Thread: Archive News - Iraqi Dinar Think Tank - 01/10/09 - 27/03/10

where is Seaview with her thoughts on the loping of the ZEROES as well as this RUMOR?if this rumor is true,i'm glad i still got my dinars in a safe place....GO DINARS...Pat

Originally Posted by MBuff

One of the largest currency dealers in the country is contacting their largest customers that have Warka and other electronic accounts, to pull their funds out immediately.

This is what is being emailed to only a few of the biggest electronic account holding clients:

I don’t normally spread rumors and our past history speaks to that. That said, I just got off the phone with one of the largest currency exchange companies in the Middle East--this is where we purchase our currency from. While talking with the owner of the company, he brought up Warka Bank (very popular among Iraqi Dinar investors) and electronic accounts supposedly holding Iraqi Dinar in the Middle East. The owner and I haven't discussed these electronic accounts or banks in years. He wanted to make sure I hadn't invested in any of those accounts. I had asked him to investigate the electronic account operation and the people involved several years ago when we ware asked to steer customers to these accounts. We declined because of the apparent lack of security for the funds--no FDIC, no oversight. Anyway, I asked him why he was asking me if I had money in this particular bank in Iraq. This is what I was told by him:

Some of the top people at the bank took off with much of the money in the bank---most of the money is gone. This occurred a couple of months ago.

However, there is still some money at the bank, and people are still there covering for the loss/theft.

My source obtained this information through conversations in Jordan while trading currency. He said his information came from several sources over a period of time---most recently 10 days ago (January 19th, 2010).

Perhaps this is a false rumor, but I don’t think so--it seems like it was inevitable. Unfortunately, there is no real way to know exactly what the bank has and if anything has happened to the funds. I don't think there is any credible banking oversight organization to go to in Iraq to find out what the real status of the funds are.

I have relayed exactly what was relayed to me. I can’t verify what I was told; it only qualifies as a rumor or hearsay. I’m not putting this info on our website or mass emailing it. I may take some criticism for passing this along---but I would want to know about this rumor if I held an electronic account.

Take this for what it is worth and please protect yourself---these accounts are not insured or legitimately governed by anyone.

Interesting,

I had heard same rumor from my Kurdistan associate, but he said it was not yet substantiated, so who knows, scary to think it is true, but as we all know, anything is possible in Iraq. lol

Success to all, Mike

Originally Posted by bigopie

where is Seaview with her thoughts on the loping of the ZEROES as well as this RUMOR?if this rumor is true,i'm glad i still got my dinars in a safe place....GO DINARS...Pat

The lopping article was reported in three newspapers in the Kurdistan region of Iraq. I have always diversified and have always suggested this, in my opinion, is the best hedge. However, a lop article always comes out every now and then and as always, I suggest we wait and see. There maybe a glut to come or this may just be another speculative article. However, Mohamed Saleh is Chief Advisor at the CBI to Sinan Al-Shabibi. So we wait. Nothing will happen before the elections and maybe not for sometime after anyway.

As for the rumour. What a load of old cobblers. Note - comes from a "currency Dealer". It isn't too much of a stretch to know which one.

I could go into further detail, but at this point, I will wait to see if McBuff has the nerve to post more on this rubbish that he has been spreading around forums.

Then I will be happy to add clarity to reality. I hope, though, that this dies the peaceful death it deserves.

UN pays out $674.2 million from Iraqi oil fund

The U.N. panel overseeing compensation for victims of Iraq's 1990 Kuwait invasion said Thursday it has paid $674.2 million from Iraqi oil funds to cover losses from the war.

The U.N. Compensation Commission said the money would go to five private corporations and five government or international bodies. It did not disclose the identities of the claimants.

The commission, made up of the 15 U.N. Security Council member countries, has so far paid out nearly $29 billion. Another $23.5 billion is earmarked to go to nine more unidentified claimants.

Money to pay the claims comes from Iraqi oil sales.

Until the U.S.-led invasion of Iraq that toppled Saddam Hussein in 2003, the commission received 25 percent of the proceeds from the U.N. oil-for-food program, which allowed the former Iraqi regime to sell oil and buy food, medicine and other humanitarian goods despite international sanctions.

Since the invasion, the amount the commission receives from Iraqi oil exports has been reduced to 5 percent.

In 2008, the commission asked member nations to help it recover more than $80 million in overpayments made to several thousand claimants.

http://www.businessweek.com/ap/finan.../D9DGLRH00.htm

Shahristani: our study of the global oil market has made us step back for a third round of the licenses

Oil Minister Hussain al-Shahristani said the ministry was in the process announced a third round of licensing, but the case study of the world oil market and bear market for larger quantities of crude oil accounts for the future, the ministry has declined the idea.

Shahristani said during a meeting with the President and members of the Center for Economic Information Agency, was attended by the independent press (Iba) that the aim of the ministry through two rounds of licensing not only increase production but to preserve the balance of the global market to ensure the marketing outlets and fair prices for oil in addition to that the increase should be commensurate with the capabilities of Iraq's export through the local ports, pipelines, all of this has prevented a third round of licensing.

He noted that the pattern of the contracts signed by Iraq with international companies is a service contract prices are more than perfect, and precedent in the oil industry in addition to the short period of time to complete the work within 6 years, a record time for this scale of development.

According to al-Shahristani said the total volume of production of the fields during the two rounds of 11 licenses will مليون and 300 thousand barrels almost added to the existing production rates essentially in isolation from the development processes handled by the ministry, which will include the fields did not fall within the tour, which will make the total production exceeding 12 million barrels, much in the past six future.

He pointed out that this increase will come in parallel with the global increase of energy demand and depletion of some of the reserves of many countries in the world, as producers often stretch the reconstruction of its oil fields to 30 years on average, which makes many of them back on production.

With regard to the role of media in the economic arena, the media, "Shahristani said that the need to phase requires upgrading flags to be in line with the economic changes and the level of media interest in the event by expressing specialized economic ministry's readiness to support the training of journalists on the economic aspect, particularly with regard to the economic information of oil.

It was agreed to hold joint training sessions for the media between the Ministry and the Center.

http://www.ipairaq.com/index.php?nam...onomy&id=20614

Cabinet approves free-trade zone with Jordan

The Iraqi government decided to approve the bill of the free-trade zone agreement with Jordan and to sent it to the parliament for the final approval, according to the government’s spokesman.

“The decision comes to strengthen relations between the two countries,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release on Friday received by Aswat al-Iraq news agency.

He said that the zone will help achieving an economic integration between Iraq and Jordan.

http://en.aswataliraq.info/?p=126097

Iraq’s oil production to hit 10m bpd by 2020 – BP

Britain’s giant British Petroleum (BP) expected on Thursday that Iraq’s oil production would hit 10 million barrels per day by the year 2020.

“We, however, have cautious optimism about the role Iraq can play in providing a new resource of supplies on the oil market,” BP chief Tony Howard said during the World Economic Forum (WEF), currently in session in the Swiss resort city of Davos.

Howard referred to plans to up the production of al-Rumaila oilfield from one million to three millions bpd.

http://en.aswataliraq.info/?p=126076

CBI sells $626 million this week

The Central Bank of Iraq (CBI) dollar sales this week reached $626.489 million.

“The demand hit $24.900 million in cash this week, covered at exchange rate of 1,183 Iraqi dinars per dollar, and $601.589 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the banks that participated in this week’s session offered to sell dollars.

http://en.aswataliraq.info/?p=126095

Halfaya oilfield development works start next month – official

Foreign companies that won a contract to develop al-Halfaya oilfield will start working in February, according to a local official in Missan province on Saturday.

“The CNPC, Total and Petronas companies will start upgrading the Halfaya oilfield, (25 km) east of al-Amara city in February,” Amer Nasrallah, the chairman of the Missan Provincial Council’s energy committee, told Aswat al-Iraq news agency.

“A delegation led by the director general of the Chinese Oil Company, who is in charge of Iraq oil contracts, had paid a field visit to Halfaya within preparations to start developing the oilfield,” said Nasrallah.

He said the provincial council and the Missan Oil Company have expressed full readiness to cooperate with the three foreign firms and provide logistical support and security so as to make their job easier in the oilfield.
“The estimated reserve of Halfaya is 16 billion out of a total 30 billion barrels, which is the overall reserves of oilfields in Missan,” he added.

The Iraqi oil ministry had signed in Baghdad on Wednesday a final contract with a consortium comprising China’s CNPC, France’s Total and Malaysia’s Petronas to rehabilitate the Halfaya oilfield in Missan as part of the second round of oil licenses.

http://en.aswataliraq.info/?p=126126

Establishment of the largest tourist hotel in Baghdad

Investment Authority, Baghdad

Governor of Baghdad, lays the foundation stone for the most luxurious hotel in the capital will create a five-star tourist hotel in Baghdad ..

Governor of Baghdad, said during his speech on this occasion the Baghdad government's keenness to be a local Baghdad is a city advanced in everything, saying work hard to improve the physical level to Baghdad in order to be Bmsaf the capitals of the developed countries because Baghdad no less important as the rest of the capitals of the States ..

As for the hotel is in the form of speculative towers at a cost of up to One hundred and fifty million dollars The duration of completion 30 months This project aims to fill part of the shortcomings experienced by Baghdad from luxury hotels and contributes to the development of tourist activity which provides excellent service to tourists and visitors to the city of Baghdad, which ultimately leads to increased movement of businessmen and company owners and activating the role of tourism in Iraq is that the investment project projects developed and the highest standard and will include a 26-storey hotel set in the light of the results of laboratory tests for soil site to be established by the hotel and also includes 550 rooms Will be the adoption of modern technological methods in the building ready for the implementation of this project and the creation of such an investment project is the station to attract and attract foreign capital and local communities for the purpose of establishing tourism projects or other benefits of the economic benefit, social and humanitarian on the children of beloved Baghdad, has asked Mr. Shakir Aziz, Chief Investment Authority Baghdad Speaking at the ceremony to lay the foundation stone of the Ministries of Health and Industry in collaboration with the Organization for the purpose of offering investment opportunities in accordance with the Investment Law No. 13 Of 2006 It is worth mentioning that the company is e.xecuting the project is a threshold while the investing company, a company resort Iraq and leave granted by the investment earlier.

http://translate.google.com/translat...72&sl=ar&tl=en