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

Ministry of Finance Expects Exchange Rate Hike in 2007

A ministry of finance source revealed the government anticipates a 13 percent gain for the dinar against the US dollar early in 2007 after a raise of the bank interest rates to limit the use of dollars in the economy and to fight inflation, the Iraqi Media Network Southern Region (IMNSR) reported



Isn't this a long way from 1:1? Not being a smart--- but 13% doesn't seem like much or am I wrong? Thanks

Not sure if already posted, and to be brutally honest i haven't checked

Former Planning Minister : 95% contribution of oil in the budget ... Hafiz : Iraqi economy depends on the international oil markets

A member of the House of Representatives and Minister of Planning and Development Cooperation Mahdi Al-Hafiz, former Iraqi, that the oil revenues represent «source basis for the financing of the state budget by 95%, and the source of foreign currency, which provide cash cover of the national currency, as a proportion of 65% of GDP», pointing out that they «event known to all the parties». However, he explained that the new order is in the «deterioration of economic conditions in the form of serious, particularly the productive sectors, especially industry and agriculture». Pointing out that the proportion of the contribution of industry to GDP «ranging between 1.5% and 2%, while a fall in the past, specifically in the early 1980s between 8 and 10%. Agriculture dropped its contribution to GDP to 3% after the increase of 12% in the same period ».

».The keeper This means that «our economy today is the continued fluently and nature dependent on the outside world». Since it was «subject of the world oil market to determine the size of its financial resources at the sharp pendulum hand, as well as the fact that importation is the center of gravity to cover demand in the local market for vital goods, from food and consumer medicines, medical supplies and even services», «He gave this to the inability of industry and agriculture on the performance of this task». He believed that the Iraqi economy is so «recipient of external shocks, whether through export or import».

».He called «keeper to take seriously the gravity of this case, especially as it is accompanied by negative phenomena, originating primarily from the subordination of the working space, including the rise in the rates of inflation and high prices». Pointing out that «inflation rate now stands at 60%, after undergone in the past few months in the case of the pendulum, as the rate exceeded 70%». He believed that the reason for the President «that is total reliance on external market. And make this dependence Iraq now suffers from the phenomenon of imported inflation, bringing the Iraqis do not find in the market only fruits and vegetables the Egyptian, Syrian and Jordanian perhaps, with no one to industrial goods but what is imported from abroad ».

أما».The social case, it is Frey b «worsening living conditions for the largest groups of the population, which had suffered from high unemployment rates of around 50%, as well as the aggravation of the phenomenon of absolute poverty or extreme». He pointed out that these negative features «still without addressing the real amount to a high level of a sense of national responsibility, in the circumstance is the economic performance of the State phenomena worrying whether on the level of capabilities and performance of the executive branch, or on the level of the spread of the phenomenon of corruption, which poses the past the need for economic reform at the level of policy or structural and economic institutions».

».The keeper that economic reform required «Covering broad, the most important address of laws, regulations and instructions that cripple the Iraqi economy, and hamper the conversion to a market economy, an active and vital». He said : «If there is one correct view of the need now to the integration of the Iraqi economy, the global economy, it must remember that correct this trend is directly linked to increasing the competitiveness of various sectors of the national economy, especially productivity, and expand the volume of export and reducing import limits appropriate and deliberate». He said the «diversify the production base is important strategy in the first place, and should be regarded as the foundation of economic reform in the desired».

».He believed that «Iraq suffers from a major problem in the policy formulation and implementation, while the difficult security situation remains the most important factor in the region and the priority tasks of national peace, but there is no reason to give greater attention to the mobilization of financial resources and management in the form of sound, according to a balanced provide an opportunity for all parts of the country and areas of benefit in the form of equitable».

».Hafiz said : «If Iraq is happening today is about 17 or 18 billion dollars in cash reserves, and if the Iraqi Development Fund maintained at about six to seven billion dollars, the search must then seriously in the distribution and management of resources in the form of Rasheed».

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Originally Posted by mountaingirl

Ministry of Finance Expects Exchange Rate Hike in 2007

A ministry of finance source revealed the government anticipates a 13 percent gain for the dinar against the US dollar early in 2007 after a raise of the bank interest rates to limit the use of dollars in the economy and to fight inflation, the Iraqi Media Network Southern Region (IMNSR) reported



Isn't this a long way from 1:1? Not being a smart--- but 13% doesn't seem like much or am I wrong? Thanks

noozz is slow lately, thats another version of one that came out days ago, there has been discussions on this and i think the consesus so far is smoke screen, at the rate it's going i think it's already passed that 13%......anyone else know? I'm probably not explaining myself very well, lol

Originally Posted by mountaingirl

Ministry of Finance Expects Exchange Rate Hike in 2007

A ministry of finance source revealed the government anticipates a 13 percent gain for the dinar against the US dollar early in 2007 after a raise of the bank interest rates to limit the use of dollars in the economy and to fight inflation, the Iraqi Media Network Southern Region (IMNSR) reported



Isn't this a long way from 1:1? Not being a smart--- but 13% doesn't seem like much or am I wrong? Thanks

this is an editorial piece. the articles yesterday said 75% so there ya go. misinformation abounds.

Originally Posted by shotgunsusie

this is an editorial piece. the articles yesterday said 75% so there ya go. misinformation abounds.

That was for the "REAL" Rate. 13% must be for the Offiical one. How many Books they working now.

Originally Posted by neno

That was for the "REAL" Rate. 13% must be for the Offiical one. How many Books they working now.

startin to wonder if they are color books.

Originally Posted by mountaingirl

Ministry of Finance Expects Exchange Rate Hike in 2007

A ministry of finance source revealed the government anticipates a 13 percent gain for the dinar against the US dollar early in 2007 after a raise of the bank interest rates to limit the use of dollars in the economy and to fight inflation, the Iraqi Media Network Southern Region (IMNSR) reported



Isn't this a long way from 1:1? Not being a smart--- but 13% doesn't seem like much or am I wrong? Thanks

I thought the same thing when I read it, then it dawned on me they aren't saying at what rate.... Today, a week from now , after the R/V ?
too many questions and no decisive answers.
If the 13 % happens after $1.28 + R/V ,that certainly won't hurt my feelings
Hang in there all, we are so close I can taste it !!!!!

Neno feel free to move this post to where it belongs

A friend on here showed me how to go over to that other place under a firewall and upon visiting there the last few days, I've noticed alot of my posts are making it over there. So...

Note to oldskiier and Secret Key.... STOP STEALING MY ARTICLES! This is happening too frequently from you two and I don't appreciate it! You don't even bother to change the orginal fonts and colors! Since I was banned from there for not posting..I don't want my articles there either! Get off your lazy duffs and find YOUR OWN articles to post and stop stealing them from here!

I feel better now, especially after putting up with the arrogance of the administrator from over there after I complained to him about it, and having to listen to him slam this forum! What a joke that place has become!

Sorry Neno..but you did relax the rules a little.

BTW: The administrator from there likes to frequent our little home here also...How funny is that? He can't stand his own forum, has to come here!

Cheers!
DayDream

Originally Posted by DayDream

Neno feel free to move this post to where it belongs

A friend on here showed me how to go over to that other place under a firewall and upon visiting there the last few days, I've noticed alot of my posts are making it over there. So...

Note to oldskiier and Secret Key.... STOP STEALING MY ARTICLES! This is happening too frequently from you two and I don't appreciate it! You don't even bother to change the orginal fonts and colors! Since I was banned from there for not posting..I don't want my articles there either! Get off your lazy duffs and find YOUR OWN articles to post and stop stealing them from here!

I feel better now, especially after putting up with the arrogance of the administrator from over there after I complained to him about it, and having to listen to him slam this forum! What a joke that place has become!

Sorry Neno..but you did relax the rules a little.

Cheers!
DayDream

I hope you fell better now. Now go get us some more Article's. You have to pay the Price to Play. Just kidding

Iraqi officials agree on an oil law
26 December 2006 (MENAFN)
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Sources said that an oil law was agreed upon by Iraqi officials that gives the regions the right to negotiate contracts for oil fields with foreign investors, however the final decision will be made by the central government, Iraq Directory said

Sources stated that the Iraqi Prime Minister agreed on the draft law which is awaiting the political approval and the adoption of the Cabinet. The 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.

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.

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.

Iraqi officials agree on an oil law | Iraq Updates