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

Baghdad, 17 August (AKI) - Corruption within the Iraqi bureaucracy has amounted to the disappearance of 7.5 billion dollars over the last two years, according to the state-appointed Commission for Integrity's president Radi al-Radic. He also said that several former cabinet ministers and top bureaucrats have been summoned to appear before the commission in connection with the missing funds.

Former electricity minister, Ayham al-Samarrai e Abd al-Muhsin Shallash, former transport minister, Luway al-Ars, former welfare minister, Layla Abd al-Latif, and former defence minister, Hazim al-Shaalan, were among those requested to appear before the commission.

Radi said that the commission would also ask that parliamentary immunity be lifted on the leader of the Reconciliation and Freedom group's leader, Mashaan al-Jaburi, so that he could respond to "charges of corruption" filed against him.

Radi also said that he and other commission members have "received threats" and that 21 commission employees have been killed since the anti-graft body was created in 2004.

Jakarta, 14 August (AKI/Jakarta Post) - Oil and gas will still dominate the world's energy use for the next 20 years, with nuclear energy forming the strongest potential alternative energy source within that timeframe, the president of the US-based multinational General Electric's Oil ad Gas arm, Claudi Santiago, told the Jakarta Post in an interview. The company recently signed a contract to supply turbo compressors for energy firm Total E&P Indonesie, reflecting the company's "robust business prospects" in Indonesia, Santiago said. Total will use the machines in its liquefied natural gas (LNG) project in Tunu, East Kalimantan.

GE is a widely diversified multinational company. What sectors it is growing well? I'd say most growth is in the infrastructure segment. This includes infrastructure businesses like aircraft engines, locomotives, power generation and oil and gas, which are growing the most rapidly. Businesses that are related more to end-consumers; plastics, appliances, lighting, are growing more slowly than those I've just mentioned.

But overall, our company is enjoying 9 to 10 percent organic growth that for a company of our size, which is worth 160 billion dollars, is a significant rate. We expect such growth will continue for the next two to three years.

What about in Indonesia? In Indonesia, we have a combination of businesses that are growing very rapidly. One is GE Money, which is in the consumer-lending business, and another is infrastructure businesses, which I run and include oil and gas.

In the oil and gas sector, we're participating in very important projects. For example, the liquefied natural gas Tangguh project (in Papua), to which we provide gas turbines and compressor equipment. Then there is the Tunu project and the Cepu project, in which we believe that with our technology, we can also participate with Exxon Mobil.

So Indonesia is a very important market for us. We've been here for the last 20 years. We believe that we can continue to help the local economy.

We're also excited to be here at this time when the country is undergoing a transformation, not only economically but also politically and socially.

What about the contract with Total? It is very, very important for us. We're going to provide eight turbo compressors for this specific project. The machines that we will provide are at the core of the plant. We have a very deep partnership with our customers - Total, Pertamina and the national authorities in the country.

So for us, it is a big milestone for our presence here. It will allow us in the future to get other contracts, such as maintenance contracts, as well as efficiency improvements for the next 20 to 30 years.

What is your plan in Indonesia for the next few years? There are several kinds of investments that we're involved in. One is transferring know-how, knowledge and technology to local society. By that, we mean we provide education - training to local engineers, who ultimately will be operating the machines to be installed in Tangguh, Tunu and Cepu. All of these machines require very sophisticated people with broad and deep technology skills.

There is also the possibility for us to provide routine maintenance and repairs for the machines. That means local service shops and local engineers will be providing the services to maintain, repair and extend the life-cycles of these machines. We are hiring local people and creating good jobs to support our business.

17 August 2006


BAGHDAD - Iraq said on Thursday that a draft 2007 budget of around $39 billion had been delivered to the cabinet for review, prior to final parliamentary approval.

“The budget is about $39 billion. Today it is presented for the first time to the cabinet. It will discussed by the economic committee and in its final shape it will be presented to the parliament, to be approved or amended,” government spokesman Ali Al Dabagh told a news conference.

The 2007 draft compares with a 2006 budget of $34 billion.

The new Shia-led government of Prime Minister Nuri Al Maliki has promised to strengthen the economy to ease poverty and unemployment, which officials blame for boosting the ranks of a bloody insurgency aimed at toppling the US-backed government.

Tabling a comprehensive budget in parliament before the end of its summer recess represents a considerable improvement on last year, when the 2006 budget was not approved by lawmakers until early December, 2005.

“It has been prepared professionally and in a good way. Unlike the budget of 2006,” Dabagh said.

He gave no details about how much borrowing, if any, would be included in the government’s 2007 fiscal plans. Iraq earned around $24 billion in 2005, mostly from oil exports, and Finance Minister Bayan Jabor told Reuters earlier this month he expects a deficit of some $5 billion in 2006.

17 August 2006 (PortAl Iraq)

The Al-Basra Governorate Board decided to establish a free trade area at the Al-Basra international airport.

The Chairman of the Rebuilding and Development Committee of the Board said that the establishment of the free trade area will cost $40 million.

The area will include hotels, markets, trade offices, importing and exporting companies and currency exchange companies.

Posted by: nadioshka on Thursday, August 17, 2006 - 09:36 PM

The dollar exchange rate also moved higher to 1,477 dinars from 1,476 dinars, the central bank said in its daily statement.
Iraqi banks offered to sell dollars at 1,475 dinars and the central bank bought $2.850 million in the auction.
The central bank covered all dollar bids at $24.895 million in cash and $24.250 million in foreign transfers, the biggest amount transferred in a single day for several months.
Ali al-Yassery, owner of an exchange office, told the independent news agency Voices of Iraq (VOI) the local banks were offering to sell dollars to the central bank to cover demand for local liquidity as the bank’s monetary policy to curb inflation has led to lower money supply.

Currency Converter
Currency Converter > Results


Convert (IRR)Iraqi Dinar (IQD)U.S. Dollar (USD)
Currency Conversion Results
Symbol Iraqi Dinar Exchange
Rate U.S. Dollar Bid Ask
IQDUSD=X 1 Aug 17 0.0006773 0.0006773 0.0006773 0.0006796




Yahoo Finance is where this is from.

I don't understand what your trying to say Allstar. Please elaborate.

Originally Posted by cigarman

I don't understand what your trying to say Allstar. Please elaborate.

I THINK Allstar is trying to say that the dinar is on YAHOO! Whooohoooo! Just pulling your leg...Welcome Allstar, to the Dinar Gang! ....And YES! It's fantastic! The more "legit" places that it's listed the better for us!

Soooooo Cigarman....how's your gut feeling tonight? lol! Are you still "Feeling" August?......because the latest "rumor" on IIF is September 2,3 or 4......Have I told you lately that I like your gut?

Yea, my gut's still telling me August.LOL. I saw that rumor also and I'm surprised Adster hasn't brought it up yet. I like my gut too, it's bought and payed for 12 oz. at a time.LOL. I think it's going to get real interesting soooon. Goodness I just had a flash back with PIPS.LOL