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

Originally Posted by michaeljordan

I appreciate your answers. I am just trying to wrap my head around this. I was mainly trying to figure out the following. Usually, when someone gains another loses. I our case, we would be the ones benefitting by holding dinar. Does anyone get screwed?

Believe it or not, this is a case of win-win for everyone. Us obviously, but the average Iraqi citizen has more buying power, the store owners are still getting the same price for their goods just at an adjusted rate, and their profits are now actually worth something. And for the 50% of Iraq that is unemployed, instead of taking $100 to blow themselves up, they will get a job, and actully watch their children grow up

Originally Posted by Vipor

Interesting observation by Cressey30 over at that other place.

sounds like adster...

Originally Posted by michaeljordan

That's fine for imports. But what would the price of goods be in Iraq? They would eventually come way down because the merchants can import for the new lower cost and pass it on right?

Yes, if the market is open to competition. If no other
businesses sell shoes, then a business savy entrepreneur
could open up a different shoe business or add shoes to
his existing products and sell the shoes cheaper than the
first guy. The first guy would get concerned and then lower
his shoe prices. It's about Freedom and Free Enterprise.!!

Can't you imagine the sales ads and coupons showing up in
the local TV stations and in the newspapers!! Can you see
the crowds waiting outside the store in the morning waiting
for the manager to unlock the door and he gets knocked down
by rush of the crowd.....oops..the customers are pushin & fightin..
.. & now we can see lawsuits and lawyers driving bentleys and
on and on...

ND

Has anybody heard this before. According to this article they must pass oil law by end of December.

The Iraqi government faces a December deadline, imposed by the world's wealthiest countries, to complete its final Oil Law. Industry analysts expect that the result will be a radical departure from the laws governing the country's oil-rich neighbors, giving foreign multinationals a much higher rate of return than with other major oil producers, and locking in their control over what George Bush called Iraq's "patrimony" for decades, regardless of what kind of policies future elected governments might want to pursue.

Bush's Petro-Cartel Almost Has Iraq's Oil - UN Security Council - Global Policy Forum

Originally Posted by mab71

Iraqi Kurdish PM says breakthrough made in talks with Baghdad
20 December 2006 (BBC Monitoring)


Speaking at a news conference in Arbil on 19 December, Kurdistan Region Prime Minister Nechirvan Barzani said a breakthrough had been made in talks with the central government on the Region's budget and oil law. Regarding the implementation of Article 140 on normalization of Kirkuk, Barzani said, "What I have seen in Baghdad shows their insistence to implement the article". Following is an excerpt from a report by Iraqi Kurdistan Democratic Party (KDP) satellite TV on 20 December; subheadings inserted editorially.]

[Presenter] After conducting a series of talks with Iraqi Prime Minister [Nuri al-Maliki] and other senior officials about the Kurdistan Regional Government [KRG] and central Iraqi government relationship, KRG Prime Minister Nechirvan Barzani and his accompanying delegation arrived in the capital [of Iraqi Kurdistan Region], Arbil, yesterday [19 December] evening .

Later, during a news conference held in the airport, the prime minister shed light on the outcome of the visit to Baghdad, talks with the central government about the political, security and administration situation in Iraq, as well the Kurdistan Region budget.

[Passage omitted: reporter's comments]

Kurdistan Region budget

[Nechirvan Barzani] The first point is that we have agreed with the Iraqi government that Kurdistan Region's budget will comprise 17 per cent of Iraq's budget for 2007. It will be based on the expenditure of the Iraqi government. It is expected that it [this agreement] will be submitted to the Council of Ministers on Thursday [21 December] for approval. We expect this problem to be solved easily.

Regarding the sum of money we said was missing in the Kurdistan Region's 2006 budget, this was the case. Following a lengthy meeting with Baghdad, they understood that a calculation mistake had been made. That mistake cost the KRG 364m dollars. We previously mentioned a sum of 480m dollars. The difference between the two figures is because the Iraqi ministries spent money in the KRG ministries and have cut that from that sum [presumably 480m dollars]. Therefore, we reached an agreement that the KRG is entitled to a sum of 364m dollars. They have agreed to pay the KRG that sum in three instalments before the end of the year.

[Passage omitted: reporter's comments]

Oil law

[Nechirvan Barzani] The Kurdistan Region's member in the committee tasked with drafting an oil law for Iraq has been very active. After a series of meetings with Baghdad and following our last meeting with Iraqi Prime Minister [Nuri] al-Maliki, I am pleased to say we reached a very good conclusion on the oil law. The Council of Ministers in Baghdad is expected to discuss the law in the next few days before it is submitted to the parliament. We hope the parliament will approve the law, God willing.

[Passage omitted: reporter's comments]

Article 140 on normalization of Kirkuk, other areas

[Nechirvan Barzani] The implementation of the constitutional Article 140 about Kirkuk and other places and their annexation to Kurdistan Region [as heard]. I am very pleased with the attitude of Prime Minister [Nuri al-Maliki] and the head of the commission [Commission on Implementing Article 140], the justice minister [Hashim al-Shibli]. They all emphasize that that is a constitutional article that needs to be implemented.

Iraqi Kurdish PM says breakthrough made in talks with Baghdad | Iraq Updates

They have formed committees for it. Committees have been formed everywhere in the contested areas. The committees need guidelines on how to carry out their work. The guidelines of the commission are being drafted at the moment. A proportion of the commission's budget is allocated for the initial steps. In fact, what I have seen in Baghdad shows their insistence to implement the article.

[Article 140 calls for normalization of Kirkuk and other contested areas mainly through the relocation of settlers and the return of the internally displaced people].

[Passage omitted: reporter's comments]

Defence budget

[Nechirvan Barzani] As you all know, a huge budget is being allocated for defence for next year. Our argument with Baghdad is this: the Kurdistan peshmerga force, described in the constitution as the Region's guard, is part of Iraq's defence policy. The Kurdistan Region should not be deprived of the huge budget allocated for the Defence Ministry. We have formed a committee. The committee comprises myself, [Kurdish MP in Iraqi parliament] Dr Rozh [Nuri Shaways] and [Iraqi Deputy Prime Minister] Dr Barham [Salih]. We have had a lot of talks on this issue. In fact, we have not yet reached a final agreement on this issue. However, we insist that the Kurdistan peshmerga force has a share in the huge budget allocated by Baghdad for the defence. We will continue our talks with Baghdad to solve this problem.

[Passage omitted: reporter's comments]

Source: Kurdistan Satellite TV, Arbil

Yeeeeeeeeeeeaaaaaaa. Finally, they reveal what we knew was coming. Talk about keeping your poker face till the last minute.....

Originally Posted by DayDream

Iraq’s Gold Reserves

The CBI vaults contained four tons of gold reserves as of early June 2003. The value of these gold reserves was insignificant in comparison to the bank’s level of cash reserves. CBI began accumulating these gold reserves in 2001 by purchasing gold in relatively small quantities on a frequent basis from Lebanese banks in which the former Iraqi Regime had large foreign currency deposits. As a standard purchase procedure, the respective Lebanese banks supplying the gold would deliver it to the Iraqi Embassy in Beirut for shipment to CBI vaults in Baghdad via diplomatic pouch. The CBI bought gold in amounts ranging from 100 to 500 kilograms per purchase. This amount of gold could be shipped easily by diplomatic pouch. Also, CBI bought gold in small quantities in order to avoid raising the market level of gold in Lebanon and to avoid scrutiny by the US. The Regime did not remove any of the gold from CBI vaults during the war with coalition forces.


The CBI Investment Department Director General Asrar ‘Abd al-Husayn was directly responsible for management of the gold purchases using cash from the overseas accounts in Lebanon. CBI Governor Dr. Isam Rashid al-Huwaysh, however, retained final responsibility for supervision of the gold purchase program.
The Regime implemented the gold purchase in 2001 upon the recommendation of al-Huwaysh and against the opposition of Minister of Finance Hikmat Mizban Ibrahim al-Azzawi. Al-Huwaysh was concerned that Saddam and his sons could easily remove cash reserves whenever they wanted or could easily use the cash reserves in purchasing weapons from foreign suppliers.

Gold, on the other hand, was heavy and could not be easily removed, ensuring that the CBI would retain these reserves, even if the Regime decided to remove the cash reserves. Al-Huwaysh, however, could not use this argument to convince Saddam to begin a gold purchase program, and he instead argued that the gold reserves could not be destroyed in the event of bombing and fire at the bank during a war.

Saddam accepted this latter argument and authorized the gold purchased beginning in 2001. Prior to the outbreak war with coalition forces, the Regime did not have any plan for dispersing the gold upon commencement of hostilities.

The Rafidian Bank central office in Baghdad had an unknown but relatively small quantity of gold in its vault as of 19 March 2003. Under the former Regime, Iraqis were not allowed to sell their gold overseas, but many people attempted to smuggle their personal gold out of Iraq to take advantage of the higher prices in overseas markets and to secure foreign currency. When these smugglers were caught, the government confiscated the gold and put it in the vault of the Rafidian Bank. Iraqi ministries did not retain any gold.


This is an excellent link explaining alot of Saddams ill-gotten-booty, where he stashed it and with whom he stashed it.

Iraq Survey Group Final Report

Cheers!
DayDream

Originally Posted by CharmedPiper

Has anybody heard this before. According to this article they must pass oil law by end of December.

The Iraqi government faces a December deadline, imposed by the world's wealthiest countries, to complete its final Oil Law. Industry analysts expect that the result will be a radical departure from the laws governing the country's oil-rich neighbors, giving foreign multinationals a much higher rate of return than with other major oil producers, and locking in their control over what George Bush called Iraq's "patrimony" for decades, regardless of what kind of policies future elected governments might want to pursue.

Bush's Petro-Cartel Almost Has Iraq's Oil - UN Security Council - Global Policy Forum

now you know why theyve adamantly maintained it would be DONE by end of year.

as far as a revalue not happening until just before the isx opens in january that doesnt seem feasible, as a LARGE change in currency value like we are expecting BEFORE the 2007 budget gets underway seems more likely a scenario.

Originally Posted by CharmedPiper

Has anybody heard this before. According to this article they must pass oil law by end of December.

The Iraqi government faces a December deadline, imposed by the world's wealthiest countries, to complete its final Oil Law. Industry analysts expect that the result will be a radical departure from the laws governing the country's oil-rich neighbors, giving foreign multinationals a much higher rate of return than with other major oil producers, and locking in their control over what George Bush called Iraq's "patrimony" for decades, regardless of what kind of policies future elected governments might want to pursue.

Bush's Petro-Cartel Almost Has Iraq's Oil - UN Security Council - Global Policy Forum

Yes, I read an article the other day that stated it had to be done this year for the IMF standby agreement which cancels the debts of the Paris Club.

oops double post

7 business days left in iraq 2006 counting today.

close enough for hand grenades or horseshoes.