Thread: Iraq/Dinar News Until 5/3/07 Midnight CST.

Demand for the dollar in the Iraqi Central Bank’s daily auction was sharply down on Thursday, reaching $36.575 million compared with $63.975 million on Wednesday.

In its daily statement the bank said it had covered all bids, which included $9.575 million in cash and $26.700 million in foreign transfers, at an exchange rate of 1,270 dinars per dollar, unchanged from Monday.

None of the 14 banks that participated in Thursday's auction offered to sell dollars. Ali al-Yasseri, a trader at the auction, told VOI "the decline in today's demand for the dollar was due to the low demand for the dollar in foreign transfers, particularly by governmental departments at today's session." ??
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

iraqupdates

Originally Posted by screwball

so Adster and Wciappeta! Do you think it is going to Rv in your opinion? and when??

Well the article mentions two meetings on article IV [four] on this month and another mid-May. I'm positive the meeting in Washington last week had article IV involved somewhere in it. Some have said both meetings have already happened and the news is behind the timeline. I hope this is true. Plus I'm also not sure Two meetings are required [can never tell what is mis-info these days].

To open Iraq to the world economically with the admitted program rate, which the IMF back in 2004 determined was for "monitoring" would be destabilizing to the Middle East economic model IMO. This is what the IMF article IV is primarily concerned with. So yes a major RV is in the wings.

When you ask? As soon as they implement FIL. [Personally I believe in the grouped implementation theory of Fil, HCL etc.] It would seem foolish to me if the world body makes a big hoopla over the ICI and then nothing happens so I imagine the timing is May if not before.

Apr 26, 2007, 19:35 GMT


New York - United Nations Secretary General Ban Ki-moon said Thursday he will chair the international conference next week designed to generate funding and assistance to rebuild war-torn Iraq.

The meeting on May 3 in Sharm el-Sheik, an Egyptian tourist resort on the Red Sea, will bring together governments and banking institutions to adopt plans for the reconstruction and economic development of Iraq.

It will be Ban's third trip to the Middle East since he assumed the top UN post in January. He has pledged efforts to end conflicts in the region out of concern about the ongoing sectarian violence and human suffering.

'That is exactly why the international community should help the Iraqi people and government to restore peace and security,' Ban told reporters at UN headquarters in New York, having recently returned from a trip to Syria and Switzerland.

'I hope the international community will actively participate in this International Compact with Iraq,' he said.

The compact is an agreement between Baghdad, which is charged with implementing political programmes aimed at national reconciliation, and the UN, which would seek means to rebuild the country.

The Iraqi government with US support has organized the conference to get help from countries in the region to stabilize the country and support economic growth, and Washington has pushed countries to slash or eliminate Iraq's massive international debt.

Ban said he has learned from Middle Eastern leaders during his first two visits to the region.

'It has been very useful for me and, at this time, the international community, Arabs and Israelis, and other members of the international community should take the opportunity to facilitate the political process' in the region, he said.


Ban to chair economic development meeting on Iraq in Egypt - Middle East

Good points Wardy. We know they intend to dedollarize and once they implement the budget, (if they ever do at this rate!) then the dinar will be the preferred currency.

I made a couple of points yesterday on another forum which had to do with the current artificial rate and why they need to move away from the programme rate. They cannot achieve any buying power to allow them to import goods at 1270. Everything is costing them 1270 times whatever if it revalued at say 1 to 1.

The other point was, when they open the doors to the big oil companies and pay workers, contractors, their own people in dinars they would inevitably have to print up more dinars. For example if you paid someone say $300 per week, with a reval of 1 to 1 this would be 300 dinars. But at th current rate they would have to pay someone 381,600 dinars, PER WEEK. Now if a particular company were paying say 200 staff, and for arguments sake they were all on equivalent of $300 per week, then in dinars that would amount to 76,320,000, and this is per week for 1 company! See how they would need to print more dinars? The budget of 54 trillion will run out within 3 to 4 months IMO unless........

A joke, am sure you would agree???

IMO the FIL is on hold until they reval. Will it be before IC? Perhaps, but am leaning more to before Oil Summit once the Article IV meeting has taken place in mid May. One thing is certain, the HCL NEEDS to be passed before the Oil Summit end of May.

Let's repost this as it's a good indication of what is to come, sounds like providing all goes well at the IC the IMF will give the green light on moving away from the current programme rate. Let's hope so guys.


The IMF suggested that there be a brief meeting in Amman end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program, promised the International Monetary Fund announced that the economic developments in Iraq in Sharm el-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraqi and economic policy is working smoothly with the Fund reported that the World Bank.

Originally Posted by Adster

Good points Wardy. We know they intend to dedollarize and once they implement the budget, (if they ever do at this rate!) then the dinar will be the preferred currency.

I made a couple of points yesterday on another forum which had to do with the current artificial rate and why they need to move away from the programme rate. They cannot achieve any buying power to allow them to import goods at 1270. Everything is costing them 1270 times whatever if it revalued at say 1 to 1.

The other point was, when they open the doors to the big oil companies and pay workers, contractors, their own people in dinars they would inevitably have to print up more dinars. For example if you paid someone say $300 per week, with a reval of 1 to 1 this would be 300 dinars. But at th current rate they would have to pay someone 381,600 dinars, PER WEEK. Now if a particular company were paying say 200 staff, and for arguments sake they were all on equivalent of $300 per week, then in dinars that would amount to 76,320,000, and this is per week for 1 company! See how they would need to print more dinars? The budget of 54 trillion will run out within 3 to 4 months IMO unless........

A joke, am sure you would agree???

IMO the FIL is on hold until they reval. Will it be before IC? Perhaps, but am leaning more to before Oil Summit once the Article IV meeting has taken place in mid May. One thing is certain, the HCL NEEDS to be passed before the Oil Summit end of May.

Exactly.... How can they have a summit without a physical law in hand?

BAGHDAD, April 27 (KUNA) -- Iraqi Prime Minister Nouri Al-Maliki intends to embark on a second Arab tour in May after concluding yesterday a tour that took him to Egypt, Kuwait, and Oman, said Maliki's Advisor Sadeq Al-Rukabi on Friday.

In a press statement, the advisor said the tour would be in line with government efforts to rally Arab support for Iraq in all fields, but did not say which countries would be visited by the prime minister.

Government Spokesman Ali Al-Dabbagh had said yesterday that Maliki's visit to Saudi Arabia has been postponed due to technical reasons and the pre-engagement of Saudi officials.

He said preparations for the visit had not been completed in sufficient time.

Sharm El-Sheikh will host the International Compact for Iraq (ICI) conference on May 3 and the Iraq neighbors meeting on May 4.

Kuna site|Story page|Iraqi PM to go one second Arab tour in May ...4/27/2007

I have to believe that this is easily our most important date yet. I can't believe this date will come and go without shedding a much clearer light on our investment. No need to thank me for pointing out the obvious.

Originally Posted by wciappetta

Exactly.... How can they have a summit without a physical law in hand?

Exactly bro, moreso as they're meant to be discussing the Law.......

Iraq Oil, Gas, Petrochemical & Electricity Summit

28-30 May 2007, Dubai, UAE Explaining Iraq's New Hydrocarbon Law>>> In collaboration with the Iraqi Government, the Iraq Development Program (IDP) is proud to announce the official Iraq Oil, Gas, Petrochemical & Electricity Summit. For the most important sectors of the Iraqi economy, this historic landmark event will be the first of its kind since the formation of the new Unity Government.

^click on image to view larger map^ Iraq has the world’s second largest proven oil reserves and the Government has now finalised its new hydrocarbon laws, following the declaration of the investment laws for the extractive industries. The timing of this Summit could not be better.
The key decision makers from the Iraqi Government will be participating with the full intent of establishing relationships and entering into contractual negotiations with all international operators wishing to be part of both the upstream and downstream sectors.


This Summit represents an unmissable opportunity to sit face-to-face with the key ministerial decision makers all under one roof at the same time. They will include:
Ministry of OilState operating companies: Oil Projects Company, Oil Exploration Company, North Oil Company, South Oil Company, Pipelines Company, North Midland & South Refining Companies, North & South Gas Companies, Iraq Drilling Co.

Ministry of Industry & Minerals
State Company for Petrochemicals

Ministry of Electricity
Iraq Energy Council
Prime Ministers Office
Investment Promotion Agency
Kurdistan Regional Government
Ministry for Natural Resources, Office of the President
Government representation will include the Ministers, Deputy Ministers and Director Generals.
Each Ministry will also be represented by the respective head of the Iraq Reconstruction Management Office (IRMO).
Other leading international bodies will be in attendance, such as UNIDO and the World Bank. The Iraqi Government will also be making direct personal invitations to GCC and international energy and oil ministers.


Key Content
Each Iraqi Government Ministry will be presenting details of their key projects, contracts and areas of investment.


Oil & Gas
• Full details of new hydrocarbon laws
• Announcement of most up-to-date geological and seismic studies
• Special announcement on Iraqi gas reserves and concession opportunities
• Drilling and exploration rights
• Refineries, oil depots, pipelines and storage tanks
• Crude oil marketing to the international community
• Details of Northern oil operations, including Kirkuk, Nineveh, Erbil and Diyalla
• Management of the 29 central and southern oil fields
• Oil refinery operations and new contract and investment opportunities
• Pumping stations and pipeline distribution
• Technological innovations for the future of Iraq’s hydrocarbon industry
Petrochemicals
• Refinery and petrochemical integration
• Feedstocks flexibility and availability for petrochemical production
• New world scale petrochemical project
• Petrochemical complex #1 Basra
• Petrochemical complex #2 (refinery-integrated) Mussayab
• South Fertiliser – Basra
• North Fertiliser – Baji
• Sawary Resins Company – Baghdad
Electricity
• Refinery and electricity integration
• Petrochemical and electricity integration
• Annual protective maintenance for generation units
• Investment in new power production facilities
• Rehabilitation of older generation units
• Stability of the power and transmission systems
• Construction of new transforming stations and power lines

Special Security Briefing
Iraq’s oil and electricity security is of paramount importance to its political and economic stability, with huge resources in place to ensure that these most vital industries are protected to the highest possible standards.
Insurgent and terrorist attacks are a daily threat to oil pipelines, refineries, petrochemical and fertiliser plants, oil tankers, storage facilities, electricity generation plants, transforming units and power lines.
The Iraq Oil, Gas, Petrochemical & Electricity Summit will run a parallel briefing led by the security heads for the oil, petrochemical and electricity sectors. This will enable private security companies and defence contractors along with suppliers to present the best in breed products and services to these key decision makers.

Originally Posted by Adster

Let's repost this as it's a good indication of what is to come, sounds like providing all goes well at the IC the IMF will give the green light on moving away from the current programme rate. Let's hope so guys.


The IMF suggested that there be a brief meeting in Amman end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program, promised the International Monetary Fund announced that the economic developments in Iraq in Sharm el-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraqi and economic policy is working smoothly with the Fund reported that the World Bank.

Add to it this letter on intent remark from 2004 [thanks Darrock]and the picture becomes remarkably clear:

Iraq—Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

Baghdad, September 24, 2004



II. Definitions
3. For purposes of monitoring under the program, a program exchange rate will be used. This program exchange rate will be the U.S. dollar/Iraqi dinar exchange rate on or about August 31, 2004, as reported by the CBI (ID 1,460 per U.S. dollar).

Originally Posted by Adster

Exactly bro, moreso as they're meant to be discussing the Law.......

Iraq Oil, Gas, Petrochemical & Electricity Summit

28-30 May 2007, Dubai, UAE Explaining Iraq's New Hydrocarbon Law>>> In collaboration with the Iraqi Government, the Iraq Development Program (IDP) is proud to announce the official Iraq Oil, Gas, Petrochemical & Electricity Summit. For the most important sectors of the Iraqi economy, this historic landmark event will be the first of its kind since the formation of the new Unity Government.

^click on image to view larger map^ Iraq has the world’s second largest proven oil reserves and the Government has now finalised its new hydrocarbon laws, following the declaration of the investment laws for the extractive industries. The timing of this Summit could not be better.
The key decision makers from the Iraqi Government will be participating with the full intent of establishing relationships and entering into contractual negotiations with all international operators wishing to be part of both the upstream and downstream sectors.


This Summit represents an unmissable opportunity to sit face-to-face with the key ministerial decision makers all under one roof at the same time. They will include:
Ministry of OilState operating companies: Oil Projects Company, Oil Exploration Company, North Oil Company, South Oil Company, Pipelines Company, North Midland & South Refining Companies, North & South Gas Companies, Iraq Drilling Co.

Ministry of Industry & Minerals
State Company for Petrochemicals

Ministry of Electricity
Iraq Energy Council
Prime Ministers Office
Investment Promotion Agency
Kurdistan Regional Government
Ministry for Natural Resources, Office of the President
Government representation will include the Ministers, Deputy Ministers and Director Generals.
Each Ministry will also be represented by the respective head of the Iraq Reconstruction Management Office (IRMO).
Other leading international bodies will be in attendance, such as UNIDO and the World Bank. The Iraqi Government will also be making direct personal invitations to GCC and international energy and oil ministers.


Key Content
Each Iraqi Government Ministry will be presenting details of their key projects, contracts and areas of investment.


Oil & Gas
• Full details of new hydrocarbon laws
• Announcement of most up-to-date geological and seismic studies
• Special announcement on Iraqi gas reserves and concession opportunities
• Drilling and exploration rights
• Refineries, oil depots, pipelines and storage tanks
• Crude oil marketing to the international community
• Details of Northern oil operations, including Kirkuk, Nineveh, Erbil and Diyalla
• Management of the 29 central and southern oil fields
• Oil refinery operations and new contract and investment opportunities
• Pumping stations and pipeline distribution
• Technological innovations for the future of Iraq’s hydrocarbon industry
Petrochemicals
• Refinery and petrochemical integration
• Feedstocks flexibility and availability for petrochemical production
• New world scale petrochemical project
• Petrochemical complex #1 Basra
• Petrochemical complex #2 (refinery-integrated) Mussayab
• South Fertiliser – Basra
• North Fertiliser – Baji
• Sawary Resins Company – Baghdad
Electricity
• Refinery and electricity integration
• Petrochemical and electricity integration
• Annual protective maintenance for generation units
• Investment in new power production facilities
• Rehabilitation of older generation units
• Stability of the power and transmission systems
• Construction of new transforming stations and power lines

Special Security Briefing
Iraq’s oil and electricity security is of paramount importance to its political and economic stability, with huge resources in place to ensure that these most vital industries are protected to the highest possible standards.
Insurgent and terrorist attacks are a daily threat to oil pipelines, refineries, petrochemical and fertiliser plants, oil tankers, storage facilities, electricity generation plants, transforming units and power lines.
The Iraq Oil, Gas, Petrochemical & Electricity Summit will run a parallel briefing led by the security heads for the oil, petrochemical and electricity sectors. This will enable private security companies and defence contractors along with suppliers to present the best in breed products and services to these key decision makers.

This says its all done. Super! Closer than the world knows.