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

Wow, who the fack is Teslyn over on IIF, anyone know? Has to be the most negative, depressing numbskull in this investment. She/he/it epitomises the naysayer name and even puts it to shame!! Another Stef clone, lol.

Good Morning All!

Well, last auction today, same story!

I think next week could be nicer to look out to!

Goooooooooooooood Morning RolClub !!

Number of banks 12 -----
Auction price selling dinar / US $ 1424 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 25.570.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 25.570.000 -----
Total offers for selling (US $) -------


Lets keep this snowball a rollin'

The dinar to the dollar is down 2 more points today from 1426 to 1424 and another $25,570,000 (net) worth of dinars, (36,411,680,000) out of circulation with 12 banks participating. What's neat about today is that there were NO dinars sold back into the economy. More banks participated today, I'm wondering if they have been holding off for a few days and now their pent up demand is forcing them to come back to the CBI to get dollars in order to conduct their daily business. That puts our grand total of dinars withdrawn from circulation as of the 22nd auction since the beginning of CBI's reval plan to: 1,141,333,347,000.
We are now 37 days into the CBI's reval plan.

I hear that train a comin',
It's comin' round the bend,

All aboard the money train !!

Announcement No.(821)

D.G. of Foreign Exchange Control

The 821 daily currency auction was held in the Central Bank of Iraq day Thursday 2006 / 12/ 7 so the results were as follows :

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1424 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 25.570.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 25.570.000 -----
Total offers for selling (US $) ------- -----


And the slow steady rise in the dinar continues. I like it! The CBI is trying to reach their goal of 1350 by years end. I think they will make it. The RV is an ongoing slow process. Yes I have read all the articles you guys have. All the articles however mean nothing without the smaller demos. I will even give a woot if I see a 10 or 5 dinar note. This is the only way a bigger jump in the rate can happen. Until then look for 2,3,4, point drops a day. Hey every day it drops the % gain increases

Vast work remains to revive Iraq oil sector
WASHINGTON, 07 December 2006 (Reuters)

The U.S. government should help Iraq set rules for foreign investment in its battered oil industry, aid its fight with corruption in the sector and encourage oil wealth distribution to Iraqis, the Iraq Study Group recommended on Wednesday.

The bipartisan panel that recommended withdrawing U.S. troops from Iraq also delivered to President George W. Bush a raft of recommendations aimed at attracting investment and reducing corruption in Iraq's oil sector.

The Bush administration had hoped that Iraq's vast oil reserves of 115 billion barrels, the third-largest on the globe, would be the main revenue source to help rebuild the country.

But the OPEC member's oil sector has been crippled by sabotage attacks, corruption, worn-out equipment and years of neglect under deposed dictator Saddam Hussein. It needs on the order of $20 billion in investment to regain its footing, according to previous estimates.
Led by former Secretary of State James Baker, a Republican, and former Democratic Rep. Lee Hamilton of Indiana, the panel urged the administration to restate that it does not seek to control Iraq's oil sector.

The report said the U.S. government should keep consulting with Iraq officials on a draft plan "that defines the rights of regional and local governments and creates a fiscal and legal framework for investment. Legal clarity is essential to attract investment."

Iraq's government has finished drafting a law to encourage foreign investment in its oil and gas industry and will present it to parliament for ratification, Prime Minister Nuri al-Maliki said this week.

WOOING THE OIL MAJORS

In July, Iraqi oil minister Hussain al-Shahristani met with representatives from international oil companies including Exxon Mobil Corp. (XOM.N: Quote, Profile , Research), BP Plc (BP.L: Quote, Profile , Research), Shell Oil Co. (RDSa.L: Quote, Profile , Research) and Chevron Corp. (CVX.N: Quote, Profile , Research), according to a U.S. Energy Department list.

International oil companies are interested in re-entering Iraq, but are waiting for an oil law that lays out contract terms.

Oil is the mainstay of Iraq's economy, accounting for 70 percent of its gross domestic product and providing 95 percent of government revenues.

But oil production of about 2.2 million barrels per day is "far short of the vast potential of the Iraqi oil sector," the report said. That's down from almost 2.6 million barrels a day in January 2003, just before the start of the U.S.-led invasion of Iraq, according to U.S. government figures.

Oil production could hit 3 million bpd to 3.5 million bpd over the next three to five years, the report said.

On the thorny issue of oil wealth distribution, the report said "oil revenues should accrue to the central government and be shared on the basis of population."

Oil revenues are politically divisive because the Iraqi constitution "leaves the door open for regions to take the lead" in developing oil fields, the report said.

Senior Iraqi oil industry officials have pressed for the national oil company to centralize revenue distribution, but Kurdish leaders have aggressively sought independent oil asset control, the report said.

The report cited unnamed senior U.S. officials who said corruption in Iraq's oil sector is more responsible for sector breakdowns than insurgent attacks.

As many as 500,000 barrels per day of oil are being stolen, and Iraq should pursue a system to measure oil shipments to cut down on theft, the report said. In comparison, the largest U.S. oil field in Prudhoe Bay, Alaska, pumps about 400,000 barrels per day.

The U.S. government should urge Iraq to publish details of oil contracts, volumes and prices on the Internet to increase sector transparency, the report said.

The report also found that the U.S. government and the International Monetary Fund should "press Iraq to continue reducing subsidies in the energy sector."

Vast work remains to revive Iraq oil sector | Iraq Updates

Active US role in Iraq oil sector urged
07 December 2006 (Irish Times)

The high-level expert group set up to advise US President George W Bush on a new policy direction in Iraq has delivered recommendations specific to Iraq's oil industry.

Iraq Study Group advocated a strong US role in influencing Iraq's oil industry though international co-operation would also be desirable.

It said longer term measures should include encouraging international firms to invest in Iraq's oil industry and assistance from the US in reorganising industry as an efficient commercial enterprise.

The report said: "To combat corruption, the US government should urge the Iraqi government to post all oil contracts, volumes, and prices on the Web so that Iraqis and outside observers can track exports and export revenues.

"The United States should support the World Bank's efforts to ensure that best practices are used in contracting. This support involves providing Iraqi officials with contracting templates and training them in contracting, auditing and reviewing audits."

"Oil revenues should accrue to the central government and be shared on the basis of population. No formula that gives control over revenues from future fields to the regions or gives control of oil fields to the regions is compatible with national reconciliation."

It also proposed short-term measures which included providing US assistance to the Iraqi administration to prepare legislation defining the rights of regional and local governments and creating a fiscal and legal framework for investment.

"The US government should encourage the Iraqi government to accelerate contracting for the comprehensive well work-overs in the southern fields needed to increase production, but the United States should no longer fund such infrastructure projects," it said.

It also recommended the US military retain an active role in protecting oil fields, installations and workers in co-operation with the Iraqi military and private security forces.

"These measures should include a program to improve pipeline security by paying local tribes solely on the basis of throughput [rather than fixed amounts]."

Active US role in Iraq oil sector urged | Iraq Updates

Originally Posted by Adster

Wow, who the fack is Teslyn over on IIF, anyone know? Has to be the most negative, depressing numbskull in this investment. She/he/it epitomises the naysayer name and even puts it to shame!! Another Stef clone, lol.

I thought Teslyn was Steph...then i read her signature, only a Canadian would quote the Hip. Saying that...she really had little to add.

4 - The Ministry of Trade announced the registration of companies and national and foreign.
10. العدالةJustice
الصفحة الأولىThe first page
1- بحضور نائب رئيس الجمهورية..One-in the presence of Vice-President of the Republic. وزارة الصناعة تفتح معرضها النوعي الأول بمشاركة 74 شركة.The Ministry of Industry, opened the first exhibition of the qualitative participation of 74 companies.

Iraqi Presidency

Good Morning everyone. So, was the auction today and for the week good for us? What your opinion?

I have seen some peoples points and have considered them carefully, however, I can't see how a slow climb to (lets say) 1:1 can possibly happen. Any time now, large investors with millions to invest will jump on board if this is to become a permanent trend at the auctions. Now the CBI may not be selling Dinar, but I bet the BOFA has lots. Time is up CBI, you have set a trend that is becoming much more clear to big fish.....r/v now...JMO