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

The stability of the demand for dollar and the continued depreciation of the exchange rate
21 December 2006 (Iraq Directory)
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Stability of the demand on the dollar continued for the second day in a row in the auction of the Iraqi Central Bank last Tuesday, recording 18 million and 180 thousand dollars, which is barely the size of the request of the day before, which exceeded a little less than18 million.

The demand distributed between eight million and 330 thousand dollars in cash and nine million and 850 thousand dollars in the form of remittances outside the country; the Bank has fully covered them at an exchange rate amounted to 1416 dinar, three points lower than the exchange rate last Monday, which amounted to 1419 dinar to the dollar.

None of the 11 banks participating in the auction, made any offers to sell the dollar to the Bank for the second consecutive day.

Mr. Abdul Razzaq Al-Abayachi, the economic, industrial expert and one of those dealing with the auction, said that the sale offers will be less and perhaps disappear with the decline in the rate of exchange which makes the speculators profit margin of the exchange rate difference between the commercial market and the auction, little or almost none or at a negative value with the continuing decline, which reduces the chances of selling the dollar to the Central Bank.

The stability of the demand for dollar and the continued depreciation of the exchange rate | Iraq Updates

Central Bank opens the daily auction of treasury remittances
and denies determining the price of the dollar against the Iraqi dinar
21 December 2006 (Iraq Directory)
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After its price was down for more than a week, the dollar exchange rate rose again in the daily auction of the Iraqi Central Bank, no."822", for buying and selling foreign currencies.

A source in the Bank indicated that the number of banks participating in this auction amounted to 10 banks between governmental and private.

Stressing that the auction came to 1422 dinars to the dollar, and the quantity sold by the bank was fourteen million and '830' thousand dollars, while the quantity purchased by the bank was one million dollar.

The source added that the quantity sold in cash to banks and customers amounted to eight million and '820' thousand dollars, while the quantity sold for remittances outside Iraq reached six million and ten thousand dollars.

On the other hand, an official source in the Iraqi Central Bank denied rumors on the bank seeking to determine the rate of the dollar against the dinar at one thousand dinar.

Stressing that the issue of determining the exchange rate of the dollar against the Iraqi dinar is not possible, now, for two reasons: first, the reserve capacity of the bank is not absolute, and second is the factor of the price increase.

He added: observing the general trends point to higher prices in return for a lack of improvement, which makes the dollar reduction to this value impossible at the present time, in addition to the limited financial capabilities of the Bank.

He explained: that the significant decline in the dollar, directly after the fall of the previous regime, was caused by the flow of billions of dollars to Iraq and distributing them among employees as well as opening exchange and restrictions. He pointed out: that at the present time and because of the deterioration of security and the high rate of inflation, the devaluation of the dollar is not expected at all.

It is noteworthy that some economists pointed out the Bank have sought to reduce the price of the dollar against the Iraqi dinar through the monetary policy which it follows in the opening of the daily auction for treasury remittances.

Central Bank opens the daily auction of treasury remittances | Iraq Updates

Kurdistan : Chef claim quickly standardize financial control in Erbil and Sulaymaniyah
Jayman favor of
Arbil - (Voices of Iraq)

The President of the Kurdistan Parliament Adnan Mufti today, Wednesday, officials from the Cabinet of financial control in Erbil and Sulaymaniyah, a draft of the unification into one office is subordinate to Parliament Directly.

He said Tariq essence, Media Advisor to the President of the Kurdish Parliament, told the news (Voices of Iraq) alone "met today with Mr. Adnan Mufti Cabinet officials financial control in Erbil and Sulaymaniyah, and asked them to prepare a draft to unite Aldiwanin within two weeks."


He added, "said Speaker of Aldiwanin officials in Erbil and Sulaymaniyah, the Office of Financial Supervision Service mission in the province, because it is fighting corruption. Corruption was rampant in Kurdistan, Iraq, but this must be on the workers in this collection to be confident of themselves ... And working courageously to fight corruption. "

He explained that the essence of the Mufti said, during the meeting, that the meeting of the three leaders in Kurdistan
(Presidency of the Territory, the government and parliament) decided that the Parliament is unifying financial oversight Cabinet
In Arbil and Sulaymaniyah "in view of the importance of this institution, and that the collection common follower of the parliament directly."

It is noteworthy that the Office of Financial Supervision in each of Sulaymaniyah and Irbil were formed by the two departments in the two cities, which have declared their unification into a single department several months ago after the division extended since (1994).

ßÑÏÓÊÇä- ÈÑáãÇä- ÏíæÇä :: Aswat al Iraq :: Aswat al Iraq

What's the hurry!

Or maybe they know something is coming up!

Nice one kiko. Politics is now playing a major role in the reconstruction of the economy. The article I read yesterday from the NY Post regarding the 'booming of the Iraqi economy' which will be one of many we'll read shows me the Dems are at the point of taking all the glory from the Republicans in the success that will come from Iraq in the next few months.

I think this is a repeat of an art from last week, notice the amount mentioned though "1500" it hasn't been that rate, so where are they getting their numbers?

Justice / follow-An official source at the Ministry of Finance that the government expects the increase in the price of the dinar by 13% against the dollar by early 2007 after raising interest rates to limit the use of the dollar in the economy and curb inflation.

.Pointing out that the government aimed at access at the rate of exchange in to the 1260 dinars to the dollars in the the first three months of 2007 from the current level 1500 dinars of the dollar, "he said, emphasizing that the budget of 2007 supposes the rate of exchange of when 1260 dinars against the dollar adding that the Cabinet would discuss the the draft budget in the hope submitting them to the parliament next week, explaining that the budget will be established on the basis of a dollar rate of 1260 dinars to the dollars and '5' dollars for a barrel of oil with the production of 1,7 million barrels per day, and added that the CBE started raising the rate of interest from 12% to 16% currently pointing to the lack found immediate plans to continue raising interest rate n and pointed Almusdrali that the goal of the RAISE INTEREST RATES is the to strengthen the dinar and the fight against the dollarization and curb inflation and to strengthen the confidence of Iraqis in the local currency affirming that the any economy depends on the dollar longer weak, it is recalled that the Central Bank of Iraq that had been denied earlier that be of the bank faith to determine the or the exchange rate of the dollar against the Iraqi dinar for two reasons First : standby capacities of the bank non-absolute and II is attributable to the increase in factor prices.

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Iraq asked the ministers of the Arab work off debts

Iraq submitted a request to the Minister of Labor and Social Affairs Arabs in the meetings held at the headquarters of the Arab League in Cairo, to be relieved of debts to the Arab Social Action Fund for the period from 1989 until 2006. The head of the Iraqi delegation to the meetings of the sixth session of the Council of Ministers of Labor and Social Affairs Sheikh Mahmoud Al-Arab Radi, Iraq's keenness on activating the partnership between institutions and Arab social development.

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the government of the Kurdistan settle financial disputes with the government of Baghdad

The Kurdish government announced that the budget of Kurdistan, the proceeds from the national, had been settled with the Iraqi government and that it is serious in resolving differences other outstanding investment in the oil and the issue of Kirkuk and s.

».The prime minister said Najirfan Kurdish Barzani, in a press conference, held immediately after the arrival of Kurdistan said that the talks in Baghdad was positive was the allocation of $ 360 million (17%) of the national expenditure for the territorial government. He affirmed that the government is serious in the Kurdish settlement of the differences in foreign investments for oil in Kurdistan. He added : «We agreed with the Iraqi government to discuss the oil in the cabinet and make suggestions to the Iraqi Parliament to vote». And asking the government to allocate a special budget to the Kurdish Bishmaraka of the budget for the Iraqi Ministry of Defense said «not yet reached a settlement and that the Kurdish government is determined to deal with the s forces as order».

».On the other hand, denied news Turkmen parties on the flow of weapons to Turkey, pointing out that the news is unfounded. And the leader of the Turkmen nation Jamal would «not believe that the Turkmen resolve their differences or find solutions for their violence and allegations of some American media is not true».

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By QASSIM ABDUL-ZAHRA, Associated Press Writer 7 minutes ago

BAGHDAD, Iraq - Radical Shiite cleric Muqtada al-Sadr, who heads a militia feared by
Iraq's Sunnis, is considering a one-month unilateral cease-fire and may push his followers to rejoin the political process after a three-week boycott, officials close to him said.

The issue is expected to come up at a meeting Thursday in the holy city of Najaf between al-Sadr and a delegation representing the seven Shiite groups that form the largest bloc in Iraq's parliament, the Shiite officials said on condition of anonymity because of the secrecy of the talks.

Half the delegates traveled to Najaf on Wednesday night, and were gathered Thursday morning at the home of the country's top Shiite cleric, Grand Ayatollah Ali al-Sistani, an official in al-Sistani's office said on condition of anonymity because of political sensitivities. The others were traveling to Najaf on Thursday, he said.

The visit is intended to allow the Shiite bloc, the United Iraqi Alliance, to work out some of Iraq's biggest political obstacles in front of al-Sistani, and to pressure al-Sadr to rein in his fighters and rejoin politics — or face isolation, participants said.

Joint army-police checkpoints were erected at all entrances to Najaf on Thursday morning, a top police official and a representative from al-Sistani's office said.

Until the walkout, al-Sadr's faction had been an integral part of Prime Minister Nouri al-Maliki's governing coalition. Cabinet ministers and legislators who belong to al-Sadr's movement called the boycott after al-Maliki met with
President Bush in Jordan three weeks ago. Al-Sadr's militia and its offshoots have been increasingly blamed for sectarian attacks.

As violence rages across Baghdad and much of Iraq, a new coalition taking shape among Shiites, Kurds and one Sunni party is seen as a last-ditch effort to form a government across sectarian divisions that have split the country. While al-Sadr's movement would not be part of this coalition, such an alliance — which reportedly is supported by the Bush administration — might pressure the radical cleric to soften his stance.

In Thursday's meeting, the group wants to assure al-Sistani that the new coalition would not break apart the Shiite bloc, said officials from several Shiite parties. Potential members of the coalition said they have been negotiating for two weeks, and now want the blessing of al-Sistani, whose word many Shiites consider binding.

The movement is backed by the U.S. government, said Sami al-Askari, a member of the Dawa party and an adviser to al-Maliki.

"I met the American ambassador in Baghdad and he named this front the 'front of the moderates,' and they (the Americans) support it," al-Askari said.

The U.S. Embassy in Baghdad could not comment on the ambassador's meeting or his position on the possible coalition deal.

However, two prominent figures in the proposed coalition went to Washington to meet Bush separately in the past three weeks: Tarek al-Hashemi of the Sunni Iraqi Islamic Party and Abdul-Aziz al-Hakim of the Supreme Council for the Islamic Revolution in Iraq, known as SCIRI. The U.S. supports two other potential members, the Kurdish Democratic Party and President Jalal Talabani's Patriotic Union of Kurdistan.

"The U.S. wants to see an Iraq that is united, stable, democratic and prosperous. We will continue to work with the democratically elected government of Iraq to reach this goal by improving security, promoting national reconciliation and the rule of law and helping the Iraqis deliver essential services," U.S. Embassy spokesman Lou Fintor said.

After meeting al-Sistani, the delegation will visit al-Sadr to try to persuade him to tell his followers to return to politics, and to assure him that the new coalition — still being completed — will not isolate his movement, said officials from several factions, including al-Sadr's movement.

"We will visit Grand Ayatollah al-Sistani and Muqtada al-Sadr, though the (coalition) front has not yet been formed, due to the demands of the Iraqi Islamic Party," al-Askari said.

His and al-Maliki's Dawa faction has expressed willingness to join the coalition, but fears it could weaken the Shiite United Iraqi Alliance, Dawa officials said on condition of anonymity because the deal was not final.

"We will inform al-Sistani about the latest developments and assure Muqtada al-Sadr that he will not be sidelined from the political process. We want him to change his mind and be a part of that process," al-Askari told The Associated Press.

Officials close to al-Sadr said they believe the firebrand cleric and his followers would turn a friendly ear to the coalition, out of fear of being sidelined in the future.

Fearing such political isolation as well as possible attack by U.S. forces, al-Sadr will secretly order his Mahdi Army militia to abide by a one-month halt in fighting, said a Shiite politician, who spoke on condition of anonymity because of the delicacy of the negotiations. He did not give further details.

Another official close to al-Sadr did not speak about the planned truce directly, but said when asked about it that "the security situation will improve in the coming month."

Even if al-Sadr commands his militia, the Madhi Army, to halt sectarian attacks for a month, questions remain as to whether violence would decrease. The militia is believed to be increasingly fragmented, with some factions no longer reporting to him, and a call for a truce could further divide it.

In exchange for a halt in fighting, al-Sadr's followers want officials from al-Hakim's Supreme Council for the Islamic Revolution in Iraq to make a promise in front of al-Sistani that they will not sideline al-Sadr's movement, said a member of al-Sadr's group.

The Shiite, Kurdish and Sunni coalition was not a done deal, though. Several Shiites complained about conditions set by the Sunni Iraqi Islamic Party, which they said could jeopardize an agreement.

"The demands of the Iraqi Islamic Party are not logical and it is hard to implement them," said Humam Hamoudi, a SCIRI lawmaker. For example, the Sunni party wants all checkpoints leading to and from Baghdad to have an equal number of Shiite and Sunni guards, he said.

Radical cleric mulling Iraq cease-fire - Yahoo! News

Everything look so good for a HUGE REVAL.

So far Iraq got:

1 - A minimum of 4 tons of Gold in Vault.
2- God knows how much reserve in Cash
3- No more debts
4- The largest reserve of Oil ON EARTH.....

I think this deserve a big WooooooooooT

I would love someone to put exact number for 1,2, 3......

Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)
Decreased demand for the dollar in the auction the Central Bank of Iraq at the end of the week today, Thursday, significantly reduced the volume of recording the request million and 250 thousand dollars against 22 million And 230 thousand dollars yesterday.

Such bids today at 300 thousand dollars in cash and 950 thousand dollars in the form of remittances outside the bank coverage at the exchange rate hit a low in 1360 dinars, which is less than 13 dinars exchange rate yesterday, the largest decline in one meeting of the bank during the two years since the exchange rate was 1373 dinars yesterday.
Likewise the six banks participating in the auction today offers to sell the dollar hit one million and 500 thousand dollars bought by the bank in full at the exchange rate reached 1358 dinars.

He said Mr. Sadiq Abdul Razzaq expert as far as the economic and industrial News Agency (Voices of Iraq) that the independent auction currently witnessing deliberated for immediate exclusively transactions, ranging from the maximum and minimum in accordance with the deals concluded within and outside the country where the subject of speculation that the recession is due to the large daily changes of exchange rates.

Translated version of http://www.aswataliraq.info/?newlang=ara