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

Now why would they be doing this? Just kidding.

Iraq Central Bankers Attend Anti-Money Laundering Conference:

• Central Bank of Iraq (CBI) Governor Dr. Sinan al-Shabibi and two members of the bank’s Money Laundering Reporting Office attended a three-day US-Middle East/North Africa (MENA) conference that focused on anti-money laundering and countering terrorism finance efforts among US and MENA banks. Private banks and regulators from both regions participated. There was in-depth discussion on “knowing your customer” and efforts to identify suspicious transactions.
http://www.state.gov/documents/organization/78277.pdf

Originally Posted by Caviar Dreams

Found this on that other forum (posted today 21 Dec 06)...very interesting...any thoughts?

Quote:
I know this is not the place for this but I wanted to share an experience that happened today...

I'm not for sure how to post this it is not a rumor and I am fairly new at this. My sister just left chase bank at 1 pm central today she went there to buy dinar to give as christmas gifts ( We purchased 5m about 3 weeks ago). The lady stated that at this time chase is no longer selling the dinar that they received the memo on thursday the woman showed the memo to my sister and it stated in big bold letters " We are no longer selling the iraqi dinar at this time send all customers to B of A. We may start selling again at a future date". My sister went down the street to B of A and the woman was puzzled said she could not find anything she then called the corporate office and they informed her that they do not sell at this time. Any thoughts...I called and talked to a woman at Chase and she said that this is not regional it is company wide and that they could not purchase the dinar any longer....I listed to part of my sisters conversation with chase and B of A by phone as she was talking to them I was as amazed and confused as she was...any thoughts?

Seeing any of these reports just confounds me as well. I just now got off the phone, talked with my banker here at Chase in Wisconsin. They have NO such directive. I can still buy as many dinar as I wish to.

If it is indeed critical to do business with that Chase bank, perhaps going up the chain of command.. branch manager, district manager.. on up, may get you the correct answer.

Again, NO problem here in ordering more dinar.

Randy

Tender NO. (12/2006)

TheCentral Bank of Iraq invites all professional and Specialized Companies and Bureaus to participate in the above mentioned tender related to supplying computer , printer and ( ups ) accordeing to conditions and specifications that can be obtained from the Procurement Management Division within aperiod of Twenty eight day of pubilishing the announcement . The close date is 2/1/2007.


Announcements

Officials reached a tentative agreement on the oil law
Iraqi officials reached a tentative agreement on the oil law
21/12/2006
Source: Translated by IRAQdirectory.com

Iraqi officials reached a tentative agreement on an oil law that grants the regions the right to negotiate contracts for oil fields with foreign investors, but it gives the central government the final word.

Iraq is in great need for foreign investment to revive its shattered economy, which relies heavily on revenues from oil exports, especially that the country has the third largest oil reserves in the world.

Sources close to the negotiations said that Prime Minister Nuri al-Maliki, "agreed on" the draft law which is awaiting the political approval and the adoption of the Cabinet.

The source added that the law calls for the formation of a national council of oil headed either by the Prime Minister or the Deputy Prime Minister and has the right to reject deals of oilfields.

A source said that "regions will negotiate within the framework of specific standards and models of investment determined by the Federal Council of oil and gas ... In the presence of a representative of the Council".

He added, "If a contract is rejected but the region insisted on it, a body of independents experts will be appointed for arbitration".

The sources added that the Minister of Oil, the Central Bank Governor, representatives from each region and experts in the fields of oil, finance and the economy will be members in the Council.

The source said "the government of Kurdistan, accepted the review of its existing contracts to be consistent with the law".

The issue of contracts is important for the future of Iraq since reaching a solution for the benefit of the regions would transfer authority over these valuable resources to the Shiites, who represent the majority, and the Kurds whose lands include the largest oilfields in the country.

The Sunni minority, which dominated the country in the era of Saddam Hussein till the invasion led by the United States in 2003, fears that this solution will leave them nothing.

The sources said, "Contracts would not apply unless they are approved at by the council within a period of 60 days".

The sources said that the law calls for the conversion of the two Iraqi oil companies, turning into a holding company that has its own production units for managing the different areas of the sector.

According to the law, the oil policy will be determined at the central level and the Oil Ministry will be restructured and transformed into a control body; and all oil revenues will be deposited in one national account.

The sources quoted Iraqi officials saying that the law will be referred to Parliament for ratification by the end of December; however, the legislation is likely to be issued early next year because of the holydays.


Go Baby Go

Originally Posted by Offshore-Wealth.com

Good questions,

It's called sanctions, as in restrictions, which may get worse with the whacko president they now have. Good sign is the moderates are starting to speak out, so next elections may be the turning point, so then a play on Iran currency will be worth a look. (g) Imagine starting this cycle of ups and downs all over again? LOL

Happy Holiday Season to all, Mike

thanks mike,

so basically. there loners, no-one can trade with them so their currency is worth jack to us?

tim

Originally Posted by rudutdo

Hi there,

Iran has more Oil than Iraq and there currency ratio is $1 to 9,000 Rial. Now I know nothing about currency exchange rates or anything like that. But if the Oil in Iraw is so significant to Iraq's RV then why have Iran got such crap ratio against the dollar?

Can anyone help me get my head round this one?

tim

Iran has managed to tick off quite a few countries over the years and due to the sanctions imposed on them by various governments their economy has been able to only slide south.

Originally Posted by chouchou

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......

Hmm, 4 tons of gold.

Wow, thats only about 70 million in gold if my numbers are correct.

Where did you get the 4 tons of gold figure from?

Originally Posted by TerryTate

Hmm, 4 tons of gold.

Wow, thats only about 70 million in gold if my numbers are correct.

Where did you get the 4 tons of gold figure from?

128,000 times $615.00 $78,720,000

Still a small amount.

Special bureaus to offer motorcycle-driving licenses


The number of motorcycles on the streets of Suleimaniya has risen dramatically.

The number of motorcycles on the streets of Suleimaniya has risen dramatically, and according to the main A&E hospital in the city, 10 patients have suffered various injuries due to accidents in the last two weeks.
"Those who ride motorcycles without a valid driver's license will be punished legally," the director general of Suleimaniya traffic police said. "We are trying to open a special office that offers driver's licenses for motorcycle drivers," he added. Licenses will be given only for motorcycles manufactured after the year 2000.

Source: The Kurdish Globe




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Posted on Thursday, December 21

High oil stocks of Iraqi in the port of Ceyhan


A marine source said on Wednesday that Iraq's stocks of Kirkuk crude in the Turkish port of Ceyhan rose to 3.5 million barrels after the resumption of exports through the northern pipeline for a short period.

The source added that pumping crude from Kirkuk, "started on 17 and stopped again on 18 at 2345, local time". He continued: "We do not know the reason".
He went on to say that about 350 thousand barrels of Kirkuk crude was pumped to Ceyhan during the operation of the line, that the stock hit 3.5 million barrels.

The pumping through the pipeline stopped before on November 21; one day after it was operated. Earlier in November an attack with mortar set fire to storage depots in the northern city of Kirkuk.

The pipeline is out f work most of the time since the invasion led by the United States to the country in March 2003 due to sabotage attacks.

Source: Iraq Directory




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Posted on Thursday, December 21