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

Originally Posted by neno

Takes 1.27 Euro's to get usd

No..No..Neno...hehe.. from this end, we understand it as the following:


FXConverter - 164 Currency Converter Results


Monday, July 3, 2006 100 Euro = 127.958 US Dollar
100 US Dollar (USD) = 78.15064 Euro (EUR)
Median price = 1.27858 / 1.27958 (bid/ask)
Minimum price = 1.27750 / 1.27850
Maximum price = 1.27880 / 1.27980


Thats the status after conversion...and for those on holidays in the States or elsewhere with Euro backup in their CC or TC or cash....their Euros are going some way with spending strong... but it is also, creating investment headachs too

Cheers... should have listened to my friend in Leningrad about the Roubels...3 years back..sigh!!!

Cheers anyway...life is still good and NOT complaining, whining nor moaning...just looking 4ward to better times coming...


YB.

Thanks Yogi, I didnt want to step on EW's toes here. I was reading it backwards. My Bad. Please forgive me EW.

Originally Posted by OICU812

It will take Iraq 100 years to get there act together.

I would say more like a couple of years to get it all together with the peg coming first this month!!

Originally Posted by cigarman

This ought to help the reval
Arab, Foreign Banks Return Iraqi Frozen Assets

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"The central bank of Iraq unveiled that a number of Arab and foreign states released Iraqi assets frozen at their own banks, worth more than $ 10 billions.
An official source at the bank announced that several legal procedures have been adopted to regain these funds through the official bank channels in according with UNSC Resolution 1483 stipulates regaining all Iraqi assets existed abroad to the Iraqi development fund."

http://www.alsabaah.com/20040721/english.htm

Hey Cigarmam!

I just looked at this and this article is published back in 2004-07-21.
So its old news im afraid, but still good. :)
Keep up the news search m8

Originally Posted by OICU812
It will take Iraq 100 years to get there act toge

Originally Posted by danny51

I would say more like a couple of years to get it all together with the peg coming first this month!!

Yes danny51, this one was over looked for a reason. hehe

Just find this but sorry the full article are not available:

Iraq banking reforms are on track: central bank
Reuters Thu May 11, 2006 1:59pm ET | [] [] By Alaa Shahine BEIRUT (Reuters) - Iraqi Central Bank Governor Sinan al-Shabibi said on Thursday the country was making solid progress in reforming its financial sector despite the ongoing violence and had enough reserves to defend the currency. "I can say that we are succeeding in maintaining a stable financial situation in Iraq," he told Reuters at the Arab Economic Forum in Beirut. "This level of reserves is helping us keep the currency exchange rate stable." Shabibi said net foreign reserves stood at $10 billion.

01/07/2006
Source: Al-Sabah

Coupled with the name of the World Bank to developing countries and their problems, especially poverty, It highlights activities in the poor nations and the countries that suffer from problems in the areas of health, education, roads, irrigation, agriculture through the provision of aid in order to alleviate poverty and assist in the delivery of basic services, Since 2003 the World Bank regained its activity in Iraq. We will try in this article to identify the nature of the work of the World Bank and its role in the reconstruction of Iraq.

Has been established the World Bank in 1944, Iraq was one of the founding Members of the bank said the number of members to 184 at present, the Bank is working to assist the Governments of poor nations in reducing the numbers of poor people through the provision of funding and technical expertise needed in the building of schools, roads, and reform of government services only much through the five institutions comprising :
International Bank for Reconstruction and Development : The provision of loans for low - and middle-income countries benefit significantly less than the interest charged by commercial banks on lending.
International Foundation for Development : The provision of grants and interest-free loans to the poorest countries so that the major component of the grant.

International Investment Guarantee Agency : working to encourage foreign investment in developing countries by providing guarantees to foreign investors against non-commercial risks such as war, political unrest and natural disasters.
International Center for the settlement of international disputes on investment : The settlement of disputes in the field of investment between governments and foreign investors from the private sector.
After the definition of World Bank institutions must be stopped on the most important activities undertaken by the reconstruction of Iraq, as follows :

- In mid-2003 helped the World Bank with other international institutions to prepare a study for the basic needs of rebuilding Iraq and the determination of the amounts required by the international community grants contribute to the reconstruction of Iraq on the basis of which has been estimated grants and soft loans to the extent 33 billion.

- The World Bank contributed to manage part of the grants provided by donors to Iraq since the establishment of a fund to finance the reconstruction of Iraq funds consist of grants from donor nations and to develop mechanisms for the fund, Having reached the funds deposited in this fund about $ 454 million contributed by 17 donors including the European Union, Japan, Britain, Spain and Australia.

- Has been allocated funds to implement these 9 projects were signed grant agreements between the World Bank and the Iraqi ministries recipient follows :

40 million dollars for the printing of textbooks - the Ministry of Education.
$ 60 million for the rehabilitation of schools - Ministry of Education.
$ 25 million for the rehabilitation of the health sector - the Ministry of Health.
$ 65 million for water and sewage project in Baghdad - the Baghdad.
$ 90 million for water and sewage sector in the provinces-the Ministry of Municipalities.
$ 55 million private sector development - the Ministries of Planning and Communications.
$ 20 million for infrastructure in rural areas - The Ministry of Water Resources.
$ 10 million for capacity-building (training).

- The World Bank, through the International Foundation for the Development of a soft loan to Iraq of $ 500 million. The term loan of 40 years including a grace period of 10 years without the benefits of financing projects in the areas of education, roads and bridges, health and electricity.

From the foregoing, we find that the World Bank will contribute effectively to the reconstruction of Iraq, but the important thing that must be mentioned is that the mechanisms of the World Bank in funding and implementation of projects require a long time based on the terms and conditions approved general have, Additionally, the security situation in Iraq would lead to a delay in implementation of the largest and does not expect tangible results in the near future, we may find this explanation of Iraqi citizens that he heard a lot about projects, but not seen, very little.

01/07/2006
Source: Voice of America

Iraq is struggling to rebuild after years of economic sanctions and conflict. But the lack of security in much of the country has scared away potential investors and slowed reconstruction. But in the relatively quiet Kurdish area of northern Iraq, stability is paving the way for prosperity as the region works to attract foreign investment.

Security fears in central and southern Iraq have made it impossible for many foreign companies to do business in those areas. But with the ability to offer security in the north, the Kurdish government has declared itself open for business.

Many foreign companies have already started coming to the Kurdish region.

Hersh al-Tayyar, the chairman of the Iraqi Businessmen's Union based in the northern city of Irbil, says recently Lebanese companies have been exploring the area's potential, but the bulk of the foreign businesses now in northern Iraq are from Turkey. One such company is the Turkish firm 77, which has invested a lot of money in cement batching plants.

Many of the companies here right now are seeking projects funded by the Kurdish regional government, rather than putting up the capital. But others, such as the Lebanese Bank Audi, have entered northern Iraq with an eye to the long-term, and are investing money and hiring and training local employees.

"It is a bet coming here to Kurdistan," said Charbel Moubarak, Bank Audi's regional manager. "We believe that this is the departure point, because our main target is Baghdad. While the security is prevailing here in Kurdistan, we can stay here, we can start from here and then move to other parts of Kurdistan, waiting for other cities, whenever the security prevails we will go there."

Tayyar of the Businessmen's Union says this is what many companies are doing. He says Kurdistan is uniquely positioned to be a gateway to the rest of Iraq.

The Kurdish regional government also shares this view, and has been working to revise its foreign investment law to attract international investors to the north.

Douglas Layton, the director of the Kurdistan Development Corporation, a joint public-private company, says the new investment law will have many incentives for foreigners.

"For example, foreigners will be able to own 100 percent of a local company, whereas in the past it was 49 percent, and it had to be majority controlled by Iraqis," he said.

Foreign investors will also be able to own property; they will receive an automatic five-year tax holiday that can be extended to 10 years, and they will be exempt during that time from import duties, income taxes and taxes on repatriated profits.

But the money is not rolling in just yet, as some issues remain to be addressed. For example, the bureaucracy is cumbersome and moves slowly. The Kurdish parliament was expected to pass the foreign investment law last week, but legislators abandoned their task when the assembly's airconditioning broke down on a typically hot day.

The education system has also decayed during years of sanctions and neglect, and university students are graduating unprepared to enter the business world.

Northern Iraq also lacks a proper infrastructure to support large-scale foreign investment. Douglas Layton, however, sees that not as an obstacle to investment, but as an opportunity.

"From an investment point of view, this is a tremendous opportunity," he said. "We are going to have to build everything from A to Z. So whatever sector a company is involved in, there is opportunity here in Kurdistan to see a significant return on investments that they make."

Layton says smart investors realize that now is the time to be entering northern Iraq as the region is beginning to take off.

and all they need to do it all are some sunnis in government that dont walk out all the time.

Interesting,

Now we know why reval didn't happen last week as originally planned. LOL

But the money is not rolling in just yet, as some issues remain to be addressed. For example, the bureaucracy is cumbersome and moves slowly. The Kurdish parliament was expected to pass the foreign investment law last week, but legislators abandoned their task when the assembly's airconditioning broke down on a typically hot day.

Oh well, guess we wait a little longer gang.

Good luck to all, Mike