Thread: Iraq/Dinar News until 5/23/07 Midnight CST

Originally Posted by tiffany

Thought I read that WTO members' currency value could only raise 4% at a time...that's why it is believed that a revalue will occur before Iraq's entry.

I've been wrong before though, just thought that's what I read.

i remember seeing that too , thx for the reminder. Still, it could be months before the accession actually occurs. Im still sticking with my "anyday now" theory though.

Originally Posted by tiffany

Thought I read that WTO members' currency value could only raise 4% at a time...that's why it is believed that a revalue will occur before Iraq's entry.

I've been wrong before though, just thought that's what I read.

Okay, is there any articles saying what status they are applying under the WTO (market or non)? Personally, I am looking toward the HCL and ISX as the trigger.

Go back to the link off of post #645. for WTO. Might be able to help you find out market or non-market.
I also think the HCL and ISX are the keys.
LIT

Originally Posted by tiffany

Thought I read that WTO members' currency value could only raise 4% at a time...that's why it is believed that a revalue will occur before Iraq's entry.

I've been wrong before though, just thought that's what I read.

Actually your are refering to schedule C Par values of the IMF.

Schedule C - Par Values

1. The Fund shall notify members that par values may be established for the purposes of this Agreement, in accordance with Article IV, Sections 1, 3, 4, and 5 and this Schedule, in terms of the special drawing right, or in terms of such other common denominator as is prescribed by the Fund. The common denominator shall not be gold or a currency.
2. A member that intends to establish a par value for its currency shall propose a par value to the Fund within a reasonable time after notice is given under 1 above.
3. Any member that does not intend to establish a par value for its currency under 1 above shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under Article IV, Section 1.
4. The Fund shall concur in or object to a proposed par value within a reasonable period after receipt of the proposal. A proposed par value shall not take effect for the purposes of this Agreement if the Fund objects to it, and the member shall be subject to 3 above. The Fund shall not object because of the domestic social or political policies of the member proposing the par value.
5. Each member that has a par value for its currency undertakes to apply appropriate measures consistent with this Agreement in order to ensure that the maximum and the minimum rates for spot exchange transactions taking place within its territories between its currency and the currencies of other members maintaining par values shall not differ from parity by more than four and one-half percent or by such other margin or margins as the Fund may adopt by an eighty-five percent majority of the total voting power.

Articles of Agreement: Schedule C - Par Values

I always thought an rv would help them attain accession, a stronger currency would show WTO they are serious about their economic health and would show some sort of stability on the international front? Once again, i really have no clue, lol but that's been my thought all along.

Originally Posted by fredgwest1999

SEE HIGHLIGHTED....ELECTRONIC TRANSFERS????


Posted by: nakr2004 on Wednesday, May 16, 2007 - 02:18 PM

Iraq-Currency
Higher Demand for dollar in daily auction
By Dergham Mohamed Ali
Baghdad, May 16, (VOI) – Demand for the dollar was higher in the Iraqi Central Bank’s daily auction on Wednesday, reaching $56.830 million compared with $52.135 million on Tuesday.
In its daily statement the bank said it had covered all bids, which included $4.680 million in cash and $53.150 million in foreign transfers, at an exchange rate of 1,260 dinars per dollar, one tick lower than yesterday.
None of the 16 banks that participated in today's auction offered to sell dollars.
Abdul-Razzaq al-Abaiji, an economist, told VOI "the lower demand for cash was accompanied with an increase in transfers due to facilities provided by banks and exchange offices to increase foreign transfers."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday

one of the researchers and myself were talkin about this very thing this morning. i was telling her considering how many banks there were and how much actual cash was being handled indicated to me that more people were making their money electronic and less were handling transactions in cash.

London (Reuters) - The sources in the oil trade on Wednesday that Iraq reduced the official selling price of Basra light crude in June to the United States and Europe.

.The source said that the Iraqi Oil Marketing Organization (SOMO) set the sale price in June buyers Americans, when crude West Texas Intermediate minus $ 4.85 per barrel compared with minus $ 3.30 in May.

.Sumo also identified the price of European buyers at an average price of Brent crude, Fortes and Osberg minus $ 5.20 per barrel compared with minus $ 4.85 in May
marsadiraq.com

optimism by the Taliban and al-Maliki addresses named Chairperson

Talks focused on the quartet and review cooperation and integration

بغداد ـ الصباح

Baghdad morning

Resume Political Council for National Security yesterday quadripartite talks began Tuesday and included Presidents Jalal Talabani and Nuri al-Maliki and Vice President Dr Adel Abdul Mahdi and Tariq al-Hashimi.

It was unclear as of yesterday evening what transpired in the meeting referred to by President Talabani After the talks said they first focused on the "audit, cooperation and integration." He reiterated Prime Minister Nuri al-Maliki these topics and headings describing President pointed out that the political process needs to be greater coordination. The Chairperson these titles that's Presidency Ministers and lay the keys to the most significant political problems in the country. they expressed a lot of optimism in order to reach results that would contribute to finding solutions to all issues. With President Talabani pointed out that the views were consistent showed Mr. Maliki desire integration and cooperation and review all the issues "as a single address important one." The Premier pointed out that "the atmosphere started to feel the real need to create a national front monolithic, any sense of forming a working team capable of shouldering the tasks incumbent upon everyone in this difficult phase. " in contrast, stressed Vice President Tariq Al-Hashmi on the need to modify disputed articles in the Constitution. He said in this regard : "I confirm my position principled and moral and legitimate on the importance of amending the Constitution," He expressed his hope that the 60th parliamentary committee in charge of revising the Constitution paragraphs tasks of providing recommendations on the necessary amendments to the Constitution "see p. 3." This comes in the context of sustained political effort to contain the negative and the investment decisions of the Sharm el-Sheikh agreement mutual commitments between Iraq and the international community. The titles of the quadripartite talks the most attention review any reconsideration of points of difference on the constitution which it is hoped completed next Tuesday. The reports referred to the agreement on federalism and Arabism of Iraq and otherwise simple chopping. The Presidency of the Republic announced that it was about to forward the draft new Uprooting to Parliament. In the meantime, he met Prime Minister Tariq Hashemi said observers speculate in the dialogue : it is a lot of convictions and impressions. The cooperation and integration Afeenian estimated that Iraq now incumbent upon everybody to take care of its responsibilities carefully, with the abandonment of partisan tendencies and sectional interests. The politicians said before : that the biggest problems Iraq is that classes think for themselves and gain benefits for themselves in disregard of collective responsibility for the homeland.

Translated version of http://www.alsabaah.com/

Originally Posted by bob1940

DAROCK0116, thanks for that explaination. SO in actuallity we still Have at least 30 more days before the iraqi's would be able to join the WTO, Or am i reading this wrong?
So if I am reading this Right The RV of the DINAR, and the Possibility of being able to exchange Dinar for USD, Is still at least 30 days down the line. CORRECT? So it will be "soon in JUNE" , and partay in July> Right?????
Just trying to get this straight for Myself , and others who are off to the side lines scratching their heads! LOL BOB1940

actually, in order to be a member they must have a convertible currency which presently they do not. so, the revalue would need to occur previous to the ascension i believe.

The leaders of lumps now and next Tuesday, the date delivered to Parliament

Amendments to the Constitution is entering a decisive and deferral option open

بغداد - الصباح

Baghdad-Sabah.

The issue of amending the Constitution has entered a new stage with the deportation of controversial material to the leaders of the political blocs who have no alternative but to resolve the six days prior to the submission of the report of the Constitutional Review Commission to Parliament next Tuesday.

With warned Vice President Tariq Al-Hashmi to take a political stance in the event of the implementation of what had been agreed upon by the leaders of the political blocs about Article 142 of the constitution, Adnan Al-Dulaimi confirmed that the extension work of the Committee because of differences on certain points.

Hashemi said in a press statement yesterday after a meeting of the Presidency : I renew my personal position and the position of the Iraqi Islamic Party firm on the issue of amending the Constitution, adding that it would be me and historic political position in the absence of implementation of what was agreed upon reminding leaders about their political blocs Article 142.

The Deputy President of the Republic to the Presidency stressed the need for coordination between the presidency and the prime minister has also been agreed that further such meetings to resolve some of the files and issues.
The Islamic Party, which is headed by Hashemi announced yesterday, I do not find it "sees no problem in granting the Commission more time to study and consultation and consensus so that it can investigate (the Committee) to make recommendations appropriate process nationally agreed."
The party said in a statement published on its web site : "The unfinished until yesterday reviewing several of the key issues contested and thus it is expected to extend the period for a week or more."
The party in his main points, which is still controversial political parties which "powers relating to the validity regions and Management Act of oil, gas and reference and the primacy of the Constitution and federal laws.
Meanwhile, Head Iraqi Accord Front Adnan Al-Dulaimi : that there is an urgent call to give wider opportunity for the Commission to amend the constitution to study the contentious issues in order to reach a constitutional amendment.
He told Al-Dulaimi of the Iraqi national news yesterday that it is better
The work of the Commission be extended to study the constitutional amendments because of the presence of differences on certain materials required modification, pointing out that there is another invitation to postpone the application of Article 140 for three years until security and stability.
For his part, Abbas Bayati deputy coalition common and the decision of the Constitutional Review Commission have been deported a number of controversial points to the leaders of blocs.
Bayati said : that consultations were continuing between the Committee members and airspace cause for optimism.
In the meantime, the official spokesman of the Iraqi Accord Front Salim Abdullah said the constitutional amendments will be submitted next Tuesday to the members of the House of Representatives. Abdullah added in press statements that some issues remain highly controversial among political parties therefore there are calls to postpone consideration of the issuance of the amendments after day next Tuesday, and until agreement on a formula for the amendment.

Translated version of http://www.alsabaah.com/