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

Future Looks Good for Iraqi Banks and Monetary Wire Transfers
By Mohammed Aliwi
Gulf Region South
US Army Corps of Engineers



Wayne Robertson, standing, and Nicholas Ash discuss the next round of electronic fund transfers to Iraqi contractors working with the Army Corps of Engineers.

(ARMY PHOTO BY JAMES BULLINGER)

DHI QAR, Iraq -- Banks all over the world use a specific process to transfer money from one place to another in accordance with accepted international electronic fund transfer (EFT) systems.

Before the fall of Saddam Hussein, Iraqi banks would wire-transfer money to and from the Central Bank of Iraq and use government checks, issue and guaranteed by that bank, to help customers get access to their money when outside of Iraq, according to a bank manager who did not want to be identified.

After the liberation, banking operations halted abruptly and lost their money because of looting and robbery, she said.

Currently, Iraq’s two main banks, Rafidain Bank and Al Rasheed Bank, are accredited by many countries, have good records dealing with the government check system and wire transfers, but at the moment aren’t dealing with electronic transfers because of technical problems.

Due to the difficulties with electronic transfers, the U.S. Army Corps of Engineers, Gulf Region Division has been forced to use other methods to pay its employees. The Corps’ financial specialists went to work and came up with a plan to solve the problem.

Nicholas R. Ash, the manager of the Resource Management Section at Gulf Region South (GRS) District, said, “Normally, electronic funds transfer is a bank to bank transaction. The banking systems in Iraq are not on par with the rest of the world."

"But that should not be a surprise to anyone. What is important is how the system is developing," he said.

"Some 18 months ago, it was extremely hard to convince contractors to accept anything except cash and they had valid reasons.”

Previously, when the Corps paid its contractors, cash was given upon the delivery of the completed project.

By using cash, they started encouraging the contractors to open accounts in the accredited Iraqi banks – accredited by banks that can transfer money from America to Iraq by wire service.

The Corps has sent the contractors a list of such Iraqi banks, approved by the Minister of Finance, to ensure the money is safely and securely transferred.

“Now, the situation is different," Ash explained, "The Iraqi banking system is improving and as confidence increases, we are seeing more and more contractors take advantage of the EFT system.

"We have a way to go, but it is improving at a very fast rate. Next year, we will look back on this month as another leap forward," he said.

"Contractors who are paid by EFT reap the benefits of safety, convenience and security.

The contractor does not have to drive hundreds of miles carrying very large amounts of money.

"The contractor can focus on what he does best, and that is rebuilding Iraq” he added.

2-2-2/Banking

According to Wayne P. Robertson, program analyst in the Resource Management at GRS, the U.S. Army Corps of Engineers forwards the EFT information to the United Finance Center for input into the COE Financial Management Systems (CEFMS).

"I monitor the payments through CEFMS and do tracers on the payments if the contractor has not received the payment from the Iraqi bank within three weeks after the EFT has been sent,” Robertson said.

H. Salman, a contractor from Missan Province, said, “It is unsafe for me as a contractor to travel from one province to another with all the dangers of the roads to receive payments in cash."

"Maybe a terrorist will attack me and have my head and my money too. So it is easier and safer to me to have my money through wires.” Salman said.

There are many Iraqi professional bankers working hard to help the contractors get their payments correctly and on time.

Baghdad Bank Deputy Manager Layla Adnan Yahia said, “Our bank dealt with the electronic funds transactions before and we are still dealing with that."

"We have two credentialed correspondent banks outside Iraq, the Housing Bank of Trade and Finance and the National Bank of Kuwait.

"Those banks receive the funds from the Bank of America and transfer it to us. We appreciate the help of the U.S. Army Corps of Engineers to refresh this process again in our country,” she said.



Gulf Region Division

U.S. Soldier Death Toll Declines in Iraq
By Robert Burns
AP Military Writer

August 25, 2006


CBNNews.com – WASHINGTON (AP) - The death toll among National Guard and Reserve troops in Iraq has plunged this year as citizen soldiers play a smaller combat role against an insurgency that increasingly targets Iraqis.

Thus far in August, five members of the Guard and Reserve have died in Iraq, compared with 44 at this point in August 2005, the deadliest month of the war for the Guard and Reserve.

The number of Guard and Reserve deaths for the year totals 54 - less than one-third the 189 recorded at this point last year. In the comparable period in 2004, the death toll was 92, according to Defense Department casualty records.

The death count for all U.S. forces in Iraq - both active and reserve - has slid from an average of a little over two per day last year to a little under two per day so far this year. The insurgents continue to target U.S. troops, but the worst violence this year has been aimed at Iraqis in what some say amounts to civil war.

The main reason for the decline in reservist deaths is that fewer are being sent to Iraq. They comprise a little under 20 percent of the 138,000 U.S. troops now there, compared with about 40 percent last year.

Also, the number of National Guard combat brigades in Iraq has dropped from five to one. What's more, U.S. commanders about a year ago adjusted the mission of the Guard combat forces in Iraq from focusing mainly on fighting the insurgency to providing "theater security" - securing major highways and bases.

Today that is the main role of the only Guard combat brigade in Iraq, the Minnesota Army National Guard's 34th Infantry, whose soldiers also are working in south-central Iraqi to help develop water resources.

Although troop rotation plans are a bit unsettled due to the continuing high level of sectarian violence in Baghdad, the Army may stop using brigade-sized Guard units in Iraq next year.

Col. David Elicerio, 48, commander of the Minnesota Guard brigade in Iraq, said he was told when his unit left the United States several months ago that his would be the last Guard brigade to be mobilized for Iraq duty "for the foreseeable future." That plan could change, he noted, as the security situation changes.

Gen. Peter Pace, chairman of the Joint Chiefs of Staff, told troops during a visit to Iraq earlier this month that Guardsmen carried a bigger share of the combat load last year so that active-duty units - like the 101st Airborne Division and 4th Infantry Division currently serving in Iraq - had time at their home bases to undergo a top-to-bottom reorganization increasing the size of each division from three to four brigades.

Now that most active-duty divisions have completed those reorganizations, there is less need for Guard combat forces in Iraq, Pace said, although some Guard units will continue to pull Iraq duty.

The Marines, on the other hand, have found themselves with a shortfall of reservists willing to volunteer for Iraq duty. This week they announced plans to involuntarily recall up to 2,500 members of the Individual Ready Reserve in coming months. Those are Marines who completed an enlistment term on active duty and returned to civilian life with a number of years remaining on their eight-year service obligation.

The Marine Corps Reserves have seen a sharp decline in their death toll in Iraq. Their worst month was August 2005, when 22 were killed - all in Anbar province, a hotbed of insurgent activity west of Baghdad. Since the start of 2006 they have had only five deaths - one in June, one in July and three so far this month.

More broadly, members of the National Guard and Reserve are being called to active duty less often for duty in Iraq and Afghanistan. This week there are 111,964 on active duty, which is 83 fewer than last week, according to Defense Department figures. At this time last year, the number was 145,097 and two years ago it was 161,646.

Associated Press writer Rebecca Santana in Iraq contributed to this report.

© 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


http://www.cbn.com/cbnnews/world/060825e_wire.aspx

Pleeeeeeeeeeeeeeease Cigarman. Come pay us a visit. Just a hi will do so we all know you are OK. Surely you don't want all the dinar girls on anti-depressants.

Hey All

This is a long article. You may want to go and read it. According to this article looks like there may still be a while to go. And it seems that the investment law has not been passed yet.



Oil majors maneuver for prime position in Iraq

Wed Aug 23, 2006


http://today.reuters.com/news/articl...INVESTMENT.xml


"LONDON (Reuters) - The world's top oil companies are maneuvering intently to win a stake in their oilfield of choice when Iraq finally opens to multibillion dollar investment.

From a safe distance, multinationals are poring over data from Iraq's most promising oilfields and some of its older workhorses to gain the edge when the bidding begins.

Iraqi Oil Minister Hussain al-Shahristani has signaled the race for oilfield deals worth $20 billion could start this autumn. But oil men, noting a lack of security and investment law, are under no illusion that drilling is imminent."



"The past three years have not been wasted," said an executive at an oil major. "But we won't put our money on the table and our people on the ground until we see more clarity on investment and a vast improvement in security."

"Those scouring the globe for oil are willing to wait patiently for an opportunity in Iraq, home to 115 billion barrels of proven reserves. Each company is out for itself, but alliances are expected to emerge.


"Most likely there will be consortia chosen to take care of the big oilfields," said Shamkhi Faraj, Director General of Marketing and Economics.

"And the majors, because of their expertise and investment capability, stand a better chance of leading some of them."

Iraq's oil minister is hell-bent on moving swiftly to lure foreign cash to rebuild and power the country's economy.

A meeting of the Organization of the Petroleum Exporting Countries in Vienna on September 11 will provide a venue for further discussions, but a major breakthrough is not expected.

"Shahristani may elaborate on our position, but we can't do serious business," said a veteran Iraqi technocrat. "There's no law and order and we're still working on an investment law."


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Ok another rumour alert from another forum! Here it is!


"Sept. 2, for what it's worth...

I was on the "Dr. Q & Friends" phone call last night and after most of the folks hung up there was a guy still on the line that said his source out of Iraq told him the dinar would peg Sept. 2 at 28 cents. Don't shoot me, I'm just telling ya what I heard.

During the call, the company guy said that one of their customers that buys from them works for BoA. He said that BoA has put pictures of Iraqi dinar in their training books and are teaching the bank staff about the dinar security features."

Morning all,

Just been having a read through the forums, pm'ing certain clued up individuals and reading the psots here. The general consensus is very positive as to where we are. With security improving, the national reconciliation also working, deals being made between Shiites and Sunnis we're closer than ever. September, I feel we will be a lot wealthier.

Have a read of the below, sound slike they're gearing up for international trade. What does international trade involve? A fully convertible currency and a r/v'd dinar.



Wednesday, August 23, 2006 Free trade area to be set up at Al-Basra airport - Iraq
(MENAFN) New free trade area to be established at the Al-Basra international airport, according to the Al-Basra Governorate Board, Portal Iraq reported. The Chairman of the Rebuilding and Development Committee of the Board pointed out 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.

(Voice of Iraq) - 26-08-2006 shall Sent this topic friend

Today the first conference of national reconciliation
Of Santa Mikhail
Baghdad - (Voices of Iraq)
Will be held at the hall of Babylon Hotel in Baghdad at noon today, Saturday, the Iraqi clans national reconciliation, One of the four conferences scheduled in the reconciliation which had been announced by the Prime Minister Nouri - Maliki in May last year.
Sources in the Supreme National Reconciliation News Agency (Voices of Iraq) to the independent elders and heads of clans from various parts of Iraq, including clan elders residing in Oman will be participating in this conference.
Sources from the top of reconciliation was estimated last week that the number of clans will participate in the conference including Itrawah between (500 to 700) clan. each represents one person only.
It was supposed to take place (the tribes) last Saturday. It was postponed without mentioning the reasons, However, sources said that the reason for the postponement is due to the date coincided with the commemoration of the anniversary of Imam Musa Kazim in Baghdad last week.

Sotaliraq.com

Good find, have seen this a while back. You'd think Iraq will at the very least be back to Saudis rate at .27.

Fil, Prior approval in the House of Representatives

During the past few days, seminars and meetings attended by specialists and researchers economists, businessmen and businesswomen, experts, academics and members of the House of Representatives discussed the whole items of the draft Investment Law to the parliament for ratification


Translated version of http://h...n/