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

Originally Posted by Adster

Yup, for sure, bit disappointing but guess they're going to finish as close to 1345 as possible by end of year.

Soon matey I agree with your "Sometime in Jan" im of the opinion they will announce 1 economic package Fil HCL and RV I think they will use the spin off it not just for kick starting their economy but for unity aswell a kind of "We are all brothers now lets share in our countries wealth and go forward" we always said the more successful they are the more security will improve JMO

Originally Posted by Dinar Cha Ching

I'm anxious to see if Nenos source has it right. A 20+ move would be outstanding!

Another one bites the dust. Thanks for trying Neno!

Number of banks 8 -----
Auction price selling dinar / US $ 1380 -----
Auction price buying dinar / US $ 1378 -----
Amount sold at auction price (US $) 10.605.000 -----
Amount purchased at Auction price (US $) 10.880.000
Total offers for buying (US $) 10.605.000 -----
Total offers for selling (US $) 10.880.000


Goooooooooooooood Morning RolClub !!


Another 8 points on this auction, but more dinars going back into circulation than were taken out. For the first time in over two months the CBI has put dinars back into circulation from a net standpoint.


1. The dinar to the dollar is down 8 more points today from 1388 to 1380

2. A negative $275,000 (net) worth of dinars, (IQD -379,500,000) out of circulation

3. 8 banks participating.

4. 47th auction since the beginning of CBI's reval plan

5. 80 days into the CBI's reval plan.

6. 2,802,109,587,000 dinars pulled from circulation !!

7. 379,500,000 Dinars back into circulation today !!

8. 97 dinar change since Nov 1st (baseline was 1477) 6.567% increase in value of the dinar since beginning of reval plan.

Originally Posted by Onenomad

Soon matey I agree with your "Sometime in Jan" im of the opinion they will announce 1 economic package Fil HCL and RV I think they will use the spin off it not just for kick starting their economy but for unity aswell a kind of "We are all brothers now lets share in our countries wealth and go forward" we always said the more successful they are the more security will improve JMO

if the general concensus the other day was that they needed to apply the revalue at the end of the bookkeeping period and before the new one in order to make the transition more smooth then what would make the difference having to change the books AFTER they start the new year on the 2nd?

they cant start a new year budget with a different value dinar than its going to become within days, makes no sense.

Originally Posted by shotgunsusie

if the general concensus the other day was that they needed to apply the revalue at the end of the bookkeeping period and before the new one in order to make the transition more smooth then what would make the difference having to change the books AFTER they start the new year on the 2nd?

they cant start a new year budget with a different value dinar than its going to become within days, makes no sense.

It makes no sense to us, BUT I have been stumped soooo many times as to how they do things in Iraq, you just have to take it a day at a time to see what they come up with next.

[QUOTE=Socata 850;151245]Number of banks 8 -----
Auction price selling dinar / US $ 1380 -----
Auction price buying dinar / US $ 1378 -----
Amount sold at auction price (US $) 10.605.000 -----
Amount purchased at Auction price (US $) 10.880.000
Total offers for buying (US $) 10.605.000 -----
Total offers for selling (US $) 10.880.000


[B][SIZE="3"]Goooooooooooooood Morning RolClub !!


Another 8 points on this auction, [SIZE="5"][COLOR="Red"]"but more dinars going back into circulation than were taken out(WHY????) For the first time in over two months the CBI has put dinars back into circulation from a net standpoint.




7. 379,500,000 Dinars back into circulation today
(WHY WOULD THEY DO THIS NOW??????????????)

Originally Posted by Socata 850

It makes no sense to us, BUT I have been stumped soooo many times as to how they do things in Iraq, you just have to take it a day at a time to see what they come up with next.

Very true add to the fact they are running out of days till shutdown over their holiday period and re-open in Jan

[QUOTE=day dreamer;151250]

Originally Posted by Socata 850

Number of banks 8 -----
Auction price selling dinar / US $ 1380 -----
Auction price buying dinar / US $ 1378 -----
Amount sold at auction price (US $) 10.605.000 -----
Amount purchased at Auction price (US $) 10.880.000
Total offers for buying (US $) 10.605.000 -----
Total offers for selling (US $) 10.880.000


[B][SIZE="3"]Goooooooooooooood Morning RolClub !!


Another 8 points on this auction, [SIZE="5"][COLOR="Red"]"but more dinars going back into circulation than were taken out(WHY????) For the first time in over two months the CBI has put dinars back into circulation from a net standpoint.




7. 379,500,000 Dinars back into circulation today
(WHY WOULD THEY DO THIS NOW??????????????)

Just a thought here, lets say they have reached there goal of money taken out of circulation. Stage 1 complete.

Stage 2, couldnt that be to implement the lower denoms? doesnt that make sense? They implement around 10.000.000 lower denoms and take out around
10.000.000 of the higher denoms? In that way, they keep the amount that they have taken out of circulation on similar level, and will do this until they are satisfied and ready for a RV?

Just my 2cents

Economy is booming
In what might be called the mother of all surprises, Iraq's economy is growing strong, even booming in places
19/12/2006
Source: MSNBC

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.

The Iraqi businessman and the Executive Director of the MTC communications company raised the Aldhui to the need for the marketing of the new Iraqi investment law to all companies and businessmen in the various countries of the world, so that they know the Articles of this trait of the law would attract capital for investment in Iraq. At the same time, praising the law

.That is considered an important step towards building a true and Iraq, because economic advancement.
..Pointing to the importance that the government adopts a policy aimed at supporting the private sector and to create all the conditions so that it can contribute strongly to support the economies of all of Iraq, and not to rely on the public sector. The introduction of the experiences of the developed countries, which rely heavily on the private sector Aldhui also asked the government to speed up the renewal of contracts for communication firms currently operating in Iraq, because they are seen as the first experiment to invest in Iraq, which will be measured by the extent of the cooperation between these companies and the government by all investors who wish to work in Iraq.
وقال..He said Aldhui meeting conducted in the (morning) with him ... Designed for investment mentality of open and informed investment to the rest of the countries, and therefore to be here to provide all support to investors and to facilitate the needs of all because Iraq is now in dire need of investment for the first eliminate the problem of a large and serious unemployment.
..I believe that our investment in Iraq started in 1958 when it entered Iraq to the so-called market suffocated, not the free market, where all the countries of the world started to be liberated from this market. Therefore, I believe that everyone is counting on Mastpzlh government in the pursuit of resolving the problems facing the economies, including the investment law.
.He adds Aldhui. So we can build Iraq and promote think it is quite necessary to unite the government of ideas (closed). As well as the importance to build the mentality I totally support the private sector and reducing the size and role of the public sector and to be fading. This is the real work of the government, which must be done by now. And we must take a lesson in economics through some industrialized countries such as China and commercial that have adopted the idea of relying on the private sector to support and strengthen its business. Even in the economics of neighboring countries also began as a transition to a market economy started to promote and advance economically. الاستثمارThe need for marketing investment law
...Aldhui finds that the government take over the task of marketing the new investment law, which is remarkable, as he put it ... Pointing at the same time to welcome all kinds of investments currently operating in Iraq and to be treated well because they worked under Drov critical security ...
.He also said. The interest that we have a wonderful investment law has never heard of one in the country in the world. The process of the law and the Minister of Trade in a State thing, and the formation of an ad hoc committee by the government composed of businessmen qualified to do this law introduced to investors in all countries in order to get to work and invest in Iraq is something else. This is the real activation of the investment law is marketing and not waiting for those willing to work in Iraq.
..Aldhui He pointed out that the investment law would create a lot of jobs for the unemployed which is a point in the stability of Iraq Chairperson security. He also said : We must now welcomes all current investments in Iraq and are being developed, ... Whether food or building factories or contacts. The granting of these investments, which all support the real to continue to work and provide jobs for the unemployed and the expansion of the market, and this is important in the elimination of unemployment and increase the size of the market and therefore will inevitably volume of the demand for new investment, and then expected the wheel of economy.
.And it (says Aldhui) must be supported by existing investors, who want to work inside Iraq, everything, not that we exemption from taxes, but because this is not new invention is the case in most countries of the world, they are dealing with the investor in this thing (exemption from duties and taxes), and here to be thinking advantages over would attract investors who encounter with the advantages of working in countries where security stability and economic.
..Therefore it is very important that we are marketing the investment law. Here, I must be the selection of qualified people trade and professional high for the marketing law of major international companies and businessmen, and invited them to work in Iraq with all the necessary inducements to attract those investors.
)..He says Aldhui. Here, we should mention that, when presented to any company wants to work inside Iraq, the rest of the volume of investments that have been completed. And only then will the experience of communication firms, while identifying the nature of dealing with those companies, it is hoped that this investor refuses to work in Iraq, (the ill-treatment meted communication firms).
..The Aldhui that one of the most successful experiments carried out in Iraq and the Arab world since 1958 is the reconstruction of Iraq, where most of successive Governments after this period are implementing approved by the Council, where it has established a broader network of roads and bridges, the greatest economic renaissance in the Arab world, so that it is necessary to the restructuring of the Council reiterated that the group administered efficient businessmen and (technocrats). And then I think that the economic wheel rotation will begin again, bringing many of the capital.
الاستثمارThe evolution of communications KEY investment success
..Aldhui says that the only real investment that occurred after the fall of the previous regime is to invest in the field of communications, in contrast to other sectors where there has been no real investment. And I think in light of (the investment law) that the most important pillars of progress measured by the remaining investments is the quality of communication in any country, even in developed countries. The most important thing for investors is the communications and quality. If he wanted, for example, the opening of a large factory that has values and the continuous with the rest of the labs with large quality production, it must then be provided to all types of communications so that the transfer of modern design, as well as marketing and all the changes that are taking place and which must be directly linked among all suppliers.
.He adds that the first things Aldhui carried out by the new investor in all countries of the world is to see the elegance of communications, and means of transport prior to the commencement of the implementation and here it should be noted that many of the means of transport in the world, including airports managed by investors or private companies, at the largest airports in the world, whether in Tokyo or Britain or Fiji. Accordingly, it should invite the private sector to embrace this idea, and the government should support this sector all new.

لاتصالThe renewal of contracts for communication firms
..Aldhui says : Investment in Iraq is opened and great hope after the fall of the former regime, but with regret the failure of successive governments of the principle leave work. This is a very big mistake. For example, communication firms, which began investing in the critical times of Iraq after the fall of the previous regime, where a lack of security, however, was able to prove the efficiency and working. But unfortunately it is treated now something of cruelty and other logic. Where would not renew leave our work so far, and another notice, we refer to the deadline for the company's work in Iraq is up to 31 / 12 of this year, we do not know yet whether this date be renewed leave our work or not? And with us in this matter more than three million common are the number of beneficiaries of the services our company.
..The Aldhui that in all the countries of the world, work permits extended for long periods of time ranging from 15 in 20 and this is sufficient time to work and to obtain profits and improve services, therefore it is important to apply this system in Iraq because it reflects the investment picture for the rest of the companies seeking to work within Iraq and the succession, many of the capital would refuse to come and work in the light of the difficulties in communication firms from the treatment.
..He adds Aldhui. The extension of work permits of communication firms have significant economic of the country, as it will allow investors to build a strategic long-term which we can expand our work and capture new workers despite the fact that the total number of workers in the company now exceeds 000, 14 workers, a figure well contributed well in the elimination of unemployment rates. As we work through the extension of maternity leave to start strongly, and that through the acceptance of their policies, whether physical or communications or anything else on the Iraqi arena and also says. Is it possible to contact large companies, such as those operating in Iraq now that does not know its fate as another period of the extension expire after a few days. Although Iraq is a unique case because the three companies contact started in the competition at the same time, and this is not happening in most neighboring countries, especially since the monopoly telecommunications company initially, and after one year or two years or more to start another company enter the atmosphere of competition.
..The Aldhui. In spite of all these circumstances that the company continues to operate and expand, and they do not know the nature of the government in strategic deal with them. Therefore, how the company wants to expand and does not know the fate of their work? The Order applies to the rest of the companies are willing to operate in Iraq. Therefore, I call for the extension of these contracts so that we can enter the real competition between companies operating contact and the winner is the first and last citizen because the cost of contact at that time, much less than it is now.
..The Aldhui that the company will soon broadcast live Internet service is good service compared is now in the Internet cafes and with very low prices, also says that the company possesses the most advanced types of switches in Iraq and the world, the Special Balmubail are ready to work if extended leave work, the possession of other broader network of communication in the history of Iraq, and approximately six thousand kilometers.


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