Thread: Iraqi/Dinar News before 3-12-2007 7:45PM CentralTimeZone

Iraqi News

Sunday, March 11, 2007
(MENAFN) The Director of International Protection at the UN said that the United Nations Higher Commissioners for Refugees (UNHCR) started a one-week mission to Syria, Lebanon and Jordan to support Iraqi refugees settled in those countries before April conference in Geneva on displacement in Iraq, Al Jazeera reported. The mission aims to strengthen the UNHCR 's protection and assistance programs for the over 2 million displaced Iraqis in and out of Iraq and make sure that those refugees receive international protections, in addition to the availability of assistance and resettlement programs particularly to the most vulnerable, stated he.

TNT

Foreign Office helped set up Iraqi oil deals
By Tim Webb
11 March 2007 (The Independent)

Foreign Office helped set up Iraqi oil deals | Iraq Updates

The British Government intervened to help UK and US energy giants in their attempts to secure lucrative contracts to exploit Iraq's ruined oilfields.

The Foreign Office delivered a report by the International Tax and Investment Center (ITIC) - a Washington-based think-tank backed by a host of multinationals, including oil companies such as Shell and BP - to Iraqi officials in Baghdad, it has emerged.

The British ambassador to Iraq formally sent the "road-map" study on the Iraqi oil industry to the then Iraqi minister of finance, according to documents seen by The Independent on Sunday. The study recommended the Iraqi government sign long-term production-sharing agreements with foreign oil companies.

Emails between civil servants also showed that the Foreign Office helped the ITIC secure an audience with senior officials from the Iraqi Oil Ministry so that it could present its report.

The ITIC hosted a conference in Beirut in January 2005 to give a formal presentation to Iraqi ministers. Executives from BP, Shell, ChevronTexaco, the Italian oil company ENI and its French rival Total attended.

A diplomat from the Foreign Office, who helped the ITIC further its relationship with the Iraqis, was also present.

The story of the envoys' involvement was revealed on Friday night by the Arab broadcaster Al-Jazeera as part of its People and Power documentary series.

Greg Muttitt, the co-director of the campaign group Platform, said: "There is no question that the British Government is exploiting its position as an occupation power to push its own oil interests and those of multinational companies."

Kim Howells, a Foreign Office minister, told the Al-Jazeera programme that the accusation that the British government was influencing Iraq's oil industry was "paranoia gone completely loopy".

Separately, the IoS has learnt that the ITIC is planning another key conference to be attended by oil company executives and senior Iraqi government figures.

They will discuss in greater detail the tax regime that will accompany the long-awaited hydrocarbon law, which should be approved by the Iraqi parliament

Who has the INK for the rubber stamp?
Maybe we should send some? Maybe they lost the stamp?

TNT

Number of banks 10 -----
Auction price selling dinar / US $ 1279 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 45.395.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 45.395.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooood Morning RolClub


"The More They Take, The More We Make".


1. 0 Dinar rate change today, it was 1279, it is now 1279

2. A (net) worth of dinars, IQD - 58,060,205,000 pulled out of circulation on today. (3/11/07)

3. 10 banks participating today

4. 99th auction since the beginning of CBI's reval plan

5. 162 days into the CBI's reval plan.

6. 6,466,398,340,000 dinars pulled from circulation !!

7. "0" Dinars back into circulation today

8. 198 dinar change since Oct 1st (baseline was 1477) 13.405% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 0 point reduction in the rate so far this week. Was at 1279 at the end of last week, 1279 so far this week.

10. 1 point drop in the month of Mar. Ended at 1280 in Feb, now stands at 1279.
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.

Gooooooooooooood Evening RolClub


Does a biz friend I know located in nearby or next to Iraq, getting to pay a fluctuating price of around $715 to $725 for every million NID over the Bank counter means anything so far???

I wonder... and its a cash purchase for cash in return!!!

11 Mar 2007
Byblos Bank plans Iraq expansion from Kurdish North

Byblos Bank, Lebanon’s third-largest lender, will open a branch in Iraq next month using the safety of the Kurdish north as a platform for expansion into a country that holds 10% of the world’s oil reserves.

“Iraq is very important, there is huge potential there,’’ chairman Francois Bassil, 72, said in an interview in his office in Beirut March 6. Byblos will open its branch in Arbil, capital of the Kurdish region of northern Iraq, because it’s more secure than other parts of the country, he said.

Baghdad is the focus of a security crackdown that began last month involving additional U.S. and Iraqi personnel to combat a growing insurgency and stop a full-scale civil war between majority Shiite and minority Sunni Muslims. The Kurdish region, which follows its own constitution while remaining loyal to a national government in Baghdad, has so far avoided the worst of Iraq’s ethnic conflict.

Iraq’s minority ethnic Kurds, persecuted during Saddam Hussein’s rule, maintain a pro-US, self-governing administration for the region of more than 6 million people that borders Iran, Turkey and Syria.

Benefiting from high oil prices and foreign aid, the region’s economy is growing at more than 6 percent a year and may expand 10% or more over the next two years, according to Empire Holdings, an Iraqi property developer building offices, malls and a five-star hotel in Arbil.

The Kurdish region has “fewer security issues’’ than the rest of Iraq "and more economic activity linked to its proximity to Turkey,’’ said Monica Malik, economist for Standard Chartered Plc in Dubai, United Arab Emirates.

Byblos Bank, which has about $6.2 billion of deposits, plans to start in Iraq by financing trade and infrastructure projects. It also aims to become an intermediary for Iraqi banks trying to do business overseas, Bassil said.

A total 27 domestic banks operate in Iraq, seven of them state-owned, the Central Bank of Iraq says on its web site.

HSBC Holdings Plc, Europe’s biggest bank by market value, in 2005 said it won regulatory approval to buy 75% o Baghdad-based Dar el-Salaam Investment Bank as a means to return to Iraq for the first time since Iraq’s banks were nationalized in 1964

Originally Posted by DayDream

Voices of Iraq: Iraq-Currency

Sunday, March 11, 2007

Iraq-Currency

Demand for dollar down as new policy expected in Central Bank auction

By Dergham Mohamed Ali
Baghdad, March 11, (VOI) – Demand for the dollar was down in the Iraqi Central Bank’s daily auction on Sunday, reaching $45.395 million, compared with $54.145 million on Thursday, amid expectation of a new policy to sell dollars.
In its daily statement, the bank said it had covered all bids, which included $8.845 million in cash and $36.550 million in foreign transfers, at an exchange rate of 1,279 dinars per dollar, unchanged from Thursday.
None of the 10 banks that participated in Sunday's auction offered to sell dollars.
Abdul-Razzaq al-Abaiji, an economist, told VOI "the decline in today's demand for the dollar was due to the expectation that a new policy will be adopted by the Central Bank to raise the dollar exchange rate in upcoming sessions."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Cheers!
DayDream

Thanx DayDream...great find!

I am with ya SGS...but...is it possible they are flying the lower denominations out to the locals from the CBI? The flight would not need to come from the USA.

I know they stated it was for other reasons, but I am sure they would not just publish they are spreading lower denom's.


"D"

Originally Posted by shotgunsusie

adster, i will tell you again coz you obviously missed my post earlier, that darkside over there that reported the plane load of dinar being sent from the usa is not correct. the story indicated that the town in the anbar province needed money to back the bank and the us flew it in there. considering we are the only ones with planes in iraq operational to haul such goods it only makes sense we flew it for them from a bigger bank in baghdad out to the province. NOT ONE TIME DID IT INDICATE THE DINAR CAME FROM THE USA!!! IT SAID THE USA FLEW IT,THATS IT! BECAUSE WE HAVE THE EQUIPMENT TO DO THAT.

how everyone got the fact that the usa sent a plane load of dinar over to iraq is evidence of the mass-panic that is propagated in the chats. RE-READ THE ARTICLE!!!!

Originally Posted by ForceReK0n

I am with ya SGS...but...is it possible they are flying the lower denominations out to the locals from the CBI? The flight would not need to come from the USA.

I know they stated it was for other reasons, but I am sure they would not just publish they are spreading lower denom's.


"D"

Abster??????????????????? Never mind I dont want to ruffle any feathers.

Translation:

--------------------------------------------------------------------------------

Here it is:

Press conference from The Central Bank Of Iraq re-inflation & financial politics

The Central Bank Of Iraq is continuing since Autumn of 2006 its financial politics to lower inflation and encourage the retail power for the Iraqi dinar. This type of politics will help financial stability and will hasten economical growth and helps its continuation. Two main signs have been taken on by this finacial policy to help reach its goals: To raise the change value of the Iraqi Dinar and to increase the interest rate of the Central Bank of Iraq.
The Central Bank of Iraq has assured that its activities in fulfilling its policy will take few months until there is an evidence in the direction of the inflation and its routes. There will be consideration to the conditions of pricing which get affected by temporary activities which happen every now and then and which result in increasing inflation specially caused by the flactuation of prices of fuel,transportation & communication, in addtion to the changeable of normal divisions in some of the sectors in the economics of Iraq.
It should not be ignored that the main inflation has shown some positive signs due the direct and indirect
causes in the main application of activities within the frame of the current economical policy.
The Central Bank of Iraq will work hard to lower inflation and face its directions and its causes to raise the value of the Iraqi dinar and its interest rate, until such a time when inflation will take its route downwards
which will help the whole economical stability and maintain the general growth of the economics of Iraqi.

The Central Bank of Iraq
Baghdad
March 11,2007
http://www.cbiraq.org/News_cbi2.pdf

Originally Posted by Hillbilly Deluxe

Abster??????????????????? Never mind I dont want to ruffle any feathers.

Don't worry! It takes an AWEFUL lot to ruffle those two's feathers!