Thread: Iraq/Dinar News Up until April 5th 5PM CTZ.

Inflation moderates in Iraq
American Thinker - [29/03/2007]

The Central Bank of Iraq publishes an array of "key financial indicators" on its website. One of these is inflation, measured on a one-month, six-month and 12-month basis. Taking the 12-month - annual - inflation rate as the most intuitive, here are the figures for the last year:



IraqAnnual inflation rate
2006

Jan 22%

Feb 42%

Mar 53%

Apr 48%

May 53%

Jun 52%

Jul 70%

Aug 77%

Sep 52%

Oct 53%

Nov 52%

Dec 65%

2007

Jan 66%

Feb 37%


Clearly, these are high inflation numbers but note the dramatic reduction in annual inflation for February from January of this year. February's number - the inflation rate on an annual basis - is, at 37%, the lowest since January 2006, at 22% and well below January 2007's 66%. On a monthly basis, February actually represents a month of deflation from January 2007, meaning the Consumer Price Index in Iraq declined in February 2007 from January 2007.

I think financial indicators are useful tiles in the mosaic of Iraq. I do not have enough information to paint a complete picture of the economy or the strains in the economy based on them at this point, but moderating inflation, even if from a high level, is a sign of nonpanic, not a sign of panic.

When combined with the continued advance in the value of the Iraqi dinar and the ongoing rise in the Iraq Stock Exchange Index (up 12.8% year-to-date), we do not have a picture of despair in the economy.

Admiral Fallon has now arrived in-theater. The new team is now assembled. General Petraeus is getting results in Baghdad. There is no question as time passes that we have made huge mistakes in Iraq since 2003. But we have also been up against huge problems. The only really useful question is where we go from here. The data presented here suggests that economically things are moving forward in Iraq, even if far from our original goals. For instance, electric power generation is still at around 4,000 MW, or about the pre-war level.

Nevertheless, our predicament can be summarized by the question - do we want to fight the Islamic radicals there? Or here? While there is a chance that we can still press on toward our objectives, the sensible thing is to do so.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3515

Economic experts : Nftion in Maysan : must compensate oil-producing provinces for environmental damage
29.03.07
Asked step be delayed till the issuance of oil and gas law
Maysan-Saad Hasan

Headed specialized symposium held in Maysan to say that the draft law on oil and gas under circulation on the table of the House needs to be reviewed and adjustments described Baljohrih. Experts specializing in the oil sector

And with academics and local officials in the city of Amarah, which is one of the most important Iraqi cities producing oil have contributed through specialized seminar on the expanded-law, which was a matter of contention between the Iraqi, Arab and international, said : there is a pressing need for a provision in the draft bill would compensate oil-producing governorates of oil and gas environmental damage arising from the exploration of oil production and compensate the exploitation of agricultural land in production.
Other recommendations given by the symposium including the failure to make way for the conclusion of contracts for the production and commitment only risk contracts and service contracts provided that the entry into force of any contract only after express consent of the Federal Council of oil and gas.
The recommendations also moved to a proposal to add fields Supplement (3) to Supplement (2) and making it from the jurisdiction of the National Oil Company and to ensure exclusive contracts with oil companies implementing projects oil investment and give priority in the extraction and production of the fields, especially the common border with neighboring countries, with a preference for contracts to ensure marketing. One of the participants in the symposium, Dr. Jassim Rahim virgins called to deliberate in the legislation introduced by this law, calling for discussion of broad sectors of the people, pointing out the paragraphs and articles (111) and (112) of the Constitution, which did not mention, as he put it to the national wealth other than oil and gas and that the constitutional articles also did not mention and especially Article (112) to the unused fields, which requires an end to the dispute before the certificate around the law by the House of Representatives.
The symposium recommended the adoption of the recommendations of a symposium recently held Oman on the oil and gas as the legal advocate at the Oil Ministry, Dr. Jabbar Abdalkazem Alsaidi the importance of the enactment of the Iraqi oil and re-establishing the National Oil Company and the amendment of Articles (111 and 112) of the Constitution to open the way for some parties with the signing of contracts without reference to Baghdad, pointing out that the Cabinet authorized bodies described regionalism authority to negotiate and sign oil contracts like the Ministry of Oil and the National Oil Company.
The symposium also stressed the need to involve regions and producing governorates of the central investigation and the need for approval by the House of all contracts and the nomination of a supreme resolve disputes arising proposed resolved through the Federal Court.
It is noteworthy that the draft law of oil and gas endorsed by the Cabinet recently in the news leaked out of the corridors of the House that the draft that has stirred considerable controversy has not received the limit now is the very important and dangerous, it needs a political decision sovereign and economic studied for the oil the importance as a source of income only economic moves shed light reactions and details of the economic process, which requires the entire first Harvenh high in the drafting of such a political decision, as well as the serious economic accurate accounting of its implications on the Iraqi scene and its impact on the itinerary of the Iraqi economy in addition to the need for a thorough restructuring of the infrastructure for oil industry the extractive, productive and distributive in light of the current political debates.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&page=37

DNO says Tawke find in northern Iraq on verge of initial production
Last Updated: 29-March-2007 08:16:29

The Norwegian oil firm said development wells are now being tested ahead of permanent production, and that final testing of the Tawke early production set-up is "expected to commence shortly".

The firm said the well to come into production, Tawke #5, has recently delivered a maximum flow rate of 9,860 barrels of oil per day (bopd), although extended tests over several days had produced a stable rate of approximately 4,500 bopd.

DNO said three additional wells are now also being prepared for extended flow tests, with the test campaign expected to "last several weeks".

In terms of its early production plan, DNO said the installation of central processing facilities are now "well progressed".

Installation of the pipeline connecting the Tawke oil production to the main northern pipeline is nearly completed, it said, but added that certain technical issues need clearing up before it can be permanently tied into the northern pipeline.

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Announcement No.(893)

D.G. of Foreign Exchange Control

The 893 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 3/ 29 so the results were as follows :

Details Notes
Number of banks 14 -----
Auction price selling dinar / US $ 1273 -----
Auction price buying dinar / US $ 1271 -----
Amount sold at auction price (US $) 90.030.000 -----
Amount purchased at Auction price (US $) 25.000.000
Total offers for buying (US $) 90.030.000 -----
Total offers for selling (US $) 25.000.000 -----

Hi, where is everybody are you all still asleep, no comments on todays auction.

Inflation moderates in Iraq 29 March 2007 (American Thinker)

The Central Bank of Iraq publishes an array of "key financial indicators" on its website. One of these is inflation, measured on a one-month, six-month and 12-month basis. Taking the 12-month - annual - inflation rate as the most intuitive, here are the figures for the last year:
IraqAnnual inflation rate
2006
Jan 22%
Feb 42%
Mar 53%
Apr 48%
May 53%
Jun 52%
Jul 70%
Aug 77%
Sep 52%
Oct 53%
Nov 52%
Dec 65%
2007
Jan 66%
Feb 37%

Clearly, these are high inflation numbers but note the dramatic reduction in annual inflation for February from January of this year. February's number - the inflation rate on an annual basis - is, at 37%, the lowest since January 2006, at 22% and well below January 2007's 66%. On a monthly basis, February actually represents a month of deflation from January 2007, meaning the Consumer Price Index in Iraq declined in February 2007 from January 2007.
I think financial indicators are useful tiles in the mosaic of Iraq. I do not have enough information to paint a complete picture of the economy or the strains in the economy based on them at this point, but moderating inflation, even if from a high level, is a sign of nonpanic, not a sign of panic.
When combined with the continued advance in the value of the Iraqi dinar and the ongoing rise in the Iraq Stock Exchange Index (up 12.8% year-to-date), we do not have a picture of despair in the economy.
Admiral Fallon has now arrived in-theater. The new team is now assembled. General Petraeus is getting results in Baghdad. There is no question as time passes that we have made huge mistakes in Iraq since 2003. But we have also been up against huge problems. The only really useful question is where we go from here. The data presented here suggests that economically things are moving forward in Iraq, even if far from our original goals. For instance, electric power generation is still at around 4,000 MW, or about the pre-war level.
Nevertheless, our predicament can be summarized by the question - do we want to fight the Islamic radicals there? Or here? While there is a chance that we can still press on toward our objectives, the sensible thing is to do so.

Originally Posted by abbey56

Hi, where is everybody are you all still asleep, no comments on todays auction.

I have one....

duck2000 's post:

"dont know if this is in the right place but here goes my sources say the rate has been set i was asked not to tell what it is there is some squabling goining on over small points nothing to worry about will take a few more weeks to complete but the price is set and you all will be pleasently surprised!!!"

So I assume this is the "squabling"...

Originally Posted by Adster

Inflation moderates in Iraq 29 March 2007 (American Thinker)
....
moderating inflation, even if from a high level, is a sign of nonpanic, not a sign of panic.
When combined with the continued advance in the value of the Iraqi dinar and the ongoing rise in the Iraq Stock Exchange Index (up 12.8% year-to-date), we do not have a picture of despair in the economy.
....

I like that part...

Iraq market for securities implement the draft circulation mail

.

Iraq announced market for securities on its register of companies registered in the market in the international numbering agency. The Executive Director of the market, Taha Ahmad Salam told reporters yesterday, Wednesday, : <that there are important steps that Iraq plans to market for securities in the context of the implementation of the draft circulation electronic registration in the numbering agency, which will enable international investors from trading through more than one intermediary>.

He added :> that this step will eliminate the problem of delays in the issuance of certificates of the shares on the domestic market and investors with the possibility of taking the value of the shares on the day following the transaction without delay meeting of the Asian Clearing>.

Iraqi affair in the Arab summit a decision of the 13 points including :

ذو الفقار علي - 29/03/2007م - 11:00 ص | مرات القراءة: 583 | مجموع التعليقات: 0

Zulfiqar Ali-29 / 03 / 2007-11:00 shall times shall reading : 583 total comments : 0

1 ـ

respect the unity, sovereignty and independence of Iraq and its Arab and Islamic identity and to reject any calls for the division, with an emphasis on non-interference in its internal affairs.

2 .

Two that achieving stability in Iraq and overcoming the current crisis requires a political, security, in parallel address the causes of the crisis and eradicate the roots of the sectarian sedition and terrorism.

3

respect for the will of the Iraqi people in all its components to determine their own political future and to achieve security and stability lies with the national government and constitutional institutions and leaders, and on supporting the Arab countries and neighboring countries in all efforts to achieve national reconciliation.

4 .

Four work to expand the political process.

5

face of communal strife and work to eliminate completely.

6

review of the law abolishing the Baath Party to promote national reconciliation efforts.

7 diligence on the distribution of Iraq's wealth in a fair manner.

8 emphasis on the equal citizenship basis for building a new Iraq.

9 disband the various militias in Iraq.

10 to accelerate the construction and rehabilitation of military and security forces on a national basis and professional way to bring all foreign troops from Iraq.