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

Wm.Knowles....you seemed well versed in Economics, so...I would like to pose this question to you. At what rate will they need to integrate lower denominations into the currency stream in Iraq?

A call to establish a higher national council for economy
Negative phenomena have emerged during the past period

04/12/2006
Source: Translated by IRAQdirectory.com

Montasser Al-Amara, Chairman of the Iraqi parliamentarians Federation and member of the Economic Committee in the former National Assembly, called the government to: "establish a high national council of Iraqi economy", saying that: "the Council must have the highest decision in the Iraqi economic aspect, and must include specialized Iraqi experiences and competencies from all blocs, political movements and independents".

He added: "This project must be started as soon as possible, and must be accompanied with a center for strategic studies formed of specialists, technocrats, university professors and economic experts, whatever their views are, for the purpose of planning and counseling".

Al-Amara explained: "The deterioration of the Iraqi economy and the negative phenomena that have occurred in it is due to the lack of centralized economic decision and that Iraq lacks the healthy economic climate".

He pointed out: "that the Iraqi economy is dependent almost entirely on oil. This means that the economy has no clear methodology, but more than that, it depends on a chaotic one. It is not a free economy, not an oriented one or any other kind of economy which is the main reason for the economic problems, as well as being the reason why foreign investors did not enter Iraq and not the security status as claimed by the some, since many Iraqi regions are totally safe, but was not entered by foreign investors".

Al-Amara called: "that the council must include experts from the ministries concerned with this subject: Oil, Electricity, Industry and others, in order to be able to draw ambitious and strategic plans for developing the vital joints of life". He said: "The Iraqi economy has the expertise and competencies that qualifies it for the advancement, but what is lacking in this area is good governance and bold decisions".

He explained: "that those two points fall within the jurisdiction of the Supreme National Council of Iraqi Economy, which has a realistic and clear approach to run the economic resources, as well as being an important and active administrative center in making the economic decision".

Al-Amara stressed that: "the ideal policy to attract foreign capital to Iraq is to create motivations higher than the attractions found in other countries. The most important of these motivations is a stable economic policy, because foreign investors will not risk investing in Iraq if there is no stability in the Iraqi economy".

Presentations sale of the dollar exceeds the purchase orders for the first time in the Central Bank Auction

04/12/2006
Source: Translated by IRAQdirectory.com

For the first in the Central Bank Auction, last Wednesday, offers to sell the dollar exceeded the purchase orders significantly.

A statement by the Bank said that the purchase orders by the four banks participating in the auction stood at 330 thousand dollars in cash for 20 million and 850 thousand dollars in cash yesterday.

Ali Al-Yasiri, a dealer with the Central Bank, attributed the significant drop in demand for the dollar to the decline of trading in the Iraqi market, because of the depressed commercial market due to the deteriorating security situation and the danger of dealing with large amounts of funds.

The statement pointed out that the Central Bank had covered all procurement requests at 1435 dinars to the dollar, 2 dinars lower than the price of yesterday.
The dollar, today, dropped 2 dinars, for the fifth day consecutively, against the ID.

The participating banks in the auction, today, presented offeres to sell the dollar reaching $ 2 million, bought by the bank in full at the exchange rate 1433 dinars to the dollar.

They've stated in the past the security problems would not hold up the reconstruction of the economy and have even said it will improve the security once in place.

I can only think they have a set level where they want the dinar to get to before revaluing it with the big one as per IMF recommendation of 1345. Maybe they're testing the waters, maybe they're justifying and showing the US and all they can make small steps without disaster striking, maybe they're waiting for the oil law.

Up to now they've adhered to the IMF and even if the CBI and Shabibi do not want to revalue the currency they really have no choice. Outside pressures from the US, World Bank and IMF give them little alternative.

As I said earlier, I wonder how quickly they will put through the oil law, keep eyes open for this gang.

Time to get off this ride, am sure speak for a lot of others, a good long holiday is needed after!

Hate to sound repetitive but there are big things happening next week that should reveal more details as to when and how much.

Originally Posted by mab71

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

Reading newspapers in Baghdad the day

December 7, 2006December 7, 2006

1.1. الصباحMorning
الصفحة الأولىThe first page
3- Baghdad host a regional conference early next year. received the support of Arab and broad support for government efforts to the success of the national reconciliation
4- الربيعي: خطة أمنية جديدة في بغداد4-Rubaie : new security plan in Baghdad

الصفحات الداخليةThe inner pages
2- Rubaie : new security plan in Baghdad led by Iraqis and oversee the full, The elimination of a large number of leaders and supporters of the Al Qaeda terrorist
6- Arab ministerial committee calls for non-interference in Iraqi internal affairs, kept open meeting to follow up the situation and coming from Baghdad


2.2. الشرق الأوسطMiddle East
الصفحة الأولىThe first page
2- Minister of Interior and National Security Affairs Iraqi in Amman next week to discuss security cooperation. Similar visits will turn to Syria and other neighboring countries


3.3. البينةEvidence
الصفحة الأولىThe first page
2- Maliki : this month will witness the end of the cycle of violence that has ravaged Iraq, heal political forces to announce a national initiative

الصفحات الداخليةThe inner pages
6- ministerial meeting Arab demands that Iraq immediately dissolve militias



5.5. طريق الشعبPeople
الصفحة الأولىThe first page
6- -Hamid Majid Moussa : Our approach is to correct the face of the obstacles to reconciliation, Envoys to the neighboring countries and prospective cabinet reshuffle


6.6. الدعوةCall
الصفحة الأولىThe first page
4- The Ministry of Trade announced the registration of companies and national and foreign
6- formation of the professional Iraqi Press

الصفحات الداخليةThe inner pages
2- -a Web site on the draft national reconciliation on the Internet



8.8. البيانThe statement
الصفحة الأولىThe first page
5- Minister of Trade confirmed that the contribution to Iraq at the Arab Economic Unity step to clarify the economic policies of Iraq



9.9. الزمانAzzaman
الصفحات الداخليةThe inner pages
2- Maliki announced a Cabinet reshuffle soon : the release of the draft national housing and improving the living conditions and development services.


10.10. العدالةJustice
الصفحة الأولىThe first page
1- in the presence of Vice-President of the Republic. .The Ministry of Industry, opened the first exhibition of the qualitative participation of 74 companies.
2- regional conference in Baghdad to support Iraqi government early next year.
3- .Three-Baghdad Governorate Council to reach agreement on a mechanism for the distribution of petroleum products to the citizens.
4- -White House : the change of strategy in Iraq will depend on the developments of the situation.
7- 84 session of the Council of Arab Economic Unity begins its work in Cairo under the chairmanship of Iraq.


11.11. المدىLong
الصفحات الداخليةThe inner pages
4.-Amr Moussa, in the Conference of Arab foreign ministers ... Maliki : a conference of the political forces of this month to strengthen national unity and contribute in saving the country from the ordeal

12.12. الدستورThe Constitution
الصفحة الأولىThe first page
3.-Almshahadani declaring the end of preventing journalists from covering the meetings of the House of Representatives
4- -Kurdish political leadership renewed its support for the government of Maliki


13.13. الصباح الجديدNew Sabah
الصفحة الأولىThe first page
5- Maliki : the political forces held mid this month.
6- -Almshahadani declaring the end of preventing journalists from covering the meetings of the House and calls for the formation of the parliamentary bloc to save Iraq.


14.14. المشرقOrient
الصفحة الأولىThe first page
7- -Almshahadani acknowledges the failure to build a strong and unified government and calls for an Iraqi national assembly.

الصفحات الداخليةThe inner pages
2- Ani : there are procedures that must be up by the government of Maliki in order to avoid the withdrawal of support.
3.-Iraqis : civil war is much worse than the present situation.

15.15. التآخيFraternity
الصفحة الأولىThe first page
One-in Baghdad meeting of the two politicians of the two Kurdistan Democratic Party and the National Union deals with the Iraqi issue and the normalization of the situation in Kirkuk and the budget.
3.Three-Arab ministerial committee calls on the Iraqi government to the disbanding and implicitly demanding Iran not to interfere.
4- -Prime Minister of the Federal Iraqi calls for the convening of a conference of Iraq enhances the role of the regional.
7- Mr. Hoshyar Zebari : the growing Iranian role in Iraq is the absence in the Arab presence.


16.European

The first page

3- Three-Baghdad Expo opens its doors for the first time in more than three years.


The inner pages
1- -Arab follow-up committee to support the position of the elected Iraqi government.

Originally Posted by Adster

They've stated in the past the security problems would not hold up the reconstruction of the economy and have even said it will improve the security once in place.I can only think they have a set level where they want the dinar to get to before revaluing it with the big one as per IMF recommendation of 1345. Maybe they're testing the waters, maybe they're justifying and showing the US and all they can make small steps without disaster striking, maybe they're waiting for the oil law.

Up to now they've adhered to the IMF and even if the CBI and Shabibi do not want to revalue the currency they really have no choice. Outside pressures from the US, World Bank and IMF give them little alternative.

As I said earlier, I wonder how quickly they will put through the oil law, keep eyes open for this gang.

Time to get off this ride, am sure speak for a lot of others, a good long holiday is needed after!

Hate to sound repetitive but there are big things happening next week that should reveal more details as to when and how much.

notice in the iraqi presidency readout i posted they indicate this and point to this month.

Maliki : this month will witness the end of the cycle of violence that has ravaged Iraq, heal political forces to announce a national initiative

Originally Posted by Lunar

A call to establish a higher national council for economy
Negative phenomena have emerged during the past period

04/12/2006
Source: Translated by IRAQdirectory.com

Montasser Al-Amara, Chairman of the Iraqi parliamentarians Federation and member of the Economic Committee in the former National Assembly, called the government to: "establish a high national council of Iraqi economy", saying that: "the Council must have the highest decision in the Iraqi economic aspect, and must include specialized Iraqi experiences and competencies from all blocs, political movements and independents".

He added: "This project must be started as soon as possible, and must be accompanied with a center for strategic studies formed of specialists, technocrats, university professors and economic experts, whatever their views are, for the purpose of planning and counseling".

Al-Amara explained: "The deterioration of the Iraqi economy and the negative phenomena that have occurred in it is due to the lack of centralized economic decision and that Iraq lacks the healthy economic climate".

He pointed out: "that the Iraqi economy is dependent almost entirely on oil. This means that the economy has no clear methodology, but more than that, it depends on a chaotic one. It is not a free economy, not an oriented one or any other kind of economy which is the main reason for the economic problems, as well as being the reason why foreign investors did not enter Iraq and not the security status as claimed by the some, since many Iraqi regions are totally safe, but was not entered by foreign investors".

Al-Amara called: "that the council must include experts from the ministries concerned with this subject: Oil, Electricity, Industry and others, in order to be able to draw ambitious and strategic plans for developing the vital joints of life". He said: "The Iraqi economy has the expertise and competencies that qualifies it for the advancement, but what is lacking in this area is good governance and bold decisions".
He explained: "that those two points fall within the jurisdiction of the Supreme National Council of Iraqi Economy, which has a realistic and clear approach to run the economic resources, as well as being an important and active administrative center in making the economic decision".

Al-Amara stressed that: "the ideal policy to attract foreign capital to Iraq is to create motivations higher than the attractions found in other countries. The most important of these motivations is a stable economic policy, because foreign investors will not risk investing in Iraq if there is no stability in the Iraqi economy".

wow, good news...this guy and perhaps other parliamentarians are getting ready to take matters into their own hands...bold decisions....as soon as possible...I like the way this guy thinks!!!

Originally Posted by jedi17

Wm.Knowles....you seemed well versed in Economics, so...I would like to pose this question to you. At what rate will they need to integrate lower denominations into the currency stream in Iraq?

The answer to the question may be easy to understand. They (CBI) will introduce the lower denominations into the economy when they are worth something. Presently those lower denomations have no value at present exchange rates. As the currency increases in value, then lower denominations will be necessary to transact day-to-day business. I am sure from all of the reports that the lower denoms exist, even though we have not seen them. So, what is the present value in US of a 5 Dinar nore. Not much. But the fact that they have them and are prepared to introduce them is a good sign that they (CBI) & (GOI) have had a plan for an RV from the very beginnning. As the RV process continues, which use to be an "IF" question and now is a "when and how much" question, those smaller denoms will come into play and we will see the large denoms i.e. 25000 dinar note being retired from circulation. Thank You.

Korean Firms Eye Investment in Iraq
04/12/2006
Source: The Korea Times

South Korea is considering lifting a ban on travel to Iraq to allow its companies to advance into the war-torn Middle Eastern nation, government sources said yesterday.

A study will be conducted in Iraq by a special inspection team, made up of officials from the ministries of Foreign Affairs and Trade, Construction and Transportation and other related government agencies, before a final decision is made, they said.

``We had an inter-ministerial meeting last month to discuss the issue, an official said on condition of anonymity. ``We can lift the ban in some areas first and later expand in stages the regions that the companies are allowed to visit.

Seoul has kept its citizens from visiting Iraq for security reasons since 2004, when a worker named Kim Sun-il was kidnapped and murdered by an insurgent group that demanded the withdrawal of South Korean troops.

The ban has been in place for more than two years, but business organizations have urged the government to ease the restriction, saying that South Korean companies might miss out on business opportunities.

Although many areas of the country are still dangerous, the government recently began to allow some companies to make week-long visits to the Kurdish-controlled town of Irbil in northern Iraq, where Korean troops are stationed.

Some officials maintain that security concerns should come before potential business deals, however, even if it means that South Korea, which sent the third-largest number of troops to Iraq after the United States and Britain, misses out on business opportunities there.

About 2,300 South Korean soldiers, mostly non-combatants, have been stationed in Irbil. South Korea plans to halve the number by mid-2007.

Originally Posted by Wm.Knowles

The answer to the question may be easy to understand. They (CBI) will introduce the lower denominations into the economy when they are worth something. Presently those lower denomations have no value at present exchange rates. As the currency increases in value, then lower denominations will be necessary to transact day-to-day business. I am sure from all of the reports that the lower denoms exist, even though we have not seen them. So, what is the present value in US of a 5 Dinar nore. Not much. But the fact that they have them and are prepared to introduce them is a good sign that they (CBI) & (GOI) have had a plan for an RV from the very beginnning. As the RV process continues, which use to be an "IF" question and now is a "when and how much" question, those smaller denoms will come into play and we will see the large denoms i.e. 25000 dinar note being retired from circulation. Thank You.

WoOT!!!!!! GRABBIN YOU UP AND KISSIN YOU RIGHT ON THE FACE!!!!