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

Damn. I've gotta book my car in for a service you see, and could've done with a re-val to pay for it :-)

£200 bloody quid, Anyway, I'll make up for that by treating myself to a nice new car when it hits.

Unlucky nej!!


FIL done? 2 articles suggesting it....


I still think they will not announce the FIL until they announce the r/v in the same meeting one after the other. When? September, when they're back from their hols....

The below makes you wonder though if it has been done and they're curbing more dinars being bought up if they announced it at this point....



New investment law offers more advantages to foreign investors
Iraq''s new investment law offers more advantages to foreign investors
22/07/2006
Source: Kuna

Iraq's new investment law offers a number of extra advantages, benefits and facilitations to foreign investors, said Iraq's Cabinet on Thursday.

In a press release, the Cabinet said the law, which was approved on Wednesday, allows foreign investors to transfer their funds to outside of Iraq at anytime without any restrictions.

"The law aims at encouraging investments in Iraq through a systematic manner, namely by creating equality between foreign and Iraqi investors, except foreign investors will not be allowed to own land property in Iraq," explained the Cabinet.

The law also approved establishing an investment authority to manage investments, offer facilitations and grant a certain percentage of tax exceptions.

Other issues handled by the new law include annulling the previous law that was approved by the interim government.

The new law is expected to encourage foreign and Iraqi capitals to invest in Iraq to increase the standard of services, provide job opportunities and boost standards of living of Iraqis.

http://www.iraqdirectory.com/DisplayNews.aspx?id=1721


The new investment code needed to be reviewed economists and professionals





Baghdad, Haider Al-Rubaie
The expert financial and economic Kazim Ali Abdullah on the need to deepen the debate on the law of investment Iraqi and foreign proposed by economists to determine the technical opinion appropriately before submitting it to the stages of the legislation different to be an opportunity for legislators to be aware of the economic benefits of investment, . It also gives an opportunity to determine whether the proposed texts are already contributing in stimulating investment or that there are other provisions calling for the amendment suggested cancellation.




He emphasized the importance of reforms (banking) dramatically to be able to provide financial assistance to the investor Iraqi or foreign, especially in the investment law of Iraqi and foreign was passed by the House of Representatives. . Referring to the need to grant investors tax reductions or exemptions aimed at attracting the largest possible number of capital investment in vital projects in Iraq. Abdullah said during the meeting that interview with the (morning) could be a positive factor in the tax system to encourage national and foreign investment in accordance with the vision to the decision. The nature of the tax system has the merit of being very flexible and subject to adjustment and is one of the most important tools of public finance, which can be used to develop the national economy. For example, can guide the movement of capital towards investment in specific economic sectors as industry, agriculture, construction and other through the reduction or even elimination of the tax on income arising from these sectors. Then this will be a factor helping to stimulate capital towards these sectors and this Maiaraf tax incentives which can range from low tax rates, segments of a broad tax holidays.
And the service that can be provided by the Iraqi banking sector and foreign investors, and the importance of making some reforms of the banking sector said Ali Abdullah. The banking sector can not be the current account position like to respond to the requirements of private economic activity, while the body needs to be possible to call the revolution in the banking movement banks from the present reality to the possible call Club membership banks advanced. The investment bank needs to be a revolution and the large cadre of job applicants and the new reality can say that in which banks have developed internationally.
With respect to the ownership of land to foreign investors and Maintab this matter obstacles may face some investors, particularly those investing in the oil sector, for example, where the need for long periods of time may exceed one year, . Said Ali Abdullah. Topic of foreign investment in addition to the overlap factor purely technical economic, Other factors Calamel political and social that must be taken into consideration when enact any law that investment is a sensitive laws such as ownership of land and natural resources and believes that, in accordance with current firm must address the issue of natural resources, that is, they generally assume ownership of the central State affairs. As for the issue of land for the construction of economic projects require Iraq to be reconciled with differing views thereon, For example, the proposal to postpone the land long term (99 years) and prices can be symbolic giving powers of the proposed investment or the Council of Ministers granted the investor Tmlika land is made permanent if the project economic Stratijia or very important to the Iraqi economy.


Also, there's this......


They state that they will try and implement the law by the END OF SUMMER which would be the end of August.

I had a feeling they passed the FIL just like I have the feeling we're going to be very happy by the end of August. At some point you have to stand firm on what your gut is telling you and mine is saying August. Oh, by the way I thought the vacations were cancelled for the House or Parliment Adster. I believe that it will be done in August because of Ramadon in September. JMO

Originally Posted by cigarman

I had a feeling they passed the FIL just like I have the feeling we're going to be very happy by the end of August. At some point you have to stand firm on what your gut is telling you and mine is saying August. Oh, by the way I thought the vacations were cancelled for the House or Parliment Adster. I believe that it will be done in August because of Ramadon in September. JMO

There have been conflicting news/stories on whether they are on leave or not. There is a big IMF meeting on 11 and 12th September. Parliament are due to meet again 2 September. Stipends are being issued to the people as of tomorrow I believe. Iraq are entering the International Compact as below sometime in September.

International Compact with Iraq focuses on Iraqi economy

I'd love to think it will be this month too and the bottom line is if it's this month or next month it doesn't matter too much on who's right and who's wrong as long as it's a DONE DEAL and we have a life changing event.

I agree, as long as it happens who cares who is right or wrong. Heck, I doubt that the Iraqi government knows when it's going to happen. LOL

Originally Posted by cigarman

I had a feeling they passed the FIL just like I have the feeling we're going to be very happy by the end of August. At some point you have to stand firm on what your gut is telling you and mine is saying August. Oh, by the way I thought the vacations were cancelled for the House or Parliment Adster. I believe that it will be done in August because of Ramadon in September. JMO

Agreed,

I'm with your cigarman, no guts, no glory, right? (g)

Good luck to all, Mike

With all of the buzz flying around here these days, do you think it is possible for them to start the float/peg by the end of this month by announcing it but not allow anyone outside of Iraq to cash in until they offically open on the international (forex) market? That way they could get the reval started without having to pay anyone much right away.(other than the locals)

By doing this they might hope to lure foreign investors into Iraq without having to pay them any "big money" right away then at a later date say in Sept or Oct then put the dinar on the international market and allow it to float to it's proper value. If they started low and made available to only the locals, they could hope to flush out a substantial amout of dinars early on a greatly reduced price. But since the reval would likely be much higher than it is currently, the local Iraqis would benefit. Then later try and handle the probable rush by the international investors/speculators. I hope they don't do it that way but it might make some sense to them to do it this way. :)

worf

Bookmark this page guys, very useful.


Iraqi Dinar Exchange Rate Daily News

Cigarman... you and others did a heck of a good job pieceing together the info that points to Aug... and something inside won't let let go of believing something very positive will happen ... Now theres the seize fire that hopefully will last ...to control at least one hot spot over there.. that is a step for security that we know is the major issue... so easy does it.... lets see what this week brings...

Hello all,

Just a quick word first. I hold dinars myself as we all do, and like the reat of you fee/think/believe that a reval is right around the corner. I tent do believe in the powers of positive thinking also. However, I am a realist. What I would like to know is, are there any reasons why this would NOT happen? Before I bought my first dinar, I could see very valid arguments both for and against, but as time went on the "evidence" (at least in my mind) pointed only to the positive. So I am just curious if anyone has any reasonable logic as to why we won't reval. I guess reading junk on other forums is what brings up this question.

Thanx
John