Thread: Iraq/Dinar News up until March 18th Midnight ctz

Highlights of the Noon Briefing by UN SG Spokesperson 14 Mar 2007

MEETING ON IRAQ RECONSTRUCTION TO BE HELD THIS FRIDAY

In accordance with the United Nations mandate under Security Council Resolution 1546 to assist in the reconstruction and recovery of Iraq, the Secretary-General will convene a meeting at U.N. headquarters this Friday, 16 March, to bring the Government of Iraq and the international community together to review the substantive progress made in the development of the International Compact with Iraq (ICI). His Excellency, Mr. Adel Abdul Mahdi, Vice-President of Iraq, will lead Iraq’s delegation and brief participants. All Member States and representatives of multilateral institutions have been invited to attend.

Together with the Government of Iraq, the United Nations continues to serve as co-chair of the ICI. The Secretary-General recently appointed Ibrahim Gambari to be his Special Adviser for the International Compact. He will serve as UN co-chair.

The Secretary-General looks forward to the participation of the broader international community at Friday’s meeting to help put Iraq on a credible path towards sustainable development and economic prosperity.

Asked if the UN hosting of the meeting of the Iraq Compact could be seen as a sign that the UN might increase its presence in Iraq, the Spokesperson said that any such expansion of UN presence in that country was dependent on the security environment there.

Asked why the meeting was being held in New York, Montas explained that the Compact is an initiative of the Government of Iraq for a new partnership with the international community which started in July 2006. Jointly chaired by the Government of Iraq and the United Nations, with the support of the World Bank, the initiative is focused on Iraq’s long-term economic development, while stressing progress in the political and security fields, through a mutually re-enforcing relationship.

Montas added that following a request by the Prime Minister of Iraq, Mr. Nouri al-Maliki, the Secretary-General agreed to host a meeting on the International Compact with Iraq in New York on 16 March 2007. The meeting offers an opportunity to involve the larger international community in a discussion on how best to support the Government of Iraq under the framework of the Compact. The Government of Iraq is expected to formally present the Compact document at the meeting, as well as brief participants on the latest developments in the implementation of commitments made under the Compact.

Number of banks 17 -----
Auction price selling dinar / US $ 1277 -----
Auction price buying dinar / US $ 1275 -----
Amount sold at auction price (US $) 79.140.000 -----
Amount purchased at Auction price (US $) 310.000
Total offers for buying (US $) 79.140.000 -----
Total offers for selling (US $) 310.000 -----

Gooooooooooooood Morning RolClub


"The More They Take, The More We Make"


1. "0" Dinar rate change today, it was 1277, it is now 1277

2. A (net) worth of dinars, IQD - 100,665,910,000 pulled out of circulation on today. (3/15/07)

3. 17 banks participating today

4. 103rd auction since the beginning of CBI's reval plan

5. 166 days into the CBI's reval plan.

6. 6,775,590,030,000 dinars pulled from circulation !!

7. 395,250,000 Dinars back into circulation today

8. 200 dinar change since Oct 1st (baseline was 1477) 13.540% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 2 point reduction in the rate so far this week. Was at 1279 at the end of last week, 1277 so far this week.

10. 3 point drop in the month of Mar. Ended at 1280 in Feb, now stands at1277
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.

The application of new Investment Law

The application of the new Iraqi Investment Law Translated by IRAQdirectory.com - [15/03/2007]

The application of the new Iraqi investment law has actually started after announcing the formation of the National Investment Institution which will be responsible for designing investment policies, drafting regulations and monitor their application.

A high-ranking source in the Iraqi Ministry of Finance said that the purpose of the Institution is to be responsible for all investment projects of federal nature exclusively, as there will be regional and provincial bodies, which will also be responsible for investment planning and the granting of invest licenses in their regions. The National Institution is run by a council consists of nine members with expertise and competence, and the chairman of the council is nominated by the Cabinet for a period of five years; The Parliament has the right to depose the chairman and his deputy directly at the request of the Prime Minister.

The source said that the law aims to achieve a number of objectives; the most important of which are: encourage investment and transfer modern technologies to contribute in developing the Iraqi economy, also encourage the Iraqi and foreign private sector to investment in Iraq through securing the necessary facilities for the establishment of enterprises and enhance competitiveness, as well as develop the human resources according to the market requirements and provide job opportunities for the unemployed. In addition to this, the law contained some articles concerning the protection of the rights and properties of investors and the expansion of exports, balance of payments and Iraqi trade balance.

As for what facilities Iraq will grant to foreign and Arab investors, he emphasized that the law grants all the projects presented by Arabs and foreigners concessions and guarantees that ensure their continuation and development, as well as exempting them from taxes and duties, while the Institution will be responsible for identifying the most important sectors and preparing a map for projects in the light of the information provided by the provincial and regional bodies, then organizing them in lists which the investor can obtain.

As for the possibility of the regions projects contradicting the laws of the federal Institution, he emphasized that the law dealt with this matter; regional bodies have rights, including the right to form departments within their districts and they should coordinate with the Federal Center regarding the investment plans and facilities, on condition that regional investment instructions, plans and policies do not contradict with the policies of the Center.

The law also tackled the limits of these projects’ capitals, and the Institution has been given the power to accept applications of licenses to projects with a capital not less than the minimum one determined by the Cabinet or the regional Council of Ministers. Also the approval of these bodies should be obtained when starting a project with a capital of more than $ 250 million and the project exempted from taxes and duties for a period of ten years from the date of starting the commercial operation.

The Cabinet has the right to propose bills to extend or grant exemptions in addition to the exemptions listed and also provide incentives and guarantees or other concessions to any project, sector or region and in accordance with the nature of the activity, its geographical location and the extent of its contribution to the operation of manpower requirements and considerations of national interest; the law also permitted increasing the years of exemption from taxes and duties of up to fifteen years.

As for the machinery and equipment imported for the investment project, the source explained that those equipments are exempted from taxes and duties on condition they are admitted within three years of granting the license; those same articles are exempted in case of expansion or increasing the designing power. The imported spare parts are also exempted from taxes on condition they do not exceed 20% of the purchase value of those equipments.

Great find Adster!

Originally Posted by Adster

The application of new Investment Law

The application of the new Iraqi Investment Law Translated by IRAQdirectory.com - [15/03/2007]

[COLOR=#333333][FONT=Verdana]The application of the new Iraqi investment law has actually started after announcing the formation of the National Investment Institution which will be responsible for designing investment policies, drafting regulations and monitor their application.

A high-ranking source in the Iraqi Ministry of Finance said that the purpose of the Institution is to be responsible(meaning when it's in place?) for all investment projects of federal nature exclusively, as there will be regional and provincial bodies, which will also be responsible for investment planning and the granting of invest licenses in their regions. The National Institution is run by a council consists of nine members with expertise and competence, and the chairman of the council is nominated by the Cabinet for a period of five years; The Parliament has the right to depose the chairman and his deputy directly at the request of the Prime Minister.

OK so another layer of bureaucracy. When is this "Institution" supposed to be announced. This just throws another obstacle up to the implementation of the FIL.

from my perusals into g8/old families/controlled history nothing has changed, since my last post. these are controlled "news" releases.

whatever the outcome for us....the ultimate descision has Already been reached, Years ago.

Originally Posted by aeara

from my perusals into g8/old families/controlled history nothing has changed, since my last post. these are controlled "news" releases.

whatever the outcome for us....the ultimate descision has Already been reached, Years ago.

I agree 100%

Non-Iraqis may invest in Iraqi Stock Exchange
National Iraqi News Agency

The head of Iraqi Stock Exchange (ISX), Abdul Razzak As-Sadi, announced that Iraqi Stock Exchange Authority agreed on allowing non-Iraqis to carry out deals in the Iraqi Stock Exchange market.

So someone set me straight.

CBI is Selling dinar at 1275? and buying at 1277? Thats backwards isn't it?

Nope, you have it backwards. They're charging 1277 dinars for a dollar, and paying 1275 for your dollar. They do have a confusing way of putting things! For months, I thought everybody else had it backwards but I finally realised it was me! They don't give the prices for buying and selling dinars, they give the prices for buying and selling dollars.