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

Revaluation at a rate of at least One for One as the Minister of Finance said that he wanted and the governor of the CBI will okay shortly and then 41 Billion, 41,000,000,000 will equal 41,000,000,000 IQD, their yearly budget, which should climb during the 2007 fiscal year progresses and they build more infrastructure, etc...

Works for me!

Originally Posted by Alphamystic

This leads me to believe that the 7-8th will come and go.

why is that as Sunday is the 7th?? that would be their first day of business and the rate was to change END OF BUSINESS DAY OF THE 7TH. or at least they were holding the dinar at the current rate UNTIL then. that tells me at that point it is either going to begin moving on its own or they are revaluing it manually. either way its on its way up.

ive been mulling this one over and i believe the reason that was done is because it provides the shortest time before the forex opens. maybe a couple hours in there. just a guess.

Originally Posted by TEXASGIRL

I cannot access the article from work, but does it specifically state 1/14? Some people refer to "next Sunday" meaning "this coming Sunday" . Just a thought...

thats the way its done in iraq. next means the one comin up next. that is indeed the 7th.

Tuesday, January 02, 2007 1263 IQD

Wednesday, January 03, 2007 1268.7 IQD

Thursday, January 04, 2007 1268.3 IQD

Link: MENAFN - Middle East North Africa . Financial Network Currency Charts,Currency Update,Money Markets,Analysis,Projection


Looks like that source of Neno knows what's going on. He predicted a 1268 level or around it by Tuesday and 1000:1 on the 15th.

You can find it here.

Link: http://www.rolclub.com/rumors-predic...freind-25.html

He also said Neno would be a millionaire. The fact is that we are millionaires also!!

Again, it's going only the right direction, but still I believe they need a higher level real soon and in my opinion that's January!

I find this interesting, this is the numbers I pulled from the Trade Bank of Iraq....Looks like the local banks are recognizing the "street" value.


BUY SELL
Australian Dollar ( AUD ) 994.440 1,091.44
Canadian Dollar( CAD ) 1,081.53 1,186.55
Swiss Franc ( CHF ) 1,034.19 1,134.56
Euro ( EUR ) 1,664.26 1,825.67
British Pound ( GBP ) 2,470.18 2,709.08
Japanese Yen ( JPY ) 10.59052 11.61861
US Dollar ( USD ) 1,261.50 1,382.80

Updated: 1/1/2007 8:18:00 AM

The Iraqi dinar... And floating the dollar in the structure of the national economy
03/01/2007
Source: Translated by IRAQdirectory.com

Since the foundation of the Iraqi State in 1922, a government was formed according to the Constitution and there became legislative, executive and legal powers, as well as the issuance of currency and thus, the Iraqi dinar had become the measuring unit that Iraqis deals by in the market. The Central Bank is the body that issues this currency according to a special law.

The Iraqi dinar had status cash at home and abroad, because Iraq was considered one of the oil exporters at that time and still is. Thus the rolling Iraqi Monetary (nominal value) specified by the law has become a criterion for exchange transactions, withdrawal and the international circulation according to system Gold rule; although, it was related to the British pound before the revolution of July 14th, 1958, especially in terms of credit and foreign transfers, as it has a metal cover coupled with stability.

After the liberation of Iraq from the ring of the (sterling Pound), the Iraqi dinar remained as a cash unit (with real value) standing on its own compared to international rates.

In spite of the many shocks that hit the developing country in conditions of political and economic changes led to the dangerous decline of many of those currencies, like what happened between Iraq and its neighbor Iran in 1980 until 1988 of a devastating war sapped the human energies and infrastructure of both countries, the Iraqi dinar was not affected much and managed to keep its true value and relative stability throughout the war period.

But after the government took the wrong procedure of issuing millions of dinars of the 25 note, the Iraqi dinar had become no more than a (commercial paper) in its (nominal value) and this sinister phenomenon which was the result of the misconduct of the government, then, paved the way for the American dollar to monopolize the Iraqi market.

Since then, the Iraqi dinar remained incurably ill because the performance evaluation of the Iraqi monetary, particularly in the year 1994 after the penetration of the dollar, revealed that the dinar had no real value as an Iraqi exchange measuring unit against the dollar, despite the fact that Iraq has enormous oil wealth more than any country in the world, especially European countries, in terms of trade credit and cash deal.

The American dollar monopolized the Iraqi economic policy and the dinar has not been able to stand up to it after the removal of the former regime and the loss of control by the State over its economic and commercial structures. How will the Iraqi currency be stabile when it is represented by the ill dinar which can not be cured as long as the floating dollar overwhelms the whole Iraqi market; the Iraqi seller and the buyer deal only by it. Who is responsible for this decline?

A question put before the Ministry of Finance, as the Minister stated previously on the need for (evaluating the Iraqi dinar) and called for its activation against the American dollar. Will the Iraqi parliament seek to lay the evaluation foundations of a new monetary unit all over again? Or will the dinar remain weak against the dollar? And to what level will the Iraqi economy deteriorate if its spinal column, represented by the dinar, can not withstand to be straight up any more?

http://www.iraqdirectory.com/DisplayNews.aspx?id=2876

Seems like an opinion article!

Called for the restoration of the Iraqi National Oil Company law
03/01/2007
Source: Translated by IRAQdirectory.com

The Inspector General in the Iraqi Ministry of Oil, Ali Mohsin Al-Allaq, confirmed that recent statistics showed that the average annual income of the Iraqi individual reached 41 dollars, and that 54% of Iraqis spend less than a dollar a day, so oil is the only future bet to raise the quality of life, services and living in this country.

Al-Allaq added in a statement that "Iraq ranks second in the world in oil reserves; it produces about two million barrels per day and exports less, in spite that Iraq needs to increase its revenue to meet the requirements of building, construction and raising the standard of living of citizens and this requires taking a host of measures to boost production and export of crude oil and natural gas. The most important of these measures are: the reinstatement of the Iraqi National Oil Company law because of its positive impact in achieving a better framework for the management of oil activity, the expeditious issuance of the necessary legislation in the management of wealth and investment so as to ensure the entry of specialized international companies in order to expand and develop productive capacities as well as increasing exports within a system that balances between the objectives of the State and investors to achieve better conditions for investment and competition, the provision of a flexible financial system in allocations and funding so as to facilitate the task of completing projects and equipment as well as increasing the rates of production and discharge, providing the necessary protection for oil-sector installations and pipelines after the losses Iraq incurred to and which worth billions of dollars due to suspension of export operations from Kirkuk to Turkey or to the refineries of Iraq, the adoption of modern techniques and following up the developments in the petroleum industry in addition to the replacement of old practices which adopted the continuity of extraction and pumping at the expense of the standards and measurements that maintain and safeguard the wells and fields, finally, the acceleration in implementing the drilling programs and reclamation of old wells as well as repairing, maintaining and protecting the Northern, Southern and Western export systems to achieve the necessary flexibility for export. Al-Allaq also stressed the importance of reviewing in detail the international markets because achieving the maximum benefit and better returns in oil exports can only be done by reconsidering the markets that buy Iraqi oil with the expansion of dealing with the Eastern Market since it achieves better returns. The matter requires the expansion of the activity of research and study in the company of oil marketing through the market research office, which is deactivated currently, in order to provide a database and scientific follow up to the market movement to reach estimates and speculations that serve the purpose of buying and selling. It also requires the investment of gas and to stop wasting burnt gas which forms 60% of gas production; this investment will add an important revenue to Iraq since it will stop the import of liquid gas to meet local demand as well as the real potential of its export.

The procedures that should be implemented in the short term are summarized in: the acceleration of implementing the meters system in all oil locations and the procedures of quantity and quality reconciliation, speeding up the implementation of projects related to the export system at ports and other sites, the development of ports and storage buildings, the provision of advanced trailers, the establishment of a new export line and study the causes of non-implementation of investment plans to increase production and export capacity and work on treating them. It must be stressed here on the need for accountability for the failures that have occurred in this area since the non-implementation was not only due to force majeure, and finally training specialized technical cadres in accordance with global rules to examine the specifications of crude oil in the export ports to contain the risk of manipulation in the accounts of the oil intensity (API) and the amount of water and salts, as each degree of intensity cost 40 cents, as well as putting the amount of water and salts and sediments of the total quantity exported; also the activation of a new foundation for the pricing of crude oil and other products and not to rely on neighboring countries' prices as a primary source in addition to the development of a new mechanism to reduce the fines imposed on the delay of loading ships of crude oil.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2877

Seems like a reprint!

Originally Posted by kiko

Called for the restoration of the Iraqi National Oil Company law
03/01/2007
Source: Translated by IRAQdirectory.com

The Inspector General in the Iraqi Ministry of Oil, Ali Mohsin Al-Allaq, confirmed that recent statistics showed that the average annual income of the Iraqi individual reached 41 dollars, and that 54% of Iraqis spend less than a dollar a day, so oil is the only future bet to raise the quality of life, services and living in this country.

Al-Allaq added in a statement that "Iraq ranks second in the world in oil reserves; it produces about two million barrels per day and exports less, in spite that Iraq needs to increase its revenue to meet the requirements of building, construction and raising the standard of living of citizens and this requires taking a host of measures to boost production and export of crude oil and natural gas. The most important of these measures are: the reinstatement of the Iraqi National Oil Company law because of its positive impact in achieving a better framework for the management of oil activity, the expeditious issuance of the necessary legislation in the management of wealth and investment so as to ensure the entry of specialized international companies in order to expand and develop productive capacities as well as increasing exports within a system that balances between the objectives of the State and investors to achieve better conditions for investment and competition, the provision of a flexible financial system in allocations and funding so as to facilitate the task of completing projects and equipment as well as increasing the rates of production and discharge, providing the necessary protection for oil-sector installations and pipelines after the losses Iraq incurred to and which worth billions of dollars due to suspension of export operations from Kirkuk to Turkey or to the refineries of Iraq, the adoption of modern techniques and following up the developments in the petroleum industry in addition to the replacement of old practices which adopted the continuity of extraction and pumping at the expense of the standards and measurements that maintain and safeguard the wells and fields, finally, the acceleration in implementing the drilling programs and reclamation of old wells as well as repairing, maintaining and protecting the Northern, Southern and Western export systems to achieve the necessary flexibility for export. Al-Allaq also stressed the importance of reviewing in detail the international markets because achieving the maximum benefit and better returns in oil exports can only be done by reconsidering the markets that buy Iraqi oil with the expansion of dealing with the Eastern Market since it achieves better returns. The matter requires the expansion of the activity of research and study in the company of oil marketing through the market research office, which is deactivated currently, in order to provide a database and scientific follow up to the market movement to reach estimates and speculations that serve the purpose of buying and selling. It also requires the investment of gas and to stop wasting burnt gas which forms 60% of gas production; this investment will add an important revenue to Iraq since it will stop the import of liquid gas to meet local demand as well as the real potential of its export.

The procedures that should be implemented in the short term are summarized in: the acceleration of implementing the meters system in all oil locations and the procedures of quantity and quality reconciliation, speeding up the implementation of projects related to the export system at ports and other sites, the development of ports and storage buildings, the provision of advanced trailers, the establishment of a new export line and study the causes of non-implementation of investment plans to increase production and export capacity and work on treating them. It must be stressed here on the need for accountability for the failures that have occurred in this area since the non-implementation was not only due to force majeure, and finally training specialized technical cadres in accordance with global rules to examine the specifications of crude oil in the export ports to contain the risk of manipulation in the accounts of the oil intensity (API) and the amount of water and salts, as each degree of intensity cost 40 cents, as well as putting the amount of water and salts and sediments of the total quantity exported; also the activation of a new foundation for the pricing of crude oil and other products and not to rely on neighboring countries' prices as a primary source in addition to the development of a new mechanism to reduce the fines imposed on the delay of loading ships of crude oil.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2877

Seems like a reprint!

Would you please clarify why you think it seems like a reprint.

The Ministry of the Interior-M / press conference.

(Voice of Iraq) - 04-01-2007
This issue was sent to a friend

The name of God the Merciful
Brotherhood media and the respectable media
M / press conference.

The Brigadier Abdul Karim Khalaf, Director of the national leadership of the Ministry of the Interior held a "press" important "on the achievements of the Interior Ministry and security developments in the recent and sharp one in the afternoon of Thursday, January 4, 2007 in ((Center of the Ministry of the Interior)) 00 in the eastern section

We ask you to all our brothers and media briefing viewers attend at the time and place designated to cover the proceedings of the Conference through your institutions august 00 and there will be a bus to transport journalists from the door to the headquarters of the ministry of the Conference and vice versa 0

With sincere appreciation and respect

The Ministry of the Interior

Pentagon helping restart old Iraq government factories in jobs program
The Associated PressPublished: January 3, 2007

WASHINGTON: As President George W. Bush ponders how to salvage the Iraq military campaign, business minds at the Pentagon are moving ahead with a part of the equation — fighting Iraq's unemployment and trying to boost its economy.

Under a new program, the Defense Department is already helping reopen factories that were owned by Saddam Hussein's government and abandoned by occupation authorities shortly after the 2003 U.S.-led invasion. The Pentagon may also start providing them with contracts to support U.S. troops.

One factory restarted operations in the last two weeks, and nine more are to open by the end of this month, a Pentagon official said Wednesday, adding some 11,000 Iraqis to employment rolls. The official spoke on condition of anonymity because the information had not been released yet.

Pentagon officials declined to identify the facilities for fear they or their employees could be attacked amid the country's increasing violence.

Reopening factories that produced everything from cement to buses for Saddam's regime is among the ideas that have been discussed by Bush as he struggles to find the way forward in Iraq after nearly four years of war.

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Bush is expected to announce a new Iraq strategy next week. He is widely expected to say he wants to send additional U.S. troops there.

Military commanders have long seen employment as one of the keys to slowing the violence. The idea of restarting factories differs from some previous reconstruction efforts that have had limited success in that it's aimed at providing long-term employment for factory workers as opposed to short-term jobs that came with individual rebuilding projects.

The Pentagon formed a task force six months ago that has identified some 200 factories — producers of textiles, industrial equipment and other goods — that could be restarted.

Paul Brinkley, deputy undersecretary of defense in charge of business modernization efforts, said in a recent interview that putting idle Iraqis back to work should help calm violence because it will leave fewer disgruntled men willing to plant bombs or commit other crimes for money.

"I believe there's an indisputable correlation between peoples' livelihoods ... and unrest, civil unrest, social unrest," he said.

Iraqi unemployment is thought to be from 20 percent to 60 percent, with inflation above 50 percent. More than 1.5 million Iraqis, mostly professionals, are believed to have fled abroad, according to the U.N. and the bipartisan Iraq Study Group, which recommended a new Iraq strategy to Bush last month.

Officials hope the factory reopenings will be the first wave in a series of restarts that will stretch throughout the next year to restore jobs lost after the 2003 invasion. At that time, occupation officials of the U.S.-led Coalition Provisional Authority decided to do nothing with the government facilities, hoping they would quickly be taken over by the private sector.

Privatization of the businesses never happened as violence gripped the country and disrupted the economy. But if the factories start producing and become well-functioning enterprises, that could be a step toward any privatization effort the new officials may decide upon.
Under the new program, private as well as government factories would be restarted. The American military expects to be among the customers for some of the restarted operations.

"We buy a lot of items, all kinds of items," such as cement and furniture, Brinkley said. "We import a portion of that. But if there are Iraqis who make things that we can buy, it just makes lots of good sense to buy it from Iraqis ... to stimulate the economy, build good will."
The U.S. military is spending more than $100 billion (€75 million) annually for the war. Brinkley said he hopes to spark the Iraqi economy by funneling some of it to newly restarted factories.

While the average worker in American supports four people, the average Iraqi workers supports 13, Brinkley said.

"For every Iraqi you put back to work, it has a huge cascading effect," he said.

Pentagon helping restart old Iraq government factories in jobs program - Americas - International Herald Tribune