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

Does anyone have an article/synopsis of what the Kuwaiti dinar revaled for and the subsequent increases? I'm curious as to how that all came about...

noozz.com
3rd july

is this good or bad?

Noozz Editorial
Jul 3 2006

Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.


In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.

The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”

Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.

Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.

Originally Posted by keegle

noozz.com
3rd july

is this good or bad?

Noozz Editorial
Jul 3 2006

Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.


In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.

The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”

Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.

Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.

Yes it is good news. And welcome to the Dinar Gang. If you will go back about 10 pages in this thread you will see all about this statments. It was thought to of had happened by now. But it was and is important to see that they have everything in place to support the revalue first. So that in its self is just as good as news as soon. Please read the back pages and post questions and all articles with dates to support our Dinar Gang here.

Originally Posted by keegle

noozz.com
3rd july

is this good or bad?

Noozz Editorial
Jul 3 2006

Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.


In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.

The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”

Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.

Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.

First paragraph says it all, we dreamed of reading articles like this a few months ago.

It's happening........

Speak soon.

Adster.

The ID is a good & upcoming currency that will someday share its value among the International Forex market however, for now, it may look that way as the months draws near...but remember, there's more than a hundred to a thousand considerations to take care of before it settles down and be in a position to gain worldwide recognition trading its new found identity as post Saddam Hussein...

Think about it...it's a good road heading towards Bagdhad and keep that bagful of IDs intact but don't rush it... for it won't either...not this soon...!


Drinks all around...its hot here but not as hot as in Bagdhad...

Cigarman,

I hope you are correct

Regards
Neil

Iran, Iraq discuss bilateral ties, regional issues
7/5/2006

Tehran, July 5, IRNA

Iran-Iraq-Meet
Iran and Iraq here Tuesday discussed bilateral ties and recent developments in the region.

Iraqi Parliament Speaker Mahmoud al-Mashhadani, on the third day of an official visit here, met with Chairman of the Expediency Council Akbar Hashemi Rafsanjani.

"An Islamic, independent and democratic Iraq can be a good example for regional states. As shown by experience, the Iraqi people will succeed in achieving this goal," Rafsanjani said.

He cited insecurity and the presence of occupiers as the two main problems of Iraq at the present, giving the assurance that "the Islamic Republic of Iran would cooperate with the Iraqi government to help solve the security problem of the country."
He said the occupiers "would continue to face the problem of their continued presence in Iraq as the Iraqi nation was determined to form a popular government based on Islam."
The EC chairman highlighted Iran's principled policy of non-interference in the domestic affairs of other states, including Iraq, and said the Iranian government would only be there to help the Iraqi nation and government solve their problems if requested." "The enemies of the Iranian and Iraqi peoples do not wish to see these two nations cooperate. Nonetheless, officials of the two sides should exploit favorable conditions at present to improve mutual relations in order to enhance their roles in regional and
international affairs."
Referring to the current situation in Palestine, particularly the ongoing missile attacks on Palestinian targets by the Zionist regime with the support of global arrogance, the United States in particular, he called for concerted efforts to defend the besieged Palestinian people against the atrocities of their occupiers.

"US policies backing atrocities of the Zionist regime shows the absence of goodwill and desire on its part to defend human rights and its assertions in this regard are sheer lies."
He criticized those who claim to be champions of human rights for their concern over the imprisonment of one Zionist soldier but whose consciences are not ignited by the suffering of 10,000 Palestinians, including hundreds of women and children languishing in Israeli prisons.

These people, he added, are the same people who "ignore the demands of tens of Muslim and Arab states and 1.5 billion Muslims" all over the world.

Al-Mashhadani, for his part, praised Iran for its support to the Iraqi people and called for consolidation of bilateral ties.

He said the formation of a new Iraq government and parliament based on the people's will shows the nation's will to govern their affairs by themselves, and stressed that the Iraqi government and parliament would continue to strive for independence.

The Iraqi parliamemnt speaker reiterated his appreciation for Iran's assistance and hoped the Iranian government and nation would continue to assist his country in achieving its goals.

During the meeting, a number of Iraqi MPs expressed their views on bilateral ties and the situation in the region.


Iran, Iraq discuss bilateral ties, regional issues - Source

Iraqi Dinar News Article List

Bush vows to keep presence in Iraq
7/5/2006


By Deb Riechmann, Associated Press | July 5, 2006

FORT BRAGG, N.C. -- President Bush said yesterday that insurgents in Iraq and Afghanistan are vulnerable, and he urged US troops to march on in the fight for freedom so Americans can celebrate Independence Day year-round.

At an outdoor pep rally for troops at Fort Bragg, Bush recalled the death of Abu Musab al-Zarqawi, the former leader of Al Qaeda in Iraq, who died last month in a US airstrike that boosted troop morale and offered hope to Americans weary of the war.

``At this moment of vulnerability for the enemy, we will continue to strike their network," Bush told 3,500 US troops and others. ``We will disrupt their operations, and we will bring their leaders to justice."

Since Zarqawi's death, Bush said US-led coalition and Iraqi forces have launched more than 190 raids on targets throughout the country, captured more than 700 enemy operatives, and killed 60 more. Members of Fort Bragg's special operations forces were among the first coalition troops to arrive on the scene of the bombing of Zarqawi's safe house, Bush said.

``They administered compassionate medical care to a man who showed no compassion to his victims," he said.

``When this brutal terrorist took his final breath, one of the last things he saw was the face of an American soldier from Fort Bragg, N.C."

The outlook was less optimistic in Baghdad.

Gunmen in camouflage uniforms kidnapped Iraq's deputy electricity minister, Raed al-Hares, and 11 of his bodyguards in eastern Baghdad.

The kidnapping occurred three days after gunmen seized a Sunni female legislator in east Baghdad; she and seven bodyguards are still missing.

In his speech , Bush said setting a timetable for pulling out troops would undermine a fragile new Iraqi government, undercut the efforts of US troops, and signal to the enemy that if they wait a little longer, American forces would leave Iraq.

``This moment, when the terrorists are suffering from the weight of successive blows, is not the time to call retreat," he said.

Bush thanked the soldiers for their service, and recognized the more than 2,500 members of the US armed forces who have died since the beginning of the Iraq war in March 2003.

``On this day when we give thanks for our freedom, we also give thanks to the men and women who make our freedom possible," Bush told the troops in muggy, hot weather.

``You are serving our country at a time when our country needs you. And because of your courage, every day is Independence Day in America."

Before Bush spoke, dozens of members of the 82nd Airborne and Army Special Operations units showed him an array of military equipment.

He met a helicopter pilot who ferried former Iraqi leader Saddam Hussein from the spider hole where he was captured to an airfield in Baghdad. The pilot, who declined to give his name for security reasons because he is going back to Iraq, told the president about the unusual mission.

``Good job," the president said, standing with the pilot next to a MH-6 like the one used to transport Hussein.

He also chatted with soldiers who have served in Afghanistan, where US-led forces are facing fierce resistance from the Taliban in southern sections of the nation.

``It's heating up, but that's expected," said Captain Jason Walters, 33, from Humboldt, Tenn., who has spent eight months in Afghanistan. He blamed the warmer weather.

``Nobody wants to operate in the cold, not even the bad guys," Walters said.


Bush vows to keep presence in Iraq - Source

Iraqi Dinar News Article List

Thanks Neno, some good info there.

This one is 10 days old. Might all ready be posted.


Safer Iraq said needed for U.S. investment
6/27/2006


By STEVE QUINN, AP Business Writer2 hours, 35 minutes ago

Iraq's instability has kept foreign oil companies from investing in reconstruction, compounding what officials see as a litany of woes confronting the country's once-dominant oil sector from corruption to poorly maintained fields.

While the world's thirst for oil grows, untapped Iraqi reserves and current production that still hasn't met prewar levels remain a problem with no imminent solution.

Only when Iraq's newly formed government guarantees a safer environment will the billions of dollars needed begin to flow, analysts and officials say.

"It's too soon to make a judgment on how close we are. ... I suspect we could be a few years away," Shell Oil Co. President John Hofmeister recently told The Associated Press.

Hofmeister and peers from other oil and gas companies will address the issue and others Tuesday at a three-day conference featuring U.S. and Arab government and business leaders.

On Monday during the U.S.-Arab Economic Forum in downtown Houston, ConocoPhillips Chairman and CEO James Mulva it's too soon to tell when Iraq will be ready for a complete commitment.

"Iraq certainly is a country with incredible resources," he said. "We've said all along we're very interested in ultimately going into Iraq."

The situation with Iraq's energy sector is among the most dire in the Middle East, analysts say.

From April 2003 to October 2005, there were more than 280 attacks on Iraq's energy infrastructure, according to the Energy Information Administration.

There haven't been enough improvements since, warns an April report by the Special Inspector General for Iraq Reconstruction, which was critical of task force protection efforts.

Jim Placke, senior associate for Cambridge Energy Research Associates, said more progress is essential.

"Until that situation becomes much-improved from where it is today, you won't see any activity," he said. "It's important to seriously act on these things. The world continues to use an increasingly higher amount of oil; therefore those reserves become more valuable."

Estimates of Iraq's oil reserves vary greatly.

The EIA says it could be 115 billion barrels, third behind Saudi Arabia (261.9) and Canada (178.8), but doesn't reject estimates ranging from a third to nearly twice that figure.

Production was down nearly 400,000 barrels a day from prewar levels of 2.58 million, according to the special inspector general's April report.

As a result exports were around 1.4 million barrels a day by the end of March, the report said. The U.S. government estimates that Iraq lost about $90 million a month in potential revenue because of lower exports the last three months of 2005.

Problems, however, run deeper than attacks on Iraq's energy infrastructure, according to several reports and industry executives.

Corruption that includes profit skimming in Iraq's oil and gas industry could have implications beyond the energy sector, the special inspector general's report.

Placke said international sanctions in the 1990s combined with Saddam Hussein's mismanagement of the country's energy assets put Iraq in a deep hole. This includes decades of neglect and poor maintenance to the oil fields and some of the nation's largest refineries add to the reconstruction troubles.

"You've got this period of 25 years where Iraq was not able to function normally, and that is largely of Saddam's own doing," Placke said. "It inhibited development of the industry."

In February an Iraqi delegation visited the United States trying to convince U.S. companies that now is the time to begin investing.

Delegates said they need at least $20 billion, but added that number could more than double as the conflict with insurgents persists.

The United States has budgeted $1.74 billion to Iraq's oil and gas production out of the $18.44 billion earmarked for relief and reconstruction.

For now, dozens of companies are offering preliminary services — consulting work and reservoir studies — often for free, the EIA's report said.

The long-term payoff is a relationship that could help these companies land major production through joint oil and gas projects.

Hofmeister said Iraq also needs a government that prohibits arbitrary government rulings and abuse, and open markets to make investments meaningful.

"Having said that, we are doing consulting work with the Iraq Ministry of Oil. We are educating Iraqi scholars," he said. "We are interested and they are interested, but we need those conditions in place to take it to the next level."


Safer Iraq said needed for U.S. investment - Source

Iraqi Dinar News Article List