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

Ministry Of Oil: No Change to Fuel Price

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21 June 2006 (Baghdad: Al-Iraqiyah TV)

The Ministry of Oil has confirmed that there will be no fuel price increases, particularly to petrol, and that statements printed in newspapers reportedly quoting Engineer Mutasem Akram, the Deputy Oil Minister, were inaccurate.

The erroneous news stories led to unprecedented queues and congestion at petrol stations at a time of optimism that the fuel crisis was improving.

A Ministry source confirmed that previous price levels still apply; that is, 250 ID per liter of petrol, 125 ID per liter of diesel oil, and 1,000 ID per 12 kilo bottle of LPG.

Rumors that the cost of petrol would rise to 350 ID per liter were an immediate setback to the huge efforts being made by the new Oil Minister to improve the current bad situation.

The dilemma facing the new government, and the Oil Minister in particular, is that officials from the World Bank, the IMF, Lending States and Donor States are calling on Iraq to lift fuel subsidies in exchange for continued assistance via loans and financial grants.

Conversely, Iraqi citizens expect further government help and not the further burden of fuel price increases.
http://www.iraqupdates.com/p_articles.php/article/8822

Is this a good or not so good thing??? I thought that if there was an increase to fuel price then that could make the r/v happen faster to satisfy Iraqi citizens? *sigh* I just want the darn thing to peg LOL. Hopefully before the ISX opens. Which by the way, is there any official article stating that the ISX is and will actually open on world markets in July? (just wondering because skeptical family members want to know lol)

Cheers all,

Rob

All quiet out there, not heard anything, honestly don't know what the Iraqi's are playing at. Only they know!

Well Adster, let's hope it's the "calm" before the "storm"

I am all in for that one!!!!

Originally Posted by whatever

Well Adster, let's hope it's the "calm" before the "storm"

Hope so, kinda lost for words really, unusual to say the least! Great to see others bringing articles here, this thread has really taken off and become the number 1 on the forum.

We'll get there, we've learnt patience from pips, one good lesson Bryan has passed on I suppose.

CURRENCY CONVERSION AND TRANSFER POLICIES

The currency of Iraq is the Dinar (ID - sometimes referred to as the New Iraqi Dinar). Iraq's current exchange system is characterized as a free foreign exchange system, with no restrictions on purchases or sales of foreign currencies. The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

The exchange rate is generally determined on the basis of supply and demand conditions in the foreign exchange market. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) also can intervene, when necessary, in order to maintain stability in the foreign exchange market. In addition, there are no taxes or subsidies on purchases or sales of foreign exchange.

The Government of Iraq's monetary policy since 2003 has focused on maintaining price stability and a stable exchange rate. In addition, the Central Bank of Iraq conducts daily foreign exchange auctions to limit the impact on base money growth of the sale of the government's oil export earnings.

http://www.state.gov/e/eb/ifd/2006/67643.htm June 7, 2006

OK Raditz, I give up, is this good or bad? Cigarman

Originally Posted by Adster

Hope so, kinda lost for words really, unusual to say the least! Great to see others bringing articles here, this thread has really taken off and become the number 1 on the forum.

We'll get there, we've learnt patience from pips, one good lesson Bryan has passed on I suppose.

Adster, you got this one right. 215 pages. When i jumped train I had to go back and read about 92. Glad i dont have to start all over now.

Interesting,

Everyone is seeing the same thing, nothing. LOL It is almost like a ghost town, no word coming out either way, good or bad, it is more like, it is done deal, now it is only a matter of announcing it. (g)

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

Interesting,

Everyone is seeing the same thing, nothing. LOL It is almost like a ghost town, no word coming out either way, good or bad, it is more like, it is done deal, now it is only a matter of announcing it. (g)

Good luck to all, Mike

That sounds good to me Mike. They can be quiet now if they are going to announce something good when they do decide to talk!