Currency reserves are at $12 billion and growing and imports of consumer goods ``have increased dramatically"

Originally Posted by Inscrutable

Yes MrsCK, I did see that yesterday, thank you.

That though does not describe anything about an SBA review.

For all we know -"International Monetary Fund hold sessions to discuss the application of oil and gas new" could be discussing the new HCL or could be more restrictions IMF is imposing on subsidies as they expected gas to go to $1.82 per gallon.

I'm looking for something on the SBA

ok still working on this one BUT maybe you can help me out a bit:
First and Second Review of the SBA

I "think" it was in the 53 page document of the next 'review date' - still looking so will get back with ya if I find it first. Computer crash so lost all notes last month.
Plus looking for the news articule also.
BOY YOU ASK HARD QUESTIONS!!

Cheese off? Isn't that some sort of yearly contest in Wisconsin?

Originally Posted by rvalreadydang

Cheese off? Isn't that some sort of yearly contest in Wisconsin?

You have it all wrong. It's the act of a Packers fan removing their headgear and slamming it to the ground in disgust when the Packers lose.

They have been doing a lot of cheese offs in the last few years.

Originally Posted by MrsCK

ok still working on this one BUT maybe you can help me out a bit:
First and Second Review of the SBA

I "think" it was in the 53 page document of the next 'review date' - still looking so will get back with ya if I find it first. Computer crash so lost all notes last month.
Plus looking for the news articule also.
BOY YOU ASK HARD QUESTIONS!![/b][/color]

I think what you are looking for is on page 24. It shows when the meetings were supposed to take place, and the rescheduling.

Originally Posted by choochie

I think what you are looking for is on page 24. It shows when the meetings were supposed to take place, and the rescheduling.

Thanks Found it right when you posted it

Plus one of the BEST finds of the 53 pages is the following:

Page 6

Foot note:
4. The delay in forming a government has delayed the process in preparing a budget for 2007. The outline of the 2007 budget will be a focus of the third review, scheduled after August 14, 2006. The reconstruction levy was supposed to increase to 10 from 5 percent in April 2006, but this did not happen. The government intends to effect this change later this year and in time for the 2007 budget.

OK NOW I AM TRYING TO FIND THE THRID REVIEW AGAIN LOLLOLOL It just came out. BRB