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

Originally Posted by Adster

Fack me guys, read this!!!!!


The Ministry of Finance and the Central Bank a proposal to lift the value of the Iraqi dinar Iraqi returning to normal, and is this proposal and supported the World Bank. This announcement l (morning), Finance Minister Jabr Al statement said : We have suggested to the Governor of the Central Bank raising three zeroes on the Iraqi dinar and the lifting so that the value of the dinar was equal to the dollar



http://www.google.com/translate?u=ht...&hl=en&ie=UTF8

This has to be the best news so far!!!!

Wow, almost tempted to havea sicky from the office job to sniff around for more info!! lol.

Do it! Just do it!!

Hi Adster and everybody.

Sorry to put a dampener on things and hopefully Adsters bit of news is true, but can you tell us where to find it. I tried to click on that link and it takes me nowhere.

I then accessed the Iraqi government website and there are no statements stating anything about this, there are other statements dated today but nothing about this, I also tried to access the various ministries but no luck.

here you go abbey

http://www.google.com/translate?u=ht...&hl=en&ie=UTF8

Hi

Thanks Raditz.

Brilliant, just out of interest what does it mean, we recommend adding three zeros to the iraqi dinar to make equal to the US dollar, I appreciate that it appears to says we will get a peg at 1 to 1, just wondered what 3 zeros means.

Originally Posted by abbey56

Hi

Thanks Raditz.

Brilliant, just out of interest what does it mean, we recommend adding three zeros to the iraqi dinar to make equal to the US dollar, I appreciate that it appears to says we will get a peg at 1 to 1, just wondered what 3 zeros means.

The IQD is now something about 0.00067/1 USD. You take 3 zeros away and it is 0.67/1 USD

Well yes, but the google translation program cant be fully trusted, we need someone that speeks arabic to get it exactly right. It said that it will rais with three zeros, but "raise" could also mean "remove" in literal translation of the original arabic word. But i doubt that.

So that means if they would "raise" the dinar with three zeros you would get

Current value is 1 IQD = 0.000681501 USD
After the raise 1 IQD = 0.681501 USD

1IQD : 0.68 US dollar

A safer Iraq needed for U.S. investment, analysts say
By STEVE QUINN

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

27 June 2006 (Associated Press)

Iraq's instability has kept foreign oil companies from investing in reconstruction, compounding what officials see as a litany of woes confronting the country's once-dominant oil sector _ from corruption to poorly maintained fields.

While the world's thirst for oil grows, untapped Iraqi reserves and current production that still has not reached prewar levels remain a problem with no imminent solution.

Only when Iraq's newly formed government guarantees a safer environment will the billions of dollars needed begin to flow, analysts and officials say.

"It's too soon to make a judgment on how close we are. ... I suspect we could be a few years away," Shell Oil Co. President John Hofmeister recently told The Associated Press.

Hofmeister and peers from other oil and gas companies will address the issue and others Tuesday during the second day of a three-day conference featuring U.S. and Arab government and business leaders.

On Monday during the U.S.-Arab Economic Forum in downtown Houston, ConocoPhillips Chairman and Chief Executive James Mulva said it is too soon to tell when Iraq will be ready for a complete commitment.

"Iraq certainly is a country with incredible resources," he said. "We've said all along we're very interested in ultimately going into Iraq."

The situation with Iraq's energy sector is among the most dire in the Middle East, analysts say.

From April 2003 to October 2005, there were more than 280 attacks on Iraq's energy infrastructure, according to the Energy Information Administration, a division of the Energy Department.

There have not been enough improvements since, warns an April report by the Special Inspector General for Iraq Reconstruction, which was critical of task force protection efforts.

Jim Placke, senior associate for Cambridge Energy Research Associates, said more progress is essential.

"Until that situation becomes much-improved from where it is today, you won't see any activity," he said. "It's important to seriously act on these things. The world continues to use an increasingly higher amount of oil; therefore those reserves become more valuable."

Estimates of Iraq's oil reserves vary greatly.

The EIA says it could be 115 billion barrels, third behind Saudi Arabia (261.9) and Canada (178.8), but does not reject estimates ranging from a third to nearly twice that figure.

Production was down nearly 400,000 barrels a day from prewar levels of 2.58 million, according to the special inspector general's April report.

As a result exports sat around 1.4 million barrels a day by the end of March, the report said. The U.S. government estimates that Iraq lost about $90 million a month in potential revenue because of lower exports the last three months of 2005.

Problems, however, run deeper than attacks on Iraq's energy infrastructure, according to several reports and industry executives.

Corruption that includes profit skimming in Iraq's oil and gas industry could have implications beyond the energy sector, the special inspector general's report.

Placke said international sanctions in the 1990s combined with Saddam Hussein's mismanagement of the country's energy assets put Iraq in a deep hole. Decades of neglect and poor maintenance of the oil fields and some of the nation's largest refineries have only added to the reconstruction troubles.

"You've got this period of 25 years where Iraq was not able to function normally, and that is largely of Saddam's own doing," Placke said. "It inhibited development of the industry."

In February an Iraqi delegation visited the United States trying to convince U.S. companies that now is the time to begin investing.

Delegates said they need at least $20 billion (A15.9 billion), but added that number could more than double as the conflict with insurgents persists.

The United States has budgeted $1.74 billion (A1.39 billion) to Iraq's oil and gas production out of the $18.44 billion (A14.68 billion) earmarked for relief and reconstruction.

For now, dozens of companies are offering preliminary services _ consulting work and reservoir studies _ often for free, the EIA's report said.

The long-term payoff is a relationship that could help these companies land major production through joint oil and gas projects.

Hofmeister said Iraq also needs a government that prohibits arbitrary government rulings and abuse, and open markets to make investments meaningful.

"Having said that, we are doing consulting work with the Iraq Ministry of Oil. We are educating Iraqi scholars," he said. "We are interested and they are interested, but we need those conditions in place to take it to the next level."

The real translation guys here we go:

Baghdad, June.27 p1
Finance ministry & Iraqi central bank study a suggestion about lifting off the worth of Iraqi diner and returning back as the past,and the suggestion supported by the international bank. Finance minister Bayan Jabr Zubaidi declared that he suggested on bank governor lifting off three zeros so diner would be equal to dollar, on the other hand, he declared his support for national peace initiative.