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

Originally Posted by One Oar

Parliament-Session
Iraqi parliament session postponed for lack of quorum
Baghdad, Dec 19, (VOI) – The Iraqi parliament on Tuesday was unable to hold a formal session for lack of quorum.
“There was lack of quorum, so today’s session was mainly consultative,” a legislator, who asked not to be named, told the independent news agency Voices of Iraq (VOI) over the phone.
The parliament is expected to render its sessions consultative during the hajj season( Muslim pilgrimage to Mecca of Saudi Arabia) that ends in early January as more than 160 out of total of 275 legislators will perform hajj this year.
As the Iraqi Parliament is composed of 275 members and that the number of members planning to make a hajj this year are more than half the legislators, the sessions would consequently be delayed due to the incompletion of the legal quorum.


The work ethic for politicians seems to know no boundaries.

This blows my mind! Didn't an Iraqi judge just rule that MPs were not supposed to attend the Hajj!? Their people are hurting, and they're taking pilgramages to Mecca. Get to work bums! Our men and women are spilling their blood and sacrificing their lives for your chance to establish your own country! No quorum? I'll give you a quorum right upside the head!

Originally Posted by Kevmo

Another factor that I havent seen taken into account is the replacement of worn out bills. I have read that here in the U.S. we replace about 30 billion worth of worn out bills per year. Our one dollar bill has a life span of between 18 and 22 months before taken out of circulation and destroyed. The higher the denomination the longer the life span. I also havent seen any evidence that the Iraqi's have printed more currency since the initial run of NID. If they havent, they have probably been replacing old bills with reserves at the CBI. One of the orders of dinar I received nearly two years ago were well worn at that time so I'm confident that they have had to replace and destroy a fair amount of dinar over the last couple of years. Just a thought.

While at the Federal Reserve, I worked in the money department. Banks transfer excess currency to the central bank in the US on a daily basis. This money is credited to their account, then it is sorted as to usable or not, then it is weighed (not counted) and placed in the vault for further issue. Currency that is too worn to be reissued is scheduled for burning. Having burned millions of US dollars, this is a complicated and highly accountable process. New currency and usable older currency is kept in the vault and can be reissued as needed. None of this process would be part of the day to day auction and would not be reported to the outside world. We might not ever know if they have reordered new currency from the printer. If they have, I doubt that it would receive the attention that the original issue received in the press and various reports. Of course I am making the assumption that their procedures are similiar to the Feds. But I think they are.

Kurdish authority is in need for a dramatic shift in policy?
By Abdul-Rahman Mawlood

--------------------------------------------------------------------------------

19 December 2006 (KurdishMedia)
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It is evident that Baker-Hamilton report already did damage to Kurdish-USA relationship and, expecting more damage to this relationship is inventible. There is no doubt that cutting tie to USA government is going to be costly for Kurdish as it is the case with surrendering to USA policy. Hence, it is understandable why KRG tries hard to use all diplomatic means and method to convey their opinion about the latest development in Iraqi dossier to USA government. But, frankly I do not think that the diplomatic means alone going to be affective. The Kurdish authorities should know that they are dealing with America and American follow the slogan “show me the money,” i.e. show me what you capable of. I think it is about the right time for KRG to use all its options and show it to the USA government that the Kurdish people will not hesitate to use all its cards to prevent any disaster to be brought upon their people.

Among several options Kurdish people have, one radical option would be to reach Iranian and its allies inside Iraq, whom a portion of Baker-Hamilton report written against them, to see what they need for exchange for “Iraqi Kurdistan” independency. I believe, Kurdish authorities should cut a deal with any force welling to acknowledge the independency for “Iraqi Kurdistan”.

As for Turkish threat, Kurdish authority should make a dramatic shift to its policy toward Turkey. The KRG have implemented successfully the first part, the generosity part, of the cooperation theory and, it is about the time to implement the second have of the same theory, “Tit for Tat”, with Turkey. In other words, Turkish authority openly supports hard-line Turkmens and religious and terrorist group in Kirkuk and Telehfer against Kurds. KRG should make it clear to the Turkish government that KRG will interfere in Turkish affair unless they stop interfering in Kurdistan affair, KRG will support PKK unless Turkish government stop providing logistic to Turkmens.

Change in USA policy is inventible and friendless Kurdish will be the victim to this policy change, unless Kurds work on opening up a new backup exit door immediately. The strongest options Kurds have now would be reaching Iranian and, following the tit for tat policy with Turkey. Any other policy other than these will be proof of Kurdish inability to take dramatic measures and bold steps and will bring nothing except the humiliation to the KRG and our people.

Originally Posted by Dinar Cha Ching

This blows my mind! Didn't an Iraqi judge just rule that MPs were not supposed to attend the Hajj!? Their people are hurting, and they're taking pilgramages to Mecca. Get to work bums! Our men and women are spilling their blood and sacrificing their lives for your chance to establish your own country! No quorum? I'll give you a quorum right upside the head!

Hey Chinger, I guess the best we can hope for is that most things have been wrapped up and we're in the "waiting to announce" mode.
You would think with a re-shuffle imminent that some of these guys would wake up and smell the coffee. Oh right. They don't drink coffee.

Originally Posted by Wm.Knowles

While at the Federal Reserve, I worked in the money department. Banks transfer excess currency to the central bank in the US on a daily basis. This money is credited to their account, then it is sorted as to usable or not, then it is weighed (not counted) and placed in the vault for further issue. Currency that is too worn to be reissued is scheduled for burning. Having burned millions of US dollars, this is a complicated and highly accountable process. New currency and usable older currency is kept in the vault and can be reissued as needed. None of this process would be part of the day to day auction and would not be reported to the outside world. We might not ever know if they have reordered new currency from the printer. If they have, I doubt that it would receive the attention that the original issue received in the press and various reports. Of course I am making the assumption that their procedures are similiar to the Feds. But I think they are.

I don't like it when you post. Because I feel dumber and dumber after reading your posts. It shows how little I really know.
Just kidding. Keep up the posts and the education.

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.
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.
ضرورة تسويق قانون 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.
تطور الاتصالات اهم مقومات نجاح 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.

تجديد عقود شركات الاتصالThe 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.
ويبين الدهوي انه وفي جميع بلدان العالم فان اجازات العمل تمدد لمدد طويلة تتراوح بين 15 ـ 20 عام وهذه مدة كافية للعمل والحصول على ارباح وتحسين الخدمات، لذا بات من المهم ان يطبق هذا النظام في العراق حاليا لانه يعكس صورة الاستثمار لبقية الشركات التي تروم العمل داخل العراق وبخلافة فان الكثير من رؤوس الاموال سترفض المجيء والعمل على ضوء ما تلاقيه شركات الاتصال من معاملة..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.

Translated version of http://www.alzawraa.net/home/index.php?option=com_content&task=view&id=4880&Ite mid=73

[QUOTE=Raditz;151252]

Originally Posted by day dreamer

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

Wouldn't this be something - to discover that the CBI is slipping lower denominations into circulation. Certainly it's a possibility and certainly it's an action they would need to take at some point in the near future.

A Law for Investment in Iraq
Ali Al-Fikaki Al-Hayat - 19/12/06//

The Iraqi Presidency Council issued Investment Law No. 13 of 2006, containing provisions for regulation, rights and encouragement for investors, encompassing Iraqis and non-Iraqis, designed for the phases of establishment and operation. The law aims to attract and encourage investment and the transfer of modern technologies to the country; to encourage both the Iraqi private sector and foreign investment in the country; to protect the property rights of investors and their profits, and the expansion of exports and enhancing the competitive edge at home and abroad.

The law covers all branches of investment, production and service activity, except for the extraction and production of oil and gas, banks, and insurance companies. However, it did turn out that the extraction activities for other minerals, in addition to the mineral refining and oil refining sectors, are covered by the law like other branches of industry, investment and other sectors like agriculture and tourism, health, etc.

The law does require the participation of an Iraqi partner with foreign investors, except for the purposes of licensing or enjoying tax exemptions and privileges and facilities. The law also stipulates the establishment of a National Commission for Investment to take up the task of implementing these provisions. It allows regions and governorates, provided they are not ensconced to the region, to form investment commissions in their own areas that enjoy licensing authority and the granting of exemptions and facilities and the management of investment projects there. In order to facilitate the licensing process, the bill authorizes the issuance of establishment approvals (investment licenses) through the establishment of the so-called 'single window' in the region or province.

The investor enjoys, regardless of nationality, all the advantages and facilities, guarantees and exemptions. In housing projects, the investor has the right to acquire the land needed for the project.

The rights, privileges and facilities in the new law include the following:

(1) Enjoying a tax exemption for a period of ten years from the year of operation, with an exemption on import duties for importing the requirements in the establishment phase, and the phases of expansion, development and modernization of equipment and machinery, means of transportation and materials, and the operational phase of the import of raw materials and intermediary and spare parts.
(2) Allowing capital and earnings in and out of the country and the opening accounts in banks inside and outside Iraq.
(3) Circulation in the Iraqi market for securities, bonds, equities, and the setting up investment portfolios.
(4) Rental of the land needed for the project for the period of 50 years; a renewable term. The right to own land also in housing projects.
(5) Facilitating the investor's enjoyment of additional advantages, especially according to the international bilateral agreements between Iraq and its government, or according to multilateral agreements. Including the right of the foreign investor to sell his project in whole or in part.

After nearly half a century of providing tax exemptions and generous assistance to the industry in Iraq, starting from the 1950s, the result was loss-making government projects that could only be resolved by selling them off. Project administrations, enterprises and factories became addicted to State assistance and protection. The projects were powerless to face up to competition, at home and abroad, accompanied by a qualitative and quantitative underdevelopment, and in terms of price, with unsustainable spin-off industries that feed key inputs into these sectors. They failed to catch up with the demands of the market for constant modernization and the fragmentation of demand. This also includes obsolete and marginal factories and declining investment rates from year to year, while the country gradually lost its ability to attract investments, and many bureaucratic complexities, and many of them administrative constraints, which prevent opportunities for progress, repressing the speed of response and wasting time and effort.

To what extent will the new law in this new phase achieve its objectives in attracting investments?

This depends primarily on the availability of advanced infrastructure, which, in turn, includes all the social, political and material factors, and not only the roads and bridges, and electricity and water; but also, the conditions of the parts and components manufacturers and the conditions of secondary, spin-off industries, and the availability of government management skills. Not to mention the tax system and the availability of transparency and the system of macroeconomic management, and the rates of education, training and the country's reserve of the educated, engineers and technicians, and population characteristics.

The availability of an infrastructure of this kind, along with the new investment law, will be a crucial factor in attracting investment.

The extent to which financial and administrative corruption is shrinking or expanding is another factor that attracts or repel investments.

In a Transparency Global (headquartered in Berlin) report, the State of Haiti ranked first among the most corrupt, and Iraq came in third. In his statement before the US Congress on February 8, 2006, former US Secretary of Defense Donald Rumsfeld said: "administrative and financial corruption in Iraq is omnipresent in all aspects of government administration and finance ". Even if this corruption recedes, there will remain a more deeply rooted problem, in the form of concepts, perceptions and attitudes inherited by the bureaucracy and in the government administrative cadres at all levels.

The new law has recommended adopting the so-called 'single window' to receive investment applications to decide on them. These recommendations follow the pattern of development and investment legislation in the developing countries for the purpose of simplifying procedures to save time, effort and money. Will the situation in Iraq become congenial to the establishment of this window? It is noteworthy that the General Directorate for Industrial Development in Baghdad applied this 'window' for more than a year. But what is being done by the aforementioned Directorate is just unifying the entity that receives applications (the formal side). As for the bureaucratic content, it remains the same as it was about 30 years ago or more, without change.

Certainly, Iraq will attract many investments after the issuance of the new law, but will the volume of these investments reach the desired ambition? As is the case in the South-East Asian countries, such as Singapore or Malaysia, for example, this also demands a revolutionization of the same concepts and ways of thinking and dealing with such topics. What is necessary is reliable economic administration that lays the foundations before the structure, and not vice versa, when it comes to handling development and dealing with investments. Only then can the new law achieve its goals and the aspirations of the country.


Dar Al Hayat

Originally Posted by One Oar

Good point. But as worthless as their money is right now and with so little goods to buy, how much wear is their currency really getting.

Just from my own experience, I received 1 million in circulated 25K notes sometime around July or August 2004. I was very suprised at how worn they were and one even had tape on it to hold it together. Being a cash based society, they have to use them to buy whatever is available. I'm not saying that replacement of worn out dinars is highly significant, only that it is something that must be taking place and it is another unknown variable in the reduction of dinar in circulation given that there is no evidence that there has been subsequent orders from de la rue since the initial run.

Translated version of http://www.alsabaah.com/

جريدة الصباح: الاقتصاديةAl-Sabah : Economic


خبير مصرفي لـ” الصباح “ : الشركة العراقية للكفالات المصرفية بداية صحيحةBanking expert for the "morning" : Iraqi company for bank guarantees right start




للإصلاح المصرفيFor banking reform
بغداد - ياسر المتوليBaghdad-Yasser incumbent
تعتزم الشركة العراقية للكفالات المصرفية عقد اجتماع موسع يضم رؤساء مجالس ادارات المصارف الخاصة المنضوية تحت لواء الشركة وذلك مطلع عام 2007 في عمان.ويعقد اصحاب المؤسسات والمشاريع الصغيرة والمتوسطة الامال على الدورThe company intends to Iraq for bank guarantees to hold an extensive meeting with the heads of the boards of private banks that fall under the umbrella of the company and the beginning of 2007 in Amman. And hold business owners and small and medium-sized enterprises hopes on the role


القطاع الخاص العراقي ما له وما عليه في ضوء قانون الاستثمارIraqi private sector and what is in the light of the investment law.


مناف رضا أيوبContrary Reza Ayub
مما لا شك فيه ان الاقتصاد العراقي عانى ومنذ فترة ليست بالقصيرة من اثر تدخل الدولة المستمر من خلال القوانين التي شرعت وكذلك قرارات التأميم الارتجالية التي شملت مجالات ان لم تكن ذات مردود اقتصاديThere is no doubt that the Iraqi economy has suffered since the period for quite some time after the intervention of the state continued through laws initiated, as well as the nationalization improvisation, which included the areas that did not have economic value


غريب : قانون وزارة البلديات الجديد يضمن سرعة إنجاز المشاريعStrange : Law of the Ministry of new municipalities to ensure the rapid completion of projects

بغداد ـ مهدي كريم الطائيBaghdad Mahdi Karim Al-Taee
قال وزير البلديات والاشغال العامة رياض غريب: ان وزارته بصدد طرح قانونها الجديد على مجلس النواب لمناقشته واقراره ليكون متلائما مع طبيعة المرحلة الديمقراطية الجديدة التيThe Minister of Municipalities and Public Works : Riyad Gharib said that his ministry was about to issue its new law to the parliament for discussion and approval to be tailored to the nature of the new democratic


الزرالماضيAgriculture equipped peasant fertilizers and pesticides during the past month


بغداد ـ مصطفى مجيدBaghdad Mustafa Majeed
The Ministry of Agriculture shipped more than (20) tons of urea and over (130) tons of various pesticides for farmers and farmers in the provinces during the past month, while busy in the coming days (100)


المدير التنفيذي لشركة الاتصالاتmtc أثير : قانون الاستثمار بحاجة إلى تسويقExecutive Director of the company الاتصالاتmtc raised : the need to promote investment

وإجازات شركات الاتصال يتوجب أن تكون لفترات مجزية استثمارياًLeave communication firms must be for periods rewarding investment
بغداد - الصباحBaghdad-Sabah
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