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

Iraqi, Dutch officials discuss Iraqi investment

Iraqi Ambassador to Holland Siamend Abdulsamad Bana'a recently held a seminar on Iraq at Holland's Council Headquarters for Trade Development in The Hague. The seminar - New Developments in Iraq - highlighted investment opportunities in Iraq and Iraq's new investment rules.

Following a speech from the Ambassador, guests heard from the Head of the Dutch-Iraqi Center for Trade Development, Head of Foreign Economy Relations Section in Dutch Ministry for Economic Affairs and the representative of Dutch Shell Company.

"Discussions concentrated on the existence of wide prospects in the field of cooperation with Iraq at the present and for the future and the investment in the light of new rules that protect the investor," according to Iraq's Ministry of Foreign Affairs.

At the end of the seminar, "the Dutch Economic Ministry decided to allocate an amount for supporting and activating economic cooperation with Iraq and investment in it."

Iraqi, Dutch officials discuss Iraqi investment | Iraq Updates

Frankel re-examines why currency crashes are so costly


http://www.imf.org/external/pubs/ft/...004/112904.pdf


The most obvious interpretation of why devaluations carry high political costs is that they are accompanied by painful recessions. But why? After all, evaluations are supposed to boost competitiveness, increase production and exports of tradable goods, reduce imports, and thereby improve the trade balance, GDP, and employment.
One possible explanation, says Frankel, is that, even if there is no negative effect on GDP in the aggregate, the redistributional effects could be politically costly to leaders. For example, a devaluation in an African country may benefit small rural coffee and cocoa farmers because the price of their products is determined in foreign currency terms on world markets; but farmers tend to have less political power than urban residents, who may consume imported goods and thus be hurt by the devaluation. The problem
with this theory, Frankel points out, is that there are so many examples that go the other way, where the producers of the tradable products (agricultural, mineral, or manufactured) tend to have more political power than the producers of nontraded goods.
One can argue that simultaneous monetary and fiscal austerity (or banking failures or the sudden stop in foreign lending itself) are the true causes of these declines in economic activity. But Frankel says this misses a key point. According to the standard textbook theories, when a country faces a sudden stop in capital flows, there exists some optimal combination of expenditure-reducing policies (monetary or fiscal contraction) and expenditure-switching policies (devaluation) that should achieve external balance without
inducing a recession....

By now the evidence seems strong that devaluation is contractionary, at least in the first year, and perhaps in the second as well. Until the currency crashes of the 1990s, a mainstream view had been that any negative effects from a devaluation were relatively quickly offset by the stimulus to net exports, so that by the second year, when exports had gathered strength, the overall
effect on output would turn positive. Now, however, the negative effects seem stronger than first thought, and the positive effects weaker. The depressing conclusion is that there is no escape from recession. All policy
instruments that work to improve external balance do so by reducing income in the short run—devaluation, fiscal contraction, and monetary contraction.
Even structural policy reform, such as insisting that nonviable banks close, may have a negative effect on economic activity in the short run.Why is devaluation often contractionary?

Of the many possible contractionary effects of devaluation, which ones were, in fact, responsible for the recessionary currency crashes of the 1990s? Several of the most important contractionary effects of a devaluation
are hypothesized to work through a corresponding increase in the domestic price of imports or of some larger set of goods. Indeed, rapid passthrough
of exchange rate changes to the prices of traded goods is the defining assumption of the “small open economy model,” which was thought to apply
fairly well to emerging market countries. The contractionary effect would then follow in any of several ways: the higher prices of traded goods would, for example, reduce real money balances or real wages of workers, or increase costs to producers in the nontraded goods sector. These mechanisms were not much in evidence in the currency crashes of the
1990s. In fact, the pass-through coefficient fell significantly in the course of the 1990s, and the speed of decline was twice as fast among developing countries.

What, then, is the explanation for the recessions that followed many of the 1990s devaluations? Researchers have paid a great deal of attention—and
in Frankel’s mind appropriately so—to the balance sheet effect. This is a problem of “mismatch” between the currency in which a country’s debts are denominated and the currency in which its firms earn revenue. Domestic banks and firms had large debts denominated in foreign currencies, particularly in dollars, which they might have been able to service at the previous exchange rate, but which they had trouble servicing after the price of foreign exchange went up sharply. The results were layoffs and bankruptcies. How to mitigate the contraction
How might debtors mitigate contractionary currency crashes? It is not enough to instruct firms to avoid dollar debts or to hedge them, because international investors are not very interested in lending to these countries in their own currencies anyway, for under-standable reasons. The shortrun
solution is for countries to adjust promptly, rather than procrastinate. When foreign investors lose their previous enthusiasm for financing a country’s current account deficit, the national policymakers must decide whether to adjust or to wait. Typically they wait. As a result, even countries that had previously managed to keep dollar-denominated debt relatively low tend to switch the composition of their debt toward that currency during the
year or so preceding the ultimate currency crash.
A prime example is Mexico during the course of 1994. International enthusiasm for investing in Mexico began to decline after the beginning of that year, but the authorities clung to the exchange rate target and delayed adjustment in hopes that conditions would improve. During much of the year they ran down reserves.An important second mechanism of delay was to placate nervous investors by offering them Tesobonos (shortterm dollar-linked bonds) in place of the peso bonds (Cetes) that they had previously held. It seems likely that the magnitude of the Mexican recession in 1995 stemmed not just from the adverse balance sheet effects that have been so frequently noted, but particularly from the adverse shift in balance sheets that took place during the course of 1994. A third mechanism of delay was a shift toward shorter maturities. And the fourth was an explicit commitment to defend the peg. These tactics are part of a strategy that is sometimes called “gambling for resurrection.”What they have in common, beyond achieving the desired delay, is helping deepen the crisis, if it comes. It is harder to restore confidence after a devaluation if reserves are near zero
and the ministers have lost personal credibility. Further, if the composition of the debt has shifted toward the short term and toward the dollar, then restoring external balance is likely to wreak havoc with private balance sheets regardless of the combination of increases in interest rate and currency depreciation. The lesson, according to Frankel is to adjust sooner rather than later—but this is something, he admits, that is easier said than done.

Kuwait : Call for severing relations with the wedge for the execution of Saddam

(صوت العراق) - 03-01-2007(Voice of Iraq) - 03-01-2007
ارسل هذا الموضوع لصديقThis issue was sent to a friend

الكتل النيابية تهاجم موسى وصالح وفتح وحماسParliamentary blocs attacking Musa Saleh, Fatah and Hamas
الكويت: دعوة لقطع العلاقات مع الآسفين لإعدام صدامKuwait : Call for severing relations with the wedge for the execution of Saddam

فهد العامرمن الكويت: واصلت كتل برلمانية كويتية اليوم هجوما علي بعض الدول العربية التي عارضت اعدام الرئيس العراقي صدام حسين ودعت الحكومة الكويتية لقطع علاقاتها مع تلك الدول.Fahd Alamermen KUWAIT : Kuwaiti parliamentary blocs continued today attack of some Arab countries that opposed the execution of Iraqi President Saddam Hussein and called on the Kuwaiti government to sever relations with those countries.

كتلة العمل الوطنيBloc NAP
واعربت كتلة العمل الوطني- كتلة برلمانية- في بيان تلقت"ايلاف" نسخة منه عن استيائها من"مواقف بعض الدول العربية من تداعيات اعدام الطاغية صدام حسين علي ما اقترفته يداه من دمار وتخريب وتنكيل وبالذات علي اهل الكويت واسراهم، بالاضافة الى ملايين العراقيين الذين واجهوا صنوف التعذيب طوال فترة حكم الطاغية ونظامه الفاسد".The mass-NAP - parliamentary bloc in a statement received "posted" a copy of their disapproval of the "positions of some Arab countries, the repercussions of the execution of tyrant Saddam Hussein to account for its actions hands of destruction and sabotage, torture, and in particular the people of Kuwait and their captives, in addition to the millions of Iraqis who faced the kinds of torture throughout the period of the rule of a tyrant and his corrupt regime."

وقالت الكتلة التي تتكون من 8 اعضاء في البرلمان اغلبهم من الليبراليين ان "تلك الدول وخاصة ليبيا لم تراع مشاعر الكويتيين وملايين العراقيين بمواقفها تلك، مما يجعل طرح تلك المواقف في اول جلسة برلمانية امرا ملحا للرد عليها. مشيرة الى انها بصدد التنسيق مع الكتل البرلمانية الاخرى "لاتخاذ موقف يضع في اعتباره الآلام التي عاشها الشعب الكويتي ابان الغزو الصدامي الغاشم". ودعت الكتلة الحكومة الى اتخاذ موقف من جانبها حيال مواقف تلك الحكومات وان تطلب قطع العلاقات معها، موضحة ان السكوت عن مثل هذه المواقف التي لا تراعي مشاعر المواطنين ليس في مصلحة الكويت.The bloc, which consists of eight members of parliament, mostly liberals, "those countries, especially Libya did not observe the feelings of millions of Iraqis and Kuwaitis those positions, which makes putting those positions in the first parliamentary hearing a matter of urgency to respond. Pointing out that it was coordinating with other parliamentary blocs "to take the position bearing in mind the pain experienced by the Kuwaiti people during the invasion of Saddam's brutal." The bloc called the government to take a stand on the part about the positions of these governments and request severing relations with it, pointing out that the silence on such attitudes that do not take into account the feelings of citizens is not in the interest of Kuwait.

كتلة العمل الشعبيPopular Action Bloc
وكان عضو كتلة العمل الشعبي النائب مسلم البراك وجه امس هجوما عنيفا للرئيس اليمني علي عبدالله صالح قائلا: "ها هو شاويش اليمن يقول ان اعدام صدام فيه اهانة للعرب". وتابع البراك: "ونحن نقول له انها اهانة ل حاكم قمع شعبه وذهب الى مزبلة التاريخ ليبقى ايتام صدام مع هؤلاء الحكام ينتظرون مصيرهم الاسود امثال شاويش اليمن والقذافي".He was a member of Popular Action Bloc MP Musallam Brak yesterday in a sharp attack of the Yemeni President Ali Abdullah Saleh, said : "Here is Sweish Yemen says that the execution of Saddam the insult to the Arabs." Brak and continued : "We say it is an affront to the Governor Suppression Division and went to the dustbin of history to keep orphans clash with those rulers awaiting their fate Black likes Dabary Yemen and Gaddafi."

كما هاجم البراك موقفي حركتي "حماس" و"فتح" الفلسطينيتين بسبب موقفيهما من اعدام الرئيس العراقي المخلوع صدام حسين معتبرا ان موقفي حماس وفتح فيهما اهانه للشعب الكويتي ولاهالي الاسري. داعيا حكومة بلاده الى "النهوض للدفاع عن كرامة الشعب الكويتي المستاء لهذه المواقف المتخاذلة". وقال البراك في بيان تلقت "ايلاف" نسخة منه ان "اعدام جلاد العراق اثلج صدور كل الشعوب المحبة للسلام والحرية واراح كل عاشق للحياه والمؤمن بحق الانسان في الحياه". مشيرا الى ان "اعدامه جاء نتيجة لتاريخه الاسود والقائم على الاعمال البشعة التي ارتكبها خلال 35 عاماً في حكم العراق تجاه شعبي الكويت وايران، اذ مارس اسوأ انواع التنكيل والقهر والتدمير والاذلال تجاه هذه الشعوب".Brak also attacked positions of the two movements "Hamas" and "Fatah" Movements because of their execution of deposed Iraqi president Saddam Hussein, saying that the positions of Hamas and Fatah to be an insult to the Kuwaiti people and the families of prisoners. He called on the Egyptian government to "promote the defense of the dignity of the Kuwaiti people dissatisfied for these positions shy." He said in a statement received Brak "posted" a copy of which was that "the execution of the torturer Iraq relieved of all the peace-loving peoples, freedom and saving every lover of life and the insured the right to life." He pointed out that "execution was the result of black history and based on the atrocities committed during 35 years of ruling Iraq for the people of Kuwait and Iran, since March and the worst kinds of torture and mass repression and humiliation against these people."

هجوم على فتح وحماسThe attack on Fatah and Hamas
واعرب البراك عن اسفه للتساهل الذي ابدته الحكومة الكويتية تجاه ردود الافعال التي صدرت من حركتي حماس وفتح تجاه "اعدام الطاغية"، لافتا الى ان حركتي "فتح وحماس اختلفتا علي كل شي واتفقتا على حب صدام حسين!! واعتبرتا ان اعدام صدام الطاغية هو اغتيال سياسي. فهل يجوز هذا؟".He Brak regretted the indulgence shown by the Kuwaiti government to the reactions coming from the Hamas and Fatah movements against "the execution of a tyrant," he said, pointing out that the two "Fatah and Hamas disagreed over everything is agreed to love Saddam Hussein! And found that the execution of Saddam is a tyrant is a political assassination. Could this? ".

وقال: ليقولوا ما يشاءوا لكن السؤال هو اين ردة فعل دولة الكويت تجاه هذا المواقف خاصة وان الكويت قدمت كل شئ لهذه الحركة وكذك حركة فتح وعلى راسها محمود عباس الذي حاول خداع الشعب الكويتي باعتذار الخديعة وحصل على المساعدات التي يذهب جزء منها الى جيبه. ويضيف البراك: الم تتابع الحركتان الجرائم التي تعرضت لها ايرن والكويت تحديدا التي دمرت واسر ابنائها وحرقت الابار وتعرض الشعب الى الاذلال والاعتقال والغاء الوجود والهوية؟، مشيرا الى انهم "تناسو كل هذا الواقع ليؤكدوا مناصرتهم للطاغية".He said : of the people who would say what is true, but the question is where the reaction of the State of Kuwait to this position, especially as Kuwait had provided everything for this movement and also in the Fatah movement, headed by Mahmoud Abbas, who tried to deceive the Kuwaiti people cheat apology and got the aid, part of which goes to a skirt. He adds : Did Brak follow movements crimes against Kuwait specifically organization, which has destroyed families and kids and wells burned and people were subjected to the humiliation and arrest and the cancellation of existence and identity? He pointed out that they "Tnaso all this reality to make sure supporting the tyrant."

موسى لم يسلم من النقدMoussa was not spared from criticism
كما وجه البراك هجومه للامين العام للجامعة العربية عمرو موسى، ووصفه بانه "صدامي الهوى.. فهو لم يجد ايجابية واحدة للدفاع عن صدام ولكنه اعترض على اعدامه في عيد الاضحى وكأن الحدود الشرعية تتوقف بعد تصريحات عمرو موسى الذي يمثل الدول العربية ولايجوز ان يطلق الاحكام". ويضيف البراك: "كان يفترض بموسي ان يبين ما اقترفه صدام الذي يتعبر سبب الد الذي تعرضت له الامة العربية وهو كان سببا في الغاء الدفاع المشترك وهو الذي احتل الكويت، واذا كان موسى يمثل نفسه فليقل ما يشأ لكنه يمثل 22 دولة ولايحق له ان يعبر عن وجهة نظره تجاه من اذل وقهر شعبه فهو اول حاكم يقصف شعبه بالكيماوي وينتهك حرمة شعب الكويت من خلال زمرته الفاسدة ويدمر قدراته". واشار الى ان الكويت تعرضت الى تدمير "وهي دولة عربية ذات سيادة وتعاني الان من انتشار مرض السرطان نتيجة لحرق ابار النفط".He also drew Brak attack of the Secretary-General of the Arab League, Amr Moussa, described as "confrontational whim. He did not find one positive to defend Saddam, but objected to the execution of Eid Al-Adha and the legitimate border stop after the statements of Amr Moussa, who represents the Arab countries and may be called the verdicts ". He adds Brak : "It was supposed to Moses that shows what I DID Saddam revival of the reason father in the wake of the Arab nation, which was the reason to cancel the joint defense when it occupied Kuwait, and if Moses represents himself tell what did he represent 22 countries and Does it reflect the point of view toward the humiliated and repression Division is the first Governor of Shell Division chemical and violates the sanctity of the people of Kuwait through his gang of corrupt and destroy capabilities." He pointed out that Kuwait was to destroy "a sovereign Arab country now suffering from the spread of cancer from burning oil wells."

اما النائب السلفي خالد العدوة فقد عبر عن فرحته وابتهاجه بتنفيذ الحكم العادل في حق "الطاغية صدام". وأشار الى ان العيد "اصبح عيدين لان المجرم جنى حصاد ما قام به من فظائع وجرائم".The Salafi MP Khaled Al-Adwah have expressed their joy and jubilation just governance in the implementation of the right of "tyrant Saddam." He pointed out that the celebration "became holidays because the offender reap the harvest of his atrocities and crimes."

مؤسسة الشهيد في البصرة - العراقShahid in Basra-Iraq
www.alshahidorg2003.comWww.alshahidorg2003.com

Baghdad officials are concerned to go to work next week

(Voice of Iraq) - 03-01-2007
This issue was sent to a friend

Baghdad officials are concerned to go to work next week. Fear of attacks
Holiday was a «» shield them. The security authorities expect a new escalation in violence

BAGHDAD : Ali hailed
Was this week as an official holiday ongoing general population of Iraq and Baghdad, especially as Defensive Shield, which they are free from attacks and the response that foreseen the impact of the execution of former Iraqi President Saddam Hussein. However, the obsession of fear is still in control of the population of Baghdad, as they would say in some Almenhm «» barrel of a gun next week. Iman Mohammed, an employee at the Ministry of Municipalities, said when asked about prospects during the next week, the words were common among Iraqis «God forbid this week» It went without saying that all her colleagues at work expressed Tojshm from going to work, especially as the day of Eid was not Eid days for the residents of Baghdad, but the days of slumber inside homes for fear of attacks by armed groups in retaliation for the execution of Saddam Hussein.
Either Jaber, an employee in the Ministry of Health, said «strange to conflicting armed groups among themselves for political gain and personal and also mired in ethnic and sectarian while the ordinary citizen is targeted by both parties Media continuous coverage of events such as kidnappings, assassinations, but the question is kidnapped and who kills, and the answer is citizen run from this conflict and guilt only that the Sunni, Shiite or Kurdish and other names».

Mohamed Meheidine Tajuddin said that the residents of Baghdad are afraid the beginning of next week «Everyone is ready to be the victim of a reaction expected to be violent by armed groups battling. On the other hand, there is clear weakness of the security agencies to protect the citizens and this is to instil into the minds of the citizen-Baghdadi, especially after the kidnapping incidents which affected the collective staff of some ministries and humanitarian bodies such as the Red Crescent and other ». However, the security official had in the province of Baghdad affirmed that the parties that the security «prepared a new plan», explaining that the Council of the preservation «recommended that moving the military units affiliated to the ministries of Defense and the Interior continuously and develop forces fixed in the areas labeled Balsajenh or those which expects the clashes where assume that forces what is happening within the film and the provision of security for the citizen and emphasis on the reckoning in the event of a breach in their regions, in addition to tighten control over the entrances and exits the city from all quarters and the development of intervention forces quick capable to move quickly in all regions precaution for any emergency».

Asharq Al-Awsat Newspaper

But here is a link I recieved in a PM Overnight. You guys check it out: Economic Issues No. 13 -- Fixed or Flexible?--Getting the Exchange Rate Right in the 1990s Will check in later.

Originally Posted by Pippyman

Frankel re-examines why currency crashes are so costly


http://www.imf.org/external/pubs/ft/...004/112904.pdf


The most obvious interpretation of why devaluations carry high political costs is that they are accompanied by painful recessions. But why? After all, evaluations are supposed to boost competitiveness, increase production and exports of tradable goods, reduce imports, and thereby improve the trade balance, GDP, and employment.
One possible explanation, says Frankel, is that, even if there is no negative effect on GDP in the aggregate, the redistributional effects could be politically costly to leaders. For example, a devaluation in an African country may benefit small rural coffee and cocoa farmers because the price of their products is determined in foreign currency terms on world markets; but farmers tend to have less political power than urban residents, who may consume imported goods and thus be hurt by the devaluation. The problem
with this theory, Frankel points out, is that there are so many examples that go the other way, where the producers of the tradable products (agricultural, mineral, or manufactured) tend to have more political power than the producers of nontraded goods.
One can argue that simultaneous monetary and fiscal austerity (or banking failures or the sudden stop in foreign lending itself) are the true causes of these declines in economic activity. But Frankel says this misses a key point. According to the standard textbook theories, when a country faces a sudden stop in capital flows, there exists some optimal combination of expenditure-reducing policies (monetary or fiscal contraction) and expenditure-switching policies (devaluation) that should achieve external balance without
inducing a recession....

By now the evidence seems strong that devaluation is contractionary, at least in the first year, and perhaps in the second as well. Until the currency crashes of the 1990s, a mainstream view had been that any negative effects from a devaluation were relatively quickly offset by the stimulus to net exports, so that by the second year, when exports had gathered strength, the overall
effect on output would turn positive. Now, however, the negative effects seem stronger than first thought, and the positive effects weaker. The depressing conclusion is that there is no escape from recession. All policy
instruments that work to improve external balance do so by reducing income in the short run—devaluation, fiscal contraction, and monetary contraction.
Even structural policy reform, such as insisting that nonviable banks close, may have a negative effect on economic activity in the short run.Why is devaluation often contractionary?

Of the many possible contractionary effects of devaluation, which ones were, in fact, responsible for the recessionary currency crashes of the 1990s? Several of the most important contractionary effects of a devaluation
are hypothesized to work through a corresponding increase in the domestic price of imports or of some larger set of goods. Indeed, rapid passthrough
of exchange rate changes to the prices of traded goods is the defining assumption of the “small open economy model,” which was thought to apply
fairly well to emerging market countries. The contractionary effect would then follow in any of several ways: the higher prices of traded goods would, for example, reduce real money balances or real wages of workers, or increase costs to producers in the nontraded goods sector. These mechanisms were not much in evidence in the currency crashes of the
1990s. In fact, the pass-through coefficient fell significantly in the course of the 1990s, and the speed of decline was twice as fast among developing countries.

What, then, is the explanation for the recessions that followed many of the 1990s devaluations? Researchers have paid a great deal of attention—and
in Frankel’s mind appropriately so—to the balance sheet effect. This is a problem of “mismatch” between the currency in which a country’s debts are denominated and the currency in which its firms earn revenue. Domestic banks and firms had large debts denominated in foreign currencies, particularly in dollars, which they might have been able to service at the previous exchange rate, but which they had trouble servicing after the price of foreign exchange went up sharply. The results were layoffs and bankruptcies. How to mitigate the contraction
How might debtors mitigate contractionary currency crashes? It is not enough to instruct firms to avoid dollar debts or to hedge them, because international investors are not very interested in lending to these countries in their own currencies anyway, for under-standable reasons. The shortrun
solution is for countries to adjust promptly, rather than procrastinate. When foreign investors lose their previous enthusiasm for financing a country’s current account deficit, the national policymakers must decide whether to adjust or to wait. Typically they wait. As a result, even countries that had previously managed to keep dollar-denominated debt relatively low tend to switch the composition of their debt toward that currency during the
year or so preceding the ultimate currency crash.
A prime example is Mexico during the course of 1994. International enthusiasm for investing in Mexico began to decline after the beginning of that year, but the authorities clung to the exchange rate target and delayed adjustment in hopes that conditions would improve. During much of the year they ran down reserves.An important second mechanism of delay was to placate nervous investors by offering them Tesobonos (shortterm dollar-linked bonds) in place of the peso bonds (Cetes) that they had previously held. It seems likely that the magnitude of the Mexican recession in 1995 stemmed not just from the adverse balance sheet effects that have been so frequently noted, but particularly from the adverse shift in balance sheets that took place during the course of 1994. A third mechanism of delay was a shift toward shorter maturities. And the fourth was an explicit commitment to defend the peg. These tactics are part of a strategy that is sometimes called “gambling for resurrection.”What they have in common, beyond achieving the desired delay, is helping deepen the crisis, if it comes. It is harder to restore confidence after a devaluation if reserves are near zero
and the ministers have lost personal credibility. Further, if the composition of the debt has shifted toward the short term and toward the dollar, then restoring external balance is likely to wreak havoc with private balance sheets regardless of the combination of increases in interest rate and currency depreciation. The lesson, according to Frankel is to adjust sooner rather than later—but this is something, he admits, that is easier said than done.

I think this is a very good read and should put the zero lop/currency exchange finally to bed. Iraq is not in a recession and as the article points out, a currency exchange has grave economic and political costs, not to mention de-stabilizing the countries economy. After all, all of this started when the MOF stated he wanted to remove three zeors from the exchange rate and not the currency. Thank You.

Pakistan is to introduce new currency notes of Rs 5,000 denomination shortly.

State Bank of Pakistan (SBP) Governor Shamshad Akhtar on Thursday called on President Pervez Musharraf and presented to him prototypes of the new Rs 5,000 and Rs 10 denomination currency notes.

The governor briefed the President about various features of the new currency notes, saying they contained special fabric and conformed to international standards.

http://www.hindustantimes.com/news/7...0500020008.htm

or maybe India?
Stating that the special quality papers used for printing currency notes were being imported from Germany, England and Ukraine at a cost of Rs 300 crore annually, he said quality cotton grown in Karnataka was being exported to these countries for using it in the production of the paper.

He said once completed, the unit, being set up following the appeals made by the Union, would save the country Rs 300 crore every year.

Mr Ramdas, also a former MLA, disclosed that RBI Note Mudranalya Director Biswas and Deputy General Manager KK Nandi had been dismissed in connection with the cases relating to missing of notes from the Mudranayala, besides disciplinary action initiated against General Manager SK Nag.

this is an old post i put back when the issue came up about the delarue topic. It's from July, i think this is what the whole order of new currency is all about.

Originally Posted by CharmedPiper

Hang on we are on a full-moon again gang. Considering Iraq and the majority of the Middle East for that matter consider lunar events significant who knows what could be going through their minds. Let's hope it is a full-moon reval!!!

Baghdad, Iraq
Next phase Full Moon Wednesday, January 3, 2007 at 4:57 PM

HEY CP GOT A "LINK" TO THAT FULL MOON?
SORRY JUST HAD TO CP AND NENO BEEN DYING TO POINT IT OUT BUT SINCE IT DON'T COME FROM A NEWSPAPER OR CBI SITE THOUGHT I BETTER NOT.

THANK YOU THANK YOU CP FOR POINTING THAT OUT - WE ABOUT BUSTED A LEG YESTERDAY MORNING WHEN WE HAD OUR MORNING COFFEE AT 5AM ON THE PORCH. I CHECKED THE CALENDAR AND YUP FULL MOON FOR "WEDNESDAY NIGHT" - AND YOU ARE CORRECT THE MIDDLE EAST HOLD FULL MOONS AS "BEINGS". SO I HOPE WITH EVERYTHING ELSE THAT POINTS TO JAN. 4TH THAT TOMORROW IS EXCITING!!!

OH LETS ALL JUST FARM JIGGGGG THE REST OF THE WEEK!!!


CHEERS
CHRIS

[QUOTE=MrsCK;156040][COLOR="DarkGreen"][B]HEY CP GOT A "LINK" TO THAT FULL MOON?
SORRY JUST HAD TO CP AND NENO BEEN DYING TO POINT IT OUT BUT SINCE IT DON'T COME FROM A NEWSPAPER OR CBI SITE THOUGHT I BETTER NOT.

THANK YOU THANK YOU CP FOR POINTING THAT OUT - WE ABOUT BUSTED A LEG YESTERDAY MORNING WHEN WE HAD OUR MORNING COFFEE AT 5AM ON THE PORCH. I CHECKED THE CALENDAR AND YUP FULL MOON FOR "WEDNESDAY NIGHT" - AND YOU ARE CORRECT THE MIDDLE EAST HOLD FULL MOONS AS "BEINGS". SO I HOPE WITH EVERYTHING ELSE THAT POINTS TO JAN. 4TH THAT TOMORROW IS EXCITING!!!

OH LETS ALL JUST FARM JIGGGGG THE REST OF THE WEEK!!!


Which New Year's Day Do You Celebrate?

The New Year begins on January 1st, but not for everyone. The traditional western calendar is based on the apparent movement of the Sun, resulting in a 365¼-day long year. Other cultures, however, base their calendars on the apparent motions of the Moon, marking the beginning of each month at either the Moon's New or Full phase.

In the Islamic calendar, each month begins with the sighting at sunset of the first crescent following a new Moon, which occurs every 29½ days. In this calendar, twelve months pass in 354 days, and 1 Muharram, or New Year's Day, falls 11 days earlier from year to year (in 2007, on January 19th).

Other calendars combine lunar and solar systems so that certain holidays always occur during certain seasons, with "intercalary dates" inserted when necessary (a calendric "fudge factor") to maintain the seasonal lock. Rosh Hashanah, one of four New Years in the Hebrew calendar, begins at sundown on the first day of Tishri, the seventh month, which is usually in either September or October (September 13th in 2007). The Chinese New Year, on the other hand, usually falls on the second new Moon after the Winter Solstice, or, in 2007, on February 18th - this quarter's third New Year's Day.

California Academy of Sciences - Natural History

Here is a little research I dug up which could explain the significance of lunar timing. Just a thought.

California Academy of Sciences - Natural History

Allah - The Moon God

The religion of Islam has as its focus of worship a deity by the name of "Allah."