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

Originally Posted by CharmedPiper

2007 is the year the black gold starts flowing!!!!

Iraq urges Russia's LUKoil to return
Dec. 29, 2006 at 1:09PM

Iraq's foreign minister Friday urged Russian oil giant LUKoil to return to Iraq, the foreign ministry in Baghdad said.

Hoshyar Zibari told Russian Ambassador Vladmir Gamov that Iraq was very interested in having Russian oil companies return to aid in Iraq's reconstruction, the Kuwait News Agency reported.

A foreign ministry statement said the 2007 reconstruction budget was $41 billion.


The meeting ended with Gamov suggesting LUKoil might send a delegation to Iraq "to discuss oil issues of concern," the report said.

LUKoil is Russia's largest oil company and the world's second largest in proven oil and gas reserves after ExxonMobil.

LUKoil's North American headquarters is in East Meadow, N.Y

Was'nt LUKoil busted for some reason by the Russian Gov't? I was under the Impression the Gov't had dismanteled them ??? Embesslement or something like that. i find this interesting. Can you explain a little further please?

Thank-You, Gloribee

I disagree. By seeing rates from other sources we see the market value of the dinar. There are some very good reasons for monitoring the market rate vs. the official rate. We need both. You just have to understand the difference between the two. By posting both market and official rates you can get a sense of direction for the dinar.

Originally Posted by Precocious

Quote moved to Archive-neno

The Central Bank of Iraq has been holding the IQD at an artificial exchange rate....how would their rate be classified as "the official rate" if it isn't accurate?

Thursday, Dec. 28, 2006

Business booming for U.S. military contractors rebuilding, upgrading Iraq equipment

(AP) - LEMONT FURNACE, Pennsylvania-Dozens of military vehicles plucked from the battlefields of Iraq stand idle and partly dismantled outside a rural Pennsylvania plant, awaiting mechanics, welders and painters who will prepare them for another tour of duty.

The Bradley Fighting Vehicles, stripped of their treads, scarred and simply worn down from being driven long miles (kilometers) in harsh desert conditions, are the latest of hundreds refurbished or upgraded annually by their maker, BAE Systems - one of many defense contractors whose business has grown throughout five years of fighting in Afghanistan and Iraq.

BAE Systems has seen its Bradley business roughly double since the start of the war in 2003, and like many defense companies, is poised to benefit further from soaring government spending as the military replaces, repairs or upgrades combat equipment used in Iraq and Afghanistan.

Earlier this year, the military began shipping thousands of battered Humvees and other pieces of equipment - from helicopters to tanks - from Iraq to the United States to be rebuilt.

Another major defense contractor, General Dynamics Corp., has been awarded contracts to overhaul hundreds of its Abrams tanks since 2004, according to Tom Peterson, the company's M1A2 Abrams program manager. It has also established a major repair depot in the Middle East for its eight-wheeled Stryker troop carriers.

Other defense companies doing refurbishment work include Boeing Co., the Chicago-based maker of Apache and Chinook helicopters; Lockheed Martin Corp., the Bethesda, Maryland-based F-16 fighter jet manufacturer; and L-3 Communications Holdings Inc., a New York-based maker of specialized communications systems.

BAE Systems was already refurbishing or upgrading the vehicles, built between 1981 and the mid-1990s, before the Iraq war began, but the fighting has brought a big increase in the number of Bradleys that need fixing or improving. The Army currently has about 4,500 of the vehicles.

The work largely entails basic automotive work - rebuilding diesel engines, transmissions and suspension systems. Relatively few show signs of combat damage. Andy Hove, director of the company's Bradley Combat Systems division, said a typical Bradley might have been driven between 800 (1,300) and 1,000 miles (1,600 kilometers) per year before the war, but might cover as many as 10,000 miles (16,000 kilometers) per year in Iraq.

As a result, they need to be refurbished more frequently. "It's routine work, but instead of seeing these vehicles every 10 years, we're starting to see them every one year," he said.

This warehouse-size plant about 40 miles (60 kilometers) southwest of Pittsburgh has been receiving as many as 500 Bradleys annually from an Army depot in Texas. The company later sends them to a larger BAE Systems facility in York, Pennsylvania, for reassembly and testing.

Inside the Fayette County facility, a roof-mounted crane lifts a gun turret out of a Bradley and gently carries it to another part of the floor. Workers crawl around the aluminum shells of some vehicles, drilling fresh holes or welding on brackets that eventually will hold new equipment. Some Bradleys are still clad in thick steel armor.

Like many employees at the plant, Joe Snyder has military experience. An Army National Guard reservist, he was deployed to Iraq for about nine months last year.

"I know where these vehicles are going and I know what they're going to be put through," he said.

Some vehicles carry traces of the troops who rode in them. Spent shell casings are often found trapped under floorboards. Compasses, soda cans and sunglasses have also been discovered in the vehicles' recesses.

"Occasionally, we get little notes," said Deborah Fox, the plant's manager. "We found a wedding ring once and sent it back to the government and they got it back to the guy."

A message scrawled inside one vehicle appears in a photograph at the facility: "This Bradley saved the lives of six soldiers from C/116th in Ft. Riley, Kansas. This Bradley struck an anti-tank mine and proved itself as a savior ..."

The company disassembles the Bradleys, overhauls their salvageable parts and rebuilds them. Other Bradleys are remanufactured, or upgraded to newer specifications by adding electronics such as targeting systems and other features.

The process generally takes slightly less than six months, assuming needed materials are available, said Hove, the Bradley program director.

Upgrading an older Bradley to the latest version - the Bradley A3 - costs slightly less than $2.5 million (€1.9 million) dollars, while a basic overhaul of an existing configuration can cost between $1 million (€760,000) to $1.5 million (€1.14 million), depending on the vehicle's condition, he said.

The Bradley overhauling and remanufacturing businesses totaled about $1.4 billion (€1.06 billion) in 2006 compared with $500 million (€380 million) to $800 million (€607 million) in pre-war years. The company's London-based parent, BAE Systems PLC, had 2005 sales of more than $28 billion (€21.26 billion).

Government spending on military operations in Iraq and Afghanistan in 2007 is expected to reach its highest level since the Iraq war began, possibly growing to as much as $200 billion (€151.8 billion). About $120 billion (€91.1 billion) was spent in the 2006 budget year, according to the Congressional Budget Office.

Some $70 billion (€53.1 billion) has already been approved for the budget year that began Oct. 1, and more money is needed to replace lost or worn-out equipment.

"We're getting into that cycle now where all that equipment over there is breaking down and needs to be refurbished," replaced or upgraded, said Stephen Trimble, Americas bureau chief for the defense industry magazine Jane's Defense Weekly.

Demand for the equipment has become acute because the conflict has dragged on for nearly four years, he said.

"It starts getting really pricey and companies have been making a lot of money doing this," Trimble said. "It's certainly something that for the next few years is going to be nice for their bottom lines."

2-year extension eyed for law on SDF role in Iraq reconstruction
The Yomiuri Shimbun

The government has decided to submit a bill to extend the special law on Japan's support for Iraq reconstruction, probably by two years from August, to the ordinary Diet session to be convened on Jan. 25, according to government sources.

The government concluded that the Air Self-Defense Force should continue its role in consideration of requests from the U.S. forces and the United Nations for air transportation assistance by the ASDF, sources said.

The government is likely to extend the law, which expires in July, by two years starting from August until late July 2009, according to the sources.

Amid the unstable security situation in Iraq, the government believes:

-- It is highly likely that the multinational forces and the United Nations will continue reconstruction activities in Iraq after July.

-- The U.S. forces' activities in Iraq will continue at least until spring as the bipartisan Iraq Study Group report pointed out that U.S. combat troops could be withdrawn from Iraq by March 2008.

About 200 ASDF personnel using three C-130 transport planes currently are engaged in air transportation missions. Based in Kuwait, the ASDF is airlifting personnel and supplies of the U.S. forces and United Nations between airports in Baghdad, Irbil, northern Iraq, and Tallil, southern Iraq.

As of late December, the ASDF has airlifted personnel and supplies in 430 missions since it began its operation in March 2004. The ASDF recently has been conducting about 15 air transportation missions a month.

The special law on supporting Iraq rehabilitation is a temporary item of legislation that is effective for four years and could be extended by four years.

(Dec. 30, 2006)

Originally Posted by RetMil

You continue to beat this drum with no evidence to back up what you say. Please tell us why it can't happen. At least I am honest about it, I don't have a clue as to what will happen. I think that one of several things can happen. But at least I don't dismiss any one of them without facts to support my thoughts.

Please enlighten us!

Ret;

Beat what drum? I never said it couldnt happen, and I never said it could as well. My post was a question, not a statement. I have no idea what will happen either.

My question was "How can they just move the decimal over because they feel like it"?

I can think of a couple different reasons why they cannot do this, maybe I am wrong but this is why i think they cant

#1. Their markets are not open.
#2. Currency is not freely tradable.
#3. American dollars are still the currency of choice.
#4. Their economy is the size of one american state.
#5. Certain laws are either not passed, or not enacted

I am truly sorry if I offended you, wasnt trying to be a bad person, I was just trying to play the part of devil's advocate. I see alot of good news being put across, but not everything good is a signal for a revaluation. Hopes are way too high, higher even than I have seen in my 2 years in this investment. I just think people need to calm down a little and let the dinar run its course.

Now, with that said, and I know the corrections of my statements are coming, please show me how the "can" pull off a drastic decimal move or reval "on the 8th of january 2007" as stated.

DanielJay

Originally Posted by Precocious

Quote was moved to Archive.-neno

HOLD THEM HORSE'S THERE!! PAR77 POST WAS AWESOME!! FOOD FOR THOUGHT!!!!!!!!!! JUST SIT BACK AND SEE HOW THE OLD TIMERS INTERACT HERE AND YOU WILL FALL IN LINE WITH THE ROLCLUB FAMILY THINKING.

LETS KEEP UP THE BRAIN POWER ON THIS MYSTERY PAR77!!

The above iraqi dinar price represent reference exchange rate and does not from any commitment on the Bank Central Iraq.
Iraqi Dinar News 12/29/2006
Raising interest rates is to strengthen the Iraqi dinar

Iraqi Minister of Finance, Baqer Jabr Al-Zubaydi, announced that "No change in the 2007 budget, which is fixed at 41 billion dollars"

Read More…
Tabatabai said that they amounted to 8,422 billion iraqi dinar; that is 1,052 billion iraqi dinar in a session

Head of the Iraqi Stock Exchange Trustees, Talib Tabatabai, confirmed that security situation is what hinders the Stock Exchange more than anything, and it is the reason behind the considerable challenges faced by the investor.

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Central Bank denies determining the price of the US dollar against the Iraqi dinar

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 for buying iraqi dinar.

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Iraq Central Bank denies reducing the rate of the dollar against the iraqi dinar

The Iraqi Central Bank denied rumors on its quest to determine the rate of the American dollar against the Iraqi dinar value of one thousand iraqi dinars.

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Dollar demand reacts downward in Iraqi central bank auction of iraqi dinar

Demand for the U.S. dollar was lower to $14.830 million in Iraq’s Central Bank auction of iraqi dinar on Sunday compared with $25.570 million in the previous session.

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Dollar dropping agianst iraqi dinar caused by low interest rates

An Iraqi economic expert attributed the recent decline in the value of the dollar against the Iraqi dinar to the lower interest rate.

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Dollar demand hits new low against iraqi dinar in 2006

Buying demand for U.S. dollars hit a new low for 2006 on Tuesday and the dollar rate was down two iraqi dinar amid expectations of lower demand for the U.S. currency as the Iraqi central bank moves towards raising the iraqi dinar rate.

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1 Trillion and 480 billion iraqi dinars to support unemployed

Government decided to allocate 1 trillion and 480 billion iraqi dinars to support unemployed and help them to face requirements of living, Minister of Labor and Social Affairs Mahmood Sheikh Radhi said.

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Babil Province Council Prepares Investment Plan Projects within 75 billion iraqi dinar

Babil province council prepared the suggested balance sheet investment for the coming year in the fields of municipality and services within a finance amount 75 billion iraqi dinar.

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Iraqis are the main foreign investors in Jordan invested over 118 million Iraqi dinar

Official Jordanian figures pointed out that the Iraqi investors are on top of the list of non-Jordanian investors in Jordan; their investments amounted to 118 million iraqi dinar during the first ten months of this year.

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Labor ministry to distribute monthly funds in iraqi dinar for idles

The source made it clear that the ministry would raise up with about 50 per cent of current salaries, which is about 120 to 150 thousands iraqi dinar for the current time.

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A sudden rise of the dollar exchange rate in Iraqi dinar because of Eid Holiday

The dollar exchange rate varied between the Iraqi Central Bank and local markets, especially after the official auction to sell iraqi dinar and other currencies stopped convening for ten days because of Eid al-Fitr.

Read More…
Iraq department of Labor collects more than four million iraqi dinar rent for their projects

The executive committees responsible for monitoring the application of the law of collecting government debts made 12 field visits to follow-up the Civil Service projects of the Department. During these visits (958) thousand iraqi dinars were collected and the income of the Department of the current leases for Baghdad governorate reached four million, 739 thousand and 250 iraqi dinar.

Read More…
Amending the salaries of teachers and 200 million iraqi dinar for the Expelled of Saba ' Al-Bour

The Cabinet decided to amend the salaries of teachers and the provision of (200) million iraqi dinar for the families forcibly expelled from the region of Saba' Al-Bour, north-west of Baghdad, and grant 7000 iraqi dinar per month for the emergency police Force as food payment.

Read More…
Ministry of Finance specifies one billion dollars to support the unemployed and lend those who want to build houses between 20 - 30 million iraq dinar

The Ministry of Finance announced that it will specify one billion dollars to support the unemployed through a social protection network, and started promoting applications of real estate loans to assist the citizens to build houses for themselves.

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Iraqi investors are in 2nd place in Jordan

Iraqi Investors came second in the list of investors in registered companies in Jordan since the beginning of this year till the end of its third quarter. In terms of the volume of registered capitals, their contribution amounted to 106 million, while Kuwaiti contribution sharply retreated to 29.3 million dinars compared with 161.3 million dinars to the same period of last year. Emirates investments in registered companies also retreated to 97 million dinars, compared with 136.9 million dinars to the same period of last year, while Egyptian investments achieved an increase amounted to 13.1 million dinars compared to 7.5 million dinars with the same period of last year.

Read More…
The establishment of the first company for banking guarantees by the capital of five billion and 450 million Iraqi dinar

The banking sector announced the establishment of the first Iraqi company for bank guarantees by the capital of five billion and 450 million Iraqi dinars. A member of the company's board said that this company includes 11 Iraqi banks. It is hoped to start its activity late this October in ensuring small and medium loans ranging from five thousand to 250 thousand dollars.

Read More…
Director of the Iraq stock exchange market: the people are in need of a direct edification in iraq Stocks Investment

Commissioned Director of Iraqi exchange market, Taha Ahmad AbdulSalam, confirmed that Iraqi public has lately participated in the prosperity of the circulated stocks’ prices in the market in spite of the fact that most participants entered it without having the slightest experience.

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Two billion iraqi dinar Compensations for Shorja Fires and Robbed Banks

Mr. Saeed Abbas Mirza, director general, of Iraqi Reinsurance Company announced that Shorja Fires compensations reached 2 billion iraqi dinar ; 1/3 of the sum which is estimated at 650 million iraqi dinars. was undertaken by an insurance company.

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Iraqi dinar between the illusion of zeros and the game of economy

A lot have been said lately on the phenomenon of amending Iraqi Dinar. The word “Amendment” implies several aspects including improvement first. When this procedure was first stated by one of senior officials directly concerned with this subject, it was merely a general statement.

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Iraqi Stock Analysis For Wednesday Session 07/19/2006

Iraq Stock Exchange hold Sixth session for this month , the numbers of Traded Companies were (28)and still (30)companies are off Trading Floor because of their General Assembly meeting which they decided to Increase their Capital . For Today the numbers of Traded Shares were (561) million shares and Trading volume (1.087) billion Iraqi dinar

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Mudhir Salih, an expert with the Central Bank of Iraq, said that the Iraqi dinar is stable and there is no need at this point to print more money.

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Iraqi Dinar Value should be Raised, Baker Jaber AL Zubaidi:

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars.

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Iraqi Dinar equality to dollar soon, Zubaidi suggests

Finance ministry & Iraqi Central Bank study a suggestion about lifting off the worth of Iraqi dinar and returning back as the past.

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Iraqi dinar sixty billion, Iraq's revenues from customs

The Customs Budget of Rebuilding Iraq for the last two months has reached to Iraqi dinar 60 billions, the Iraqi Customs has obtained from products entered.

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International bank ministry increased donation for 167,900 million iraqi dinar

International bank coordinator at municipality ministry declared that the bank had lifted ministry specific grant from 90 up to 167,900 million iraqi dinar aimed covering increased costs for some projects.

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Japanese government loan of approx 953,000 million Iraqi dinar to Iraq extended

Japanese Ambassador in Iraq Hesano Makotchi emphasized that his government interested within the current political discussions in Iraq and the necessity of national unity government forming, grantees real participation for all formed fonts specially in this historical period of Iraq.

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For approx 436,500 million iraqi dinar loan from Japan to modernize Iraq ports

Japan has agreed to build for approx 436,500 million iraqi dinar to modernize Umm Qasr, the Iraq's main maritime outlet at the head of the Gulf.

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Japan building a $119 million dollar (approx IQD 173,145,000,000 iraqi dinar) power plant for Samawa

Japan is building $119 million (approx IQD 173,145,000,000 iraqi dinar) power plant in the southern city of Samawa, a move which the inhabitants have received with glee.

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12 new industrial projects in 2006 in Iraq for 25 billion Iraqi dinar

The state company for industrial design and construction says it intends to implement 12 major projects in 2006. The projects are being designed and prepared for various government ministries, a statement by the company said.

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One bilion Iraqi dinar for Baghdad University

The Ministry of Higher Education and Scientific Research has allocated 2 billions and Iraqi dinar 960 millions for Baghdad University, within the annual allocations appropriated by the ministry to the Iraqi universities.

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Iraqi Citizens Receive Wireless Phones from the Iraq Communications Ministry Warehouses at the cost of 9000 Iraqi dinars a year, for each service

Upon the directions of Iraq Communications Minister Javan Fuad Ma'sum, and after taking the necessary administrative procedures, Iraqi citizens, who applied for receiving wireless sets from the company warehouses of Al Rassafa branch, were supplied with these sets.

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Iraq is about to Issue new Regulations for Organizing the Work of Exchange Offices and the need of the Iraqi economy to increase the value of the iraqi dinar

Baghdad – The Iraqi Central bank has stressed that the new regulations that would organize the work of banking offices in Iraq and developing them in a manner that resembles the globally applied regulations shall be issued soon and the need of the Iraqi economy to increase the value of the iraqi dinar.

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Iraqi contractors go from dollars to Iraqi Dinar.

CAMP LIBERTY, Iraq – Iraqi contractors supporting Operation Iraqi Freedom are now counting iraqi dinar instead of dollars on payday.

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Iraq: Launching Salah Eddin Refinery Project at the Cost of 5 Billion Iraqi Dinar currency

Iraq: The North Refineries Company has launched the project of Salah Eddin refinery after its rehabilitation.

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7.5 billion Iraqi dinars to modernize main designs of governorates

Ministry of Municipality and General Works allocated 7.5 billion Iraqi dinars to modernize designs for governorates.

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Originally Posted by DanielJay

Ret;

Beat what drum? I never said it couldnt happen, and I never said it could as well. My post was a question, not a statement. I have no idea what will happen either.

My question was "How can they just move the decimal over because they feel like it"?

I can think of a couple different reasons why they cannot do this, maybe I am wrong but this is why i think they cant

#1. Their markets are not open.
#2. Currency is not freely tradable.
#3. American dollars are still the currency of choice.
#4. Their economy is the size of one american state.
#5. Certain laws are either not passed, or not enacted

I am truly sorry if I offended you, wasnt trying to be a bad person, I was just trying to play the part of devil's advocate. I see alot of good news being put across, but not everything good is a signal for a revaluation. Hopes are way too high, higher even than I have seen in my 2 years in this investment. I just think people need to calm down a little and let the dinar run its course.

Now, with that said, and I know the corrections of my statements are coming, please show me how the "can" pull off a drastic decimal move or reval "on the 8th of january 2007" as stated.

DanielJay

Well....

I don't think there will be a revalue. It is well documented that the current rate is a PROGRAM rate, there will not be a decimal move, My opinion is when they are ready they will REVERT back to the REAL exchange rate. As far as some of your questions

1. which markets are you refering to
2.technically it is, it is just not on the forex, but believe it will be
3.Several iraqi gov. officials have said they want to de-dollarize. They want the dinar to be the currency of choice, in fact a recent article said that business was to be done only in dinar. Only one way that can happen.
4.don't know that one
5.all of the laws have either been passed, or are before parliment, it's just a matter of enacting them

dictatorship

Form of government in which one person or an oligarchy possesses absolute power without effective constitutional checks. With constitutional democracy, it is one of the two chief forms of government in use today. Modern dictators usually use force or fraud to gain power and then keep it through intimidation, terror, suppression of civil liberties, and control of the mass media. In 20th-century Latin America, nationalist leaders often achieved power through the military and attempted either to maintain the privileged elite or to institute far-reaching social reform, depending on their class sympathies. In Europe's communist and fascist dictatorships, a charismatic leader of a mass party used an official ideology to maintain his regime, and terror and propaganda to suppress opposition. In postcolonial Africa and Asia, dictators have often retained power by establishing one-party rule after a military takeover.