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

Hi,

Why would a trader in the US know more than the rest of us, I assume that "soon" could be any time from tomorrow till the end of the year.

The CBI now shows the dinar for ask and bid, it might have been there and I haven't noticed it. I usually don't check the site and I haven't noticed it before. Anyhow, let me know.

It is so quiet in here.
Maybe this will give us something to talk about.



Deputy Minister of Finance facing Criminal Charges


Translated version of http://www.alsabaah.com/ =ar%7Cen&hl=en&ie=UTF8

Iraq : Turning senior officials in the Ministry of Finance to the Judiciary

Baghdad-morning
Said the carp Spokesman Mr. Chief integrity to achieve the integrity of securities referred special investigative case of the Ministry of Finance to pay the backdrop of company funds Nur morning contracting with the MIC dissolved before the fall of the value of the Principles 5, 5 million, and pointed out that the carp defendants in the case were the Deputy Minister of Finance and general manager of accounting and assistant general manager of accounting and the decision purely financial benefits to the private sector

He added that the accused was arrested on charges of wasting public money they have spent this decade despite the benefits of being presented with a contract (45) another similar in content.

He stressed that the latest actions taken by the body integrity is the presence of the Director-General of the Legal Service in the Ministry of Finance and legal representative for the purpose of filing their claims and that the integrity awaiting permission op accused for the purpose of referral to the court, fetching the newspaper Decree regulating the Immigration in the same case.

SHEIKH OF DELEEM TRIBE : WE'LL REUNIT IRAQ

Baghdad, Aug.16 p.2
Tribes of Anbar province has fought yesterday a battle against terrorists to dismiss them and not allowing them to make these tribes a start point to their acts.




Mared Hasoon , member of preparatory committee of tribes' conference , said that this stand shows people of Anbar insistence of fighting terror , and acting towards it through al-Maliki project.
He added that tribes' leaders started rejecting the usage of tribes as incubator of terror as it will be showed by 700 tribes' leaders in tribes' conference.
Special sources informed al-Sabah that tribes have decided to unify their stands against terrorist and those tribes' members have fought a battle in which they defeated terrorists and killed some of them.
Al- Hasoon showed that he has received a phone call from sheikh al- Suliman , head of Deleem tribes in which he confirmed his happiness to participate in the conference to reunited Iraq

Originally Posted by abbey56

Hi,

Just out of interest, who will actually announce the revaluation when it happens???.

The Bush/Blair hating liberal media will never cover this story.

Originally Posted by a-team

It is so quiet in here.
Maybe this will give us something to talk about.



Deputy Minister of Finance facing Criminal Charges


Translated version of http://www.alsabaah.com/ =ar%7Cen&hl=en&ie=UTF8

Iraq : Turning senior officials in the Ministry of Finance to the Judiciary

Baghdad-morning
Said the carp Spokesman Mr. Chief integrity to achieve the integrity of securities referred special investigative case of the Ministry of Finance to pay the backdrop of company funds Nur morning contracting with the MIC dissolved before the fall of the value of the Principles 5, 5 million, and pointed out that the carp defendants in the case were the Deputy Minister of Finance and general manager of accounting and assistant general manager of accounting and the decision purely financial benefits to the private sector

He added that the accused was arrested on charges of wasting public money they have spent this decade despite the benefits of being presented with a contract (45) another similar in content.

He stressed that the latest actions taken by the body integrity is the presence of the Director-General of the Legal Service in the Ministry of Finance and legal representative for the purpose of filing their claims and that the integrity awaiting permission op accused for the purpose of referral to the court, fetching the newspaper Decree regulating the Immigration in the same case.

Interesting,

Fraud is always an issue in politics, and it is not much difference than in U.S. as it is in Iraq. LOL Sadly, there are thieves everywhere, and this is good to see it is being weeded out in Iraq. I would think this is enough reason to oust Minister of Finance without too much hassle, especially when he made the most stupid remarks of his short tenure.

Good luck to all, Mike

danny don't worry about that the noise here will be daafening.
nee Diars ? My contact now has Warka banck account Available of Electronic service to hurry along withdrawals and payment. Just Pm me for the info.

Bush Frustrated with Iraq


"President George W. Bush made clear in a private meeting this week that he was concerned about the lack of progress in Iraq and frustrated that the new Iraqi government -- and the Iraqi people -- had not shown greater public support for the American mission, participants in the meeting said Tuesday," reports The New York Times. "Those who attended a Monday lunch at the Pentagon that included the president's war cabinet and several outside experts said Bush carefully avoided expressing a clear personal view of the new prime minister of Iraq, Nouri Kamal al-Maliki.
"But in what participants described as a telling line of questioning, Bush did ask each of the academic experts on Iraq for their assessment of the prime minister's effectiveness. 'I sensed a frustration with the lack of progress on the bigger picture of Iraq generally -- that we continue to lose a lot of lives, it continues to sap our budget,' said one person who attended the meeting. 'The president wants the people in Iraq to get more on board to bring success.'"
Christopher Preble, director of Cato foreign policy studies, comments: "It appears that President Bush shares a frustration felt by many Americans about the lack of meaningful progress in Iraq. Unlike the American public at large, however, the president believes that the United States must remain in Iraq indefinitely. Likewise, the president continues to argue that Iraq is the central front in the war on terror, and he expresses no misgivings about his original decision to invade and occupy the country. In contrast, clear majorities now believe that the war was not worth the costs, and most favor a timeline for removing U.S. troops. The president might be frustrated, but no more so than the American people who have paid in blood and treasure for his fatally flawed policy."

Intersting, Mike..

Well, Iraq needs a shot in the arm, or wallet rather, to let them taste (literally) a better standard of living across the board. Bush is no doubt frustrated at the snail's pace this whole economic turnaround is taking. We of course know the answer to cure Dubya's current malaise...

BAGHDAD, Aug 16 (Reuters) - If the violence in Iraq ceased tomorrow, its economy would still be in deep trouble.

Corruption is endemic, its state-owned industries inefficient and while there is plenty of money around, it has done little to help ordinary Iraqis.

Inflation has soared since the 2003 invasion, sapping the living standards of Iraqis as they cope with bombs and sectarian killings which kill 100 every day.

"The prices of everything has gone up but the salaries have stayed the same," said Nada, a 33-year old laboratory assistant who works for a branch of the health ministry on a monthly salary of 200,000 dinar ($135).

Nada, who declined to give her last name, now stays indoors as much as possible and with the latest hike in black market petrol prices, has even stopped going to work.

Dire security conditions are a root cause of the problem, according to the country's central bank chief.

"Inflation is a function of the real sector, not the monetary sector ... wages, insurance cover, the smooth delivery of goods. Security is the important factor," Sinan al-Shabibi told Reuters in a recent interview.

U.S. officers say rising sectarian bloodshed has pushed Iraq to the brink of civil war and efforts to overhaul the Iraqi economy will be in vain if stability isn't restored.

But success in restoring security demands economic policies that can help create jobs, lift living standards and ease the poverty swelling the ranks of the insurgency.

"If these other (security) actions are able to gain some traction, the attention could shift to the economy and if we had not been laying the groundwork, then very quickly it could become the focus of blame for why things were not going well," said Jeremiah Pam, U.S. Treasury Attaché to Iraq.

BANKING ON DEBT FORGIVENESS

For evidence of progress, Pam points to the debt forgiveness from Western creditors that Iraq won last year to ease its re-entry to the world financial community.

It also has the backing of the International Monetary Fund, which agreed a $685 million standby credit in December 2005 and said earlier this month that Iraq remained on the right track.

But the IMF also had some stern words about prices, spiraling by over 50 percent year-on-year, and warned that conditions risked getting worse.

"Inflation remains ... a serious source of concern. The ongoing violence and supply disruptions in the non-oil economy will undoubtedly continue to put pressure on prices," it said.

Corruption is another major problem. An audit sponsored by the United Nations last week found hundreds of millions of dollars of Iraq's oil revenue had been wrongly tallied last year or had gone missing altogether.

Business is being done, but it isn't often very productive in nature.

"There is a lot of activity in terms of trade and finance but there is not much activity in terms of production and that is not very healthy," said the central bank's Shabibi.

Despite the world's third largest oil reserves, a well- educated work force, an abundance of water and other valuable resources, Iraq's economy was in a mess even before the first bomb was dropped in the 2003 war.

A decade of sanctions after the first Gulf War compounded the shortcomings of Saddam Hussein's Baath Party economic model of heavily centralised state control.

At border crossings, officials from half a dozen ministries are involved and if an Iraqi Army unit wants fuel from the oil ministry, rather than rely on the Americans, it requires 14 signatures.

The new Shi'ite led government of Prime Minister Nuri al- Maliki wants to shake things up but faces big obstacles. It must navigate any new laws through a parliament hostile to change, which took the whole of August off as a holiday, despite the security crisis and a mountainous backlog of work.

As a result, a cabinet proposal to ease chronic fuel shortages by opening the energy sector to private imports has gone nowhere and black market petrol prices have surged.

This stokes resentment and many businesses have already closed up shop. Some carry on, but only just.

One of the businessmen to remain in Baghdad is Munem al- Khafaji, managing director of the Al-Ameen Insurance Co., who continues to insure homes and vehicles from fire and theft.

Client visits are confined to the immediate neighbourhood or relegated to the internet and telephone. But premiums have not gone up by all that much, he said.

Insuring a small family car will cost about four percent of its value a year, while shipments of goods to Baghdad from Amman can be covered for 2 dinar per 1,000 dinar (67 cents), up to a cap of $50,000. On the other hand, there are a lot of risks he won't touch, including anything to do with the current violence.

"We are very conservative in our underwriting policies and don't insure against war and terrorism. To cover these things would be a very high rate. No one could afford it," he said.