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

Five acting ministers assigned
18 December 2006 (Al-Sabaah)

An authorized source at the government has said that government has issued an order to assign five acting ministers to continue ministries works, adding that another five ministers will be included in cabinet reshuffle, in addition to deputy prime minister, Salam al-Zobaiee.

The source said that Raffea al-Esawii will hold minister of health position, and Akram al-Hakim will be minister of agriculture, while Sherwan al-Waielii will be minister of reconstruction and Abdul Rahman Sultan will be minister of provinces affairs and Hassan al-Sari will be minister of tourism

Five acting ministers assigned | Iraq Updates

Originally Posted by jedi17

no problems

http://www.uruklink.net/cbi/
this is the site i usually use
i'll try cbiraq.org and see what happens, Thanks


this one is working ,
cbiraq.com
Thanks again

Prague conference calls for greater EU role in Iraq
Xinhua - English 2006-12-18 12:02:07

PRAGUE, Dec. 17 (Xinhua) — An international conference on Iraq held here at the weekend criticized the U.S. operation in the insurgency-hit Arab country and called for a greater role by the international community, particularly the European Union.

"The U.S. Administration is not capable of solving the terrible situation in the country. We appeal to the international community and Europe to contribute to the termination of the occupation of Iraq and to its reconstruction," said the final resolution of the two-day conference, which ended on Saturday.

The conference also demanded that a "parliament of transformation" be elected under UN supervision to settle the issue.

The delegates said the country should have a new constitution which would form the basis of a modern secular state. This would not be based on ethnic and religious differences and would ensure equality for women.

Most speakers came out in defense of the Iraqi resistance against U.S. armed forces.

The 20 Iraqi participants said they had been opposed to the dictatorial regime of Saddam Hussein and had left their country, but they were now sharply critical of U.S. policy. They blamed the chaos and violence in Iraq on the United States.

The conference, sponsored by the Czech-Iraqi Association and the Czech Peace Forum and chaired by former Chamber of Deputies chairman Lubomir Zaoralek, brought together Czech left-wing intellectuals, as well as academicians and journalists from Britain, Denmark, Germany, the Netherlands and Sweden.

The meeting was also attended by Finnish Ambassador to the Czech Republic Inki Jorma, whose country holds the current EU presidency, and the German Embassy First Secretary Hans Knoernschilo, whose country will take over the EU presidency in January next year.

Prague conference calls for greater EU role in Iraq


Could this be the last final meeting of the ICI?
If so then this one is also done!

I will not be able to stay up tonight to watch history take place when it revalues at a high rate! Someone can send me a PM though. Just kidding.

Take care and wish it, think it, and manifest it!

Thank everyone for these wonderful nights.

Good night.

Originally Posted by ozizoz

What an interesting morning this has turned out to be! Here's my 2 cents:

The next window of time I would expect a reval isnt until the end of this month, two weeks from now at the earliest. At this point, it wouldnt make any sense to do it any earlier. Wait until Dec 31 and then do it first thing on Jan 1. Accountants like to start and end accounting periods neatly . . .there would be no budget adjustments to reflect a value increase for the few days left of 2006 if they did it before. They could start a brand new year, a brand new budget with a brand new value . . .assuming the Iraqi Government runs a Jan 1 to Dec 31 accounting year.

Why make life more difficult and do it in the middle of a month? I'd wait until the end of a quarter, or year end to do it. Nothing like a fersh start . . .and then I could put the tax burden off until I file my 2007 tax return in April 2008 . . .by then Im sure we could have all exploited every loophole to keep the $$$ in our pockets and not our respective governments

ok, apply this philosophy to this theory, they are breaking for the year soon and whatever laws they initiate at the end of the year will be in effect the moment the new business year starts. they will NOT wait until AFTER they start the new year to enact these laws and revalue the dinar. it WILL happen BEF0RE the new budget is enforced on january 2. and i believe B4 they adjourn for the year they will enact anything necessary for the current laws at that time, to carry over unto the next year govt. opening. that way they are done with this year, and when they start 2007 they will do nothing but KICK SERIOUS A$$ for our investment!!!! PREPARE TO BE AMAZED!!!!

Originally Posted by shotgunsusie

ok, apply this philosophy to this theory, they are breaking for the year soon and whatever laws they initiate at the end of the year will be in effect the moment the new business year starts. they will NOT wait until AFTER they start the new year to enact these laws and revalue the dinar. it WILL happen BEF0RE the new budget is enforced on january 2. and i believe B4 they adjourn for the year they will enact anything necessary for the current laws at that time, to carry over unto the next year govt. opening. that way they are done with this year, and when they start 2007 they will do nothing but KICK SERIOUS A$$ for our investment!!!! PREPARE TO BE AMAZED!!!!

I'M WITH YOU ON THIS ONE
GO DINARS

Originally Posted by Lr4bama

I have a question about Adster's spreadsheet (thank you for sharing that with us and thank you to to the original creator from IIF). I just want to make sure that I am reading this correctly.

Let's say, for example, that a person has 1,000,000 dinar. That would mean that when the rate was 1470, the value of that dinar was $680.27. Now that the rate is 1400, the value according to the spreadsheet is $714.29. So am I reading this correctly to say that in the past month (approximately) that the value of dinar has gone up $34.02 per million ? For those with multiple millions, that is quite a gain over a period of a little over a month! Go Dinar!

If I am calculating this incorrectly or missing something, please correct me!

Also, what is the date of the beginning of Iraq's fiscal year?

1st for the fiscal. business year begins the 2nd i believe.

I thought they said earlier there was to be trading on the ISX. Isn't it usually open right now???
It's Monday Dec. 18, 11:09 in baghdad???

Not an auction I mean ISX shouldn't they be open right now.
Sorry I meant ISX!!!!!!!!

Originally Posted by H2O_Lover

Here you go ... i think this is old and noozz just picked it up but i am not 100% sure they are the same

http://www.iraqdirectory.com/DisplayNews.aspx?id=2537


Head of Stock Exchange Trustees demands for rapid activation of the investment law


Modernizing its performance despite the repercussions of the security situation
11/11/2006
Source: Translated by IRAQdirectory.com

The non- activation of the Iraqi new investment law in terms of forming its management, supervising body, naming its members and starting their work, caused a great disappointment among investors in the Iraqi Stock Exchange, especially that vigorous efforts being made to update its performance: installing new equipment and supplies of electronic trading and organizing Stock Exchange halls, in preparation for the start of adopting this mechanism, which is exercised for the first time in Iraq.

Head of Iraqi Stock Exchange Trustees, Talib Attabataba'i, hopes that some factors which he considers crucial for the continuation of investors in this vital sector will help to employ their investments for the best. On top of these factors: the stability of the security situation.

He explained that "the investor in the Iraqi bourse faces the challenges and difficulties, arising from the deterioration of the security situation, with high spirit reflecting his view that the current situation is exceptional, and therefore it is necessary to keep on maintaining the performance of the bourse. This is evident from the general indicators, which confirms that the development in performance remains a salient feature in the march of the market".

Attabataba'i took last September as an example, and said that the number of shares traded during that month was 4.212 billion shares; that is, 527 million shares a session. In comparison to the number of shares traded last August which hit 720, the number of shares traded this month increased by 54.9% from the number in August. As for the volume of transaction in September, it hit 8.422 billion dinars; that is, 1.052 billion dinars a session, and compared to the volume of trading in August of 4.622 billion dinars, the volume of transactions for this month increased by 82.2%. As for the number of contracts executed in September, they increased by 2928 contracts from the previous month at a rate of 29.4%. He added that last month indicators show stability in prices and volume of transactions, despite the continuing impact of the security situation on the overall economic activity.

Attabataba'i said that the banking sector is almost the main engine of the market. This sector achieved, during the same period adopted in comparison above, the largest relative importance in terms of the number of shares traded and the volume of transactions which was 74 per cent and 78.8% respectively of the total after circulating more than 3.117 billion stocks at a circulation volume of more than 6.551 billion dinars

NICE!!!
thanks ducky!!

Originally Posted by MrsCK

HUBBY JUST ABOUT JUMPED OUT CHAIR WITH SHOCK!! LOOKING GOOD FOLKS!!!

Blood and Money
In what might be called the mother of all surprises, Iraq's economy is growing strong, even booming in places.
By Silvia Spring
Newsweek International

Dec. 25, 2006 - Jan. 1, 2007 issue - It may sound unreal, given the daily images of carnage and chaos. But for a certain plucky breed of businessmen, there's good money to be made in Iraq. Consider Iraqna, the leading mobile-phone company. For sure, its quarterly reports seldom make for dull reading. Despite employees kidnapped, cell-phone towers bombed, storefronts shot up and a huge security budget—up to four guards for each employee—the company posted revenues of $333 million in 2005. This year, it's on track to take in $520 million. The U.S. State Department reports that there are now 7.1 million mobile-phone subscribers in Iraq, up from just 1.4 million two years ago. Says Wael Ziada, an analyst in Cairo who tracks Iraqna: "There will always be pockets of money and wealth, no matter how bad the situation gets."

Civil war or not, Iraq has an economy, and—mother of all surprises—it's doing remarkably well. Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to a report by Global Insight in London. The U.S. Chamber of Commerce reports 34,000 registered companies in Iraq, up from 8,000 three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply. Estimates vary, but one from Global Insight puts GDP growth at 17 percent last year and projects 13 percent for 2006. The World Bank has it lower: at 4 percent this year. But, given all the attention paid to deteriorating security, the startling fact is that Iraq is growing at all.

How? Iraq is a crippled nation growing on the financial equivalent of steroids, with money pouring in from abroad. National oil revenues and foreign grants look set to total $41 billion this year, according to the IMF. With security improving in one key spot—the southern oilfields—that figure could go up.

Not too shabby, all things considered. Yes, Iraq's problems are daunting, to say the least. Unemployment runs between 30 and 50 percent. Many former state industries have all but ceased to function. As for all that money flowing in, much of it has gone to things that do little to advance the country's future. Security, for instance, gobbles up as much as a third of most companies' operating budgets, whereas what Iraq really needs are hospitals, highways and power-generating plants.

Even so, there's a vibrancy at the grass roots that is invisible in most international coverage of Iraq. Partly it's the trickle-down effect. However it's spent, whether on security or something else, money circulates. Nor are ordinary Iraqis themselves short on cash. After so many years of living under sanctions, with little to consume, many built up considerable nest eggs—which they are now spending. That's boosted economic activity, particularly in retail. Imported goods have grown increasingly affordable, thanks to the elimination of tariffs and trade barriers. Salaries have gone up more than 100 percent since the fall of Saddam, and income-tax cuts (from 45 percent to just 15 percent) have put more cash in Iraqi pockets. "The U.S. wanted to create the conditions in which small-scale private enterprise could blossom," says Jan Randolph, head of sovereign risk at Global Insight. "In a sense, they've succeeded."
Consider some less formal indicators. Perhaps the most pervasive is the horrendous Iraqi traffic jams. Roadside bombs account for fewer backups than the sheer number of secondhand cars that have crowded onto the nation's roads—five times as many in Baghdad as before the war. Cheap Chinese goods overflow from shop shelves, and store owners report quick turnover. Real-estate prices have risen several hundred percent, suggesting that Iraqis are more optimistic about the future than most Americans are.

There's even a positive spin to be put on corruption. Money stolen from government coffers or siphoned from U.S. aid projects does not just disappear. Again, says Farid Abolfathi, a Global Insight analyst, it's the "trickledown" effect. Such "underground activity" is the most dynamic part of Iraq's economy, he says. "It might not be viewed as respectable. But in reality, that's what puts money in the hands of the little people."

Meanwhile, Iraq's official economic institutions are making progress, improbable as that might sound in the context of savage sectarian violence and a seemingly complete breakdown of leadership and law. Yet it's a fact. A government often accused of being no government at all has somehow managed to take its first steps to liberalize the highly centralized economy of the Saddam era. Iraq has a debt-relief deal with the IMF that requires Baghdad to end subsidies and open up its gas-import market. Earlier this year the government made the first hesitant steps, axing fuel subsidies—and sending prices from a few cents a liter to around 14. "This has become one important way of institutionally engaging with Iraq," says economist Colin Rowat at the University of Birmingham. "If you lose that engagement, then that means a lot more people have given up on Iraq."

It goes without saying: real progress won't be seen until the security situation clears up. Iraq still lacks a functioning banking system. Though there's an increasing awareness of Iraq as a potential emerging market, foreign investors won't make serious commitments until they are assured a measure of stability. Local moneymen are scarcely more bullish on the long term. In Iraq's nascent bond market, buyers have so far been willing to invest in local-currency Treasury bills with terms up to six months, max.

Iraqna isn't the only success story. There is also Nipal, a money-transfer service that is the backbone of Iraq's cash economy, as well as a slew of successful construction firms in Kurdistan. Such companies are not waiting for Iraq's political crisis to resolve itself. Yet imagine how they would prosper if it did, and how quickly they would be joined by others. As things stand, Iraqna faces extraordinary difficulties. It builds towers but lives in constant fear that they will be blown up. It has to be careful about whom it hires, or where it assigns people to work. Whether Sunni or Shia, it doesn't matter; criminal gangs and militias regularly try to kidnap employees to hold them hostage for ransom, regardless of ethnicity. As for long-range planning? Forget it, says Ziada, the Cairo analyst. "It's a terrible situation for any company."

But again, that's the remarkable thing. In a business climate that is inhospitable, to say the least, companies like Iraqna are thriving. The withdrawal of a certain great power could drastically reduce the foreign money flow, and knock the crippled economy flat.

With Michael Hastings in Baghdad
© 2006 Newsweek, Inc.

After reading through the majority of posts I HAD to repost this one. It is the post of the day, the week, the month, maybe of the year. The news we read here tells us exactly what the power of wealth can do. It is amazing the exponential potential of wealth with security. If President Bush's new January security plan plus all the moves Maliki is making really put a dent in the terrorist problems the Iraqis can become one of the most wealthy and modernized nations not only in the Middle East but the entire World. Just look at Northern Iraq in Kurdistan where they are literally thriving. I've seen film clips of the Kurds shops overflowing with products and foods. They walk the streets in security with little fear. We are close so close.