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

Originally Posted by coolhand009

WHATS DOES THIS MEAN???

This statement says to me that they are denying a managed float.

Announcement No.(823)

D.G. of Foreign Exchange Control

The 823 daily currency auction was held in the Central Bank of Iraq day Monday 2006 / 12/ 11 so the results were as follows :

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1419 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 18.490.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 18.490.000 -----
Total offers for selling (US $) ------ -----





D.G. of Investments

Daily price Bulletin buying and selling Sunday 2006/12/10

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1424.000
1423.288

European Euro
EUR
1881.816
1880.875

Sterling Pound
GBP
2785.914
2784.521

Canadian Dollar
CAD
1238.369
1237.749

Swiss Frank
CHF
1182.822
1182.231

Sweetish Krone
SEK
207.807
207.703

Norwegian Krone
NOK
231.733
231.617

Denmark Krone
DKK
252.406
252.280

Japanese Yen
JPY
12.252
12.245


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

Note: The prices of the bulletin issued on Sunday will adopted for Monday also due to the weekend in New York .

6th Rebuilding Iraq Conference and Expo
10/12/2006

6th Rebuilding Iraq Conference and Expo which was held and organized by New-fields ended its works.

The conference started on 6-7th Dec 2006 in Washington DC, the Capital of USA with the presence of more than 100 Iraqi, American and Arabian companies. It is worth mentioning that a delegation of the Iraqi Businessmen Union headed by Mr. Hersh Al Tayyar, Chairman of the Iraqi Businessmen Union/Kurdistan Region center was also among the attendees.

The Conference was opened by His Excellency, Mr. Al Bayati, the Iraqi Ambassador to the United States. In his speech he mentioned that Iraq is in need for the experience the American Companies in order to re-establish it, He also mentioned that such events are of a vital role encouraging the foreign and American companies investing in Iraq. He also mentioned that there are lots of secured areas in Iraq to start working, i.e. some southern cities as well as Kurdistan Region.

The representative of Kurdistan Region, Mr. Qubat al Talabany had a speech as well in which he mentioned that Kurdistan is the gateway to enter and invest in Iraq.

Following, Mr. Hersh al Tayyar had a speech as well in which he invited the American Companies to assist the Iraqi and Kurdish companies rebuild Iraq as its economy and infrastructure was destroyed due to the wars it witnessed. He also encouraged the American investors to visit and invest in Kurdistan as a starting point to the future investments in other parts of Iraq.

It's stable security situation plays a vital role in attracting the foreign investors as well as the issuance of the new investment law by Kurdistan Government in which gives the investor the incentives and privileges to invest in Kurdistan as well as the tax exemptions and allocating lands for the strategic projects giving the chance of land ownership for the foreign investor if the project was strategic 100%. Mr. Al Tayyar presented a PP presentation in which he identified the investment opportunities, facilities and incentives given by KRG government.

Finally he mentioned the invitation of the Kurdish government to the American companies to enter Iraq threw its gateway which is Kurdistan which has in addition to all this two international airports connecting it to many parts of the world. He also advised the American companies to take fast decisions investing in Iraq as it is the right time to do so.
Apart from that, some companies gave briefing about their works in Iraq.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2731

Iraqi Kurdish PM Discusses ISG Report, Iraqi Oil Law
Irbil, Iraq, 10 December 2006 (VOA)

The report published this week by a bipartisan U.S. panel urging policy changes in Iraq has not been warmly received in northern Iraq's semi-autonomous Kurdistan region, particularly its recommendation on how Iraq's oil wealth should be distributed. VOA's Margaret Besheer sat down with the regional prime minister, who says the report does not reflect realities on the ground.

Iraq's Kurdistan region is often overlooked by outside observers because it suffers none of the sectarian violence plaguing Baghdad and other parts of the country.

But the prime minister of the semi-autonomous region, Nechirvan Barzani, tells VOA that is no reason for the U.S. commission reviewing U.S. policy in Iraq to have neglected visiting the area when they were preparing their 79 recommendations for President Bush.

"They stayed just inside [the] Green Zone, and [for] just a few days inside the Green Zone," he said. "They did not come to Kurdistan, or to anywhere, to see the real situation on the ground."

The Green Zone is a secure area in Baghdad where U.S. troops and government officials are housed.

Mr. Barzani is particularly upset about the Iraq Study Group's recommendations for dividing the country's oil wealth, particularly as there are sensitive internal negotiations going on now in Baghdad to draft a new national oil law.

Iraq possesses more than 100 billion barrels of proven oil reserves, so the stakes are high.

The Iraq Study Group's report urges equitable distribution of oil revenues, saying it is necessary to the process of national reconciliation. This option is attractive to Iraq's minority Sunni Arabs.

But Iraq's Kurds, including Mr. Barzani, and also its majority Shi'ites - who sit on much of the country's oil reserves - oppose this, preferring instead to follow the Iraqi constitution, which allocates all regions of Iraq a proportion of oil profits relative to their population.

The Kurds are generally considered to be 17 percent of the population. However, if an expected census is conducted next year, Mr. Barzani says their share is more likely to increase than decrease.

"Our point is, because we do not have any census in Iraq, we told Baghdad, you should keep 17 percent for the Kurds, until you finish that census, and then, according to the constitution, it will be adjusted, and we will accept that," he added.

He says Iraqi oil revenues should also go to a special account outside the country, which would automatically transfer their share from that account directly to the regional government's account.

In Baghdad, as the new oil law is hashed out, the version the Kurds would like to see approved would allow them to retain the right to sign oil deals with foreign countries and keep the proceeds for themselves, which they contend is their right under the Iraqi constitution.

Negotiations on the draft oil law will resume this week, and Mr. Barzani will go to Baghdad to take part.

Also on his agenda there is the annual budget. Right now, he says, the Kurdistan region does not receive any of the money allocated for national security, something he would like to see changed.

"Our point is, we are part of the security in Iraq, and they should allocate some budget for security in this region," he said. "You should give us our share. If the situation here is good, it is because we try hard to be like that. We need more help, more assistance."

Mr. Barzani said he was disappointed that the last round of Baghdad talks did not yield any significant results, but he tells VOA, he is hopeful that this trip will see some of these issues resolved.

Iraqi Kurdish PM Discusses ISG Report, Iraqi Oil Law | Iraq Updates

Originally Posted by day dreamer

Announcement No.(823)

D.G. of Foreign Exchange Control

The 823 daily currency auction was held in the Central Bank of Iraq day Monday 2006 / 12/ 11 so the results were as follows :

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1419 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 18.490.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 18.490.000 -----
Total offers for selling (US $) ------ -----





D.G. of Investments

Daily price Bulletin buying and selling Sunday 2006/12/10

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1424.000
1423.288

European Euro
EUR
1881.816
1880.875

Sterling Pound
GBP
2785.914
2784.521

Canadian Dollar
CAD
1238.369
1237.749

Swiss Frank
CHF
1182.822
1182.231

Sweetish Krone
SEK
207.807
207.703

Norwegian Krone
NOK
231.733
231.617

Denmark Krone
DKK
252.406
252.280

Japanese Yen
JPY
12.252
12.245


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

Note: The prices of the bulletin issued on Sunday will adopted for Monday also due to the weekend in New York .

This could mean that our supposide 11th-15th R/V rumor could in fact be true? They didnt sell any dinar.......

Iraqi committee makes progress in drafting new oil law
BAGHDAD, 10 December 2006 (Associated Press)

A government committee drafting a new law to resolve the politically charged question of distributing Iraq's oil wealth has made significant progress, the panel's chairman said Saturday.

The distribution of oil revenues, the mainstay of Iraq's economy, is at the heart of some of Iraq's most contentious political issues at present, including the push by Shiite leaders to allow the oil-rich south of Iraq to set up a self-rule region a similar to a Kurdish one in the north.

"We have reached important agreements. I cannot put a timeframe on when it will be ready, but we are very keen on achieving that as soon as possible," Deputy Prime Minister Barham Saleh, a Kurd who chairs the committee, said. "We hope that we will reach a comprehensive agreement that will enhance the oil sector and make oil a unifying factor to all Iraqis."

He said, however, that key issues still need to be resolved, including "the administration of the oil sector, deals and contracts."

"We hope to reach an agreement that will please all parties," he said.

Underlining the sensitivities involved, Nechirvan Barzani, the Kurdish region's prime minister, said Thursday that talks he held with the Baghdad government this month failed to produce an agreement on his demands for control of oil resources in the region.

"We demand that the signing of contracts to develop oil fields in Kurdistan should be handled by the Kurdistan region," he said, according to Dow Jones Newswires.

Iraq is believed to producing around 2.2 million barrels of oil a day and exports about 1.5 million, well below prewar levels. Insurgent attacks have frequently targeted oil facilities and pipelines, disrupting exports and disrupting efforts to modernize the industry.

A report by a high profile bipartisan U.S. commission released Wednesday recommended that the U.S. government work with the Iraqis to come up with a clear, legal framework for oil investment as soon as possible. It also suggested that the U.S. military work with Iraqi and private security forces to protect oil facilities.

Also speaking to the AP, Oil Ministry Spokesman Assem Jihad said the government hoped that the new law, which has to be approved by the Cabinet and parliament before it comes into force, was partially designed to encourage foreign investment in the oil sector, whose woes began with the imposition of sweeping U.N. sanctions on Iraq following its 1990 invasion of Kuwait.

A boost in Iraq's oil exports could provide a much desired shot in the arm for the country's ailing economy. The Iraq Study Group report said put inflation in Iraq at around 50 percent and unemployment at between 20 percent to 60 percent.

Iraqi committee makes progress in drafting new oil law | Iraq Updates

Originally Posted by PaulieThaGreat

This could mean that our supposide 11th-15th R/V rumor could in fact be true? They didnt sell any dinar.......

break out them bananas big time for this one!!!

focus on that oil law. thats the baby we need.

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1419 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 18.490.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 18.490.000 -----
Total offers for selling (US $) ------ -----

Goooooooooooooood Morning RolClub !!




1. The dinar to the dollar is down 3 more points today from 1422 to 1419

2. Another $18,490,000 (net) worth of dinars, (IQD 26,237,310,000) out of circulation

3. 12 banks participating.

4. 24th auction since the beginning of CBI's reval plan

5. 41 days into the CBI's reval plan.

6. 1,187,236,917,000 dinars pulled from circulation !!

Just think if this revals at 1:1. Thats over 26 BILLION dollars worth of liability they have pulled out of the exchange in just one day. I don't know where they are going to stop, but as long as they can continue to get results like this, they'll go on for as long as they can. This liability reduction formula is working very well for them !!

Just read on Fox that a new effort is under way to replace Maliki as PM. I for one hope this does not happen. Uncertainty is always a foe of financial stability and growth. If this happens, it could set the reval back awhile IMO.