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

Sorry if posted before:

Barham Salih : size can not be underestimated problems of the new oil law

Iraq's Vice President Barham Saleh, that the negotiations on the Law of oil will resume in the coming days after the completed basic framework him despite debates and competitions caused this law. This came after confirmation source in the coalition of Kurdistan, Massoud Barzani, the head of Kurdistan region will Baghdad soon to settle differences with Baghdad on this bill.

Saleh said We must not underestimate the magnitude of the problems existing law right, there are some known complications. He continued, addition to this project there are some supplements need to conventions and the most important financial management, and we are in the process of completion of these negotiations, because we need economic and political achievements could be leaving the fate of this country and walking competitions caused polarization.

And between Saleh, who was speaking to reporters on the sidelines of the World Economic Forum, that the law stresses on the ownership of oil for the Iraqi people and the need for equitable distribution to all Iraqis, and this in itself accomplish important political, economic and strengthen national unity and pave the way for national economy supportive of the democratic political system in Iraq. He added that the oil policy will be according to law, approved by the House of Representatives through the federal body representing the Ministry of Oil and the National Oil Company and territories.

His must recognize the principle is important in Iraq .. Can not rule Iraq or foundation for a political system away from the national consensus between components, and we are in the process of this agreement.

KRG, Kurdistan Regional Government

Cheers!
DayDream

CBK linking the dinar value of a basket of currencies and immediately cashed rise
Added news on 5-20-2007, 15:7

.... CBK linking the dinar value of a basket of currencies and immediately cashed rise

Kuwait - WAI-Ibrahim Al-Sudairy

Kuwait announced today linking the Kuwaiti dinar exchange basket of currencies after more than four years of linking the American dollar, which lifted the Kuwaiti currency exchange rate immediately.

The Governor of the Central Bank of Kuwait Sheikh Salem Abdel Aziz Al-Sabah in statements reported by the Kuwaiti News Agency that starting from today, the adoption of determining the Kuwaiti dinar exchange rate against the United States dollar on the basis of a basket of major world currencies, which reflects the commercial and financial relations with the State of Kuwait.

Kuwait was historically linked its currency to a basket of currencies fifth of January 2003 when the dinar exchange rate linked exclusively dollar preparation for the unified Gulf currency to be adopted in 2010 ruled in Riyadh Abdul Rahman Al-Attiya, Secretary General of the Gulf Cooperation today that five members of the Board will follow the example of others Kuwait With regard to the lifting of the value of currencies.

Translated version of http://www.iraq-na.com/index.php?sec=news&act=view_cat&cid=1

Number of banks 15 -----
Auction price selling dinar / US $ 1260 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 45.210.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 45.210.000 -----
Total offers for selling (US $) ------ -----


Gooooooooooooooood Morning Rolclub


"The More They Take, The More We Make"
"Stay the Course, its the difference between Winners and whiners"


10.43 Trillion taken out and still the Party has not started


1. "0" Dinar rate change today, it was 1260, it is now 1260

2. A (net) worth of dinars, IQD - 56,964,600,000 pulled out of circulation today 5/20/07.

3. 15 banks participating today

4. 146th auction since the beginning of CBI's reval plan

5. 232 days into the CBI's reval plan. (Seven Months +)

6. 10,433,197.973,000 dinars pulled from circulation !!

6A. Conservative ESTIMATE of Dinars still in circulation or controlled by the CBI 6,566,802,027,000

7. "0" Dinars back into circulation today

8. 217 dinar change since Oct 1st (baseline was 1477) 14.691% 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 1260 at the end of last week, 1260 so far this week.

10. 9 point drop in the month of May. Ended at 1269 in April, now stands at 1260
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.
In March we saw a .546% drop in the rate.
In April we saw a .3142% drop in the rate

Sorry if posted before:

Luna / May 19 / BAGHDAD / issued by the Central Agency for Statistics and Information Technology report on the rate of inflation in the month of April compared to March last throughout Iraq.The report issued by the Ministry of Planning said that inflation index rose by 1.9% compared to previous months due to the rise in the index of commodity totals fuel and lighting by 5.6% and medical services, medicines by 2.2% and miscellaneous goods and services by 0.1% and 2.1% lease rate.
He added that spending on this group constitutes 15.6% of total domestic consumer spending.

The statement said the decline was recorded in the index of foodstuffs increased by 1.2%, beverages and tobacco by 3.8% and fabrics, clothing and footwear increased by 1.3%, furniture by 0.5%, transport and communications by 1.6% "mentor" to account for this group constitutes 84.4% of total domestic spending. "

He added : "The annual inflation index during the period of April 2006 through April / 2007 rose by 40.9% as a result of the rise in the index for all commodities totals (foodstuffs increased by 18.7%, beverages and tobacco by 6.4% and fabrics, clothing and footwear increased by 12.4%, and furniture increased by 9.7%, fuel and lighting by 130.1%, and transportation The transportation by 39.0%, and medical services and medicines increased by 16.1%, and miscellaneous goods and services increased by 36.4% and rent by 25.4%

http://64.233.179.104/translate_c?hl=en&ie=UTF-8&oe=UTF-8&langpair=ar%7Cen&u=http://www.alnajafnews.net/najafnews/news.php%3Faction%3Dfullnews%26showcomments%3D1%26 id%3D21265&prev=/language_tools

Cheers!
DayDream

Originally Posted by shotgunsusie

Translated version of http://www.iraq-na.com/index.php?sec=news&act=view_cat&cid=1

CBK linking the dinar value of a basket of currencies and immediately cashed rise
Added news on 5-20-2007, 15:7

.... CBK linking the dinar value of a basket of currencies and immediately cashed rise

Kuwait - WAI-Ibrahim Al-Sudairy

Kuwait announced today linking the Kuwaiti dinar exchange basket of currencies after more than four years of linking the American dollar, which lifted the Kuwaiti currency exchange rate immediately.

The Governor of the Central Bank of Kuwait Sheikh Salem Abdel Aziz Al-Sabah in statements reported by the Kuwaiti News Agency that starting from today, the adoption of determining the Kuwaiti dinar exchange rate against the United States dollar on the basis of a basket of major world currencies, which reflects the commercial and financial relations with the State of Kuwait.

Kuwait was historically linked its currency to a basket of currencies fifth of January 2003 when the dinar exchange rate linked exclusively dollar preparation for the unified Gulf currency to be adopted in 2010 ruled in Riyadh Abdul Rahman Al-Attiya, Secretary General of the Gulf Cooperation today that five members of the Board will follow the example of others Kuwait With regard to the lifting of the value of currencies.

Have heard this one before. Come on RV...

Originally Posted by shotgunsusie

Translated version of http://www.iraq-na.com/index.php?sec=news&act=view_cat&cid=1

Hmmm gives more weight to the idea of the dinar being pegged to a basket or possibly outright pegged to the Euro like some have suggested

KUWAIT -- Sheikh Salem pointed out that despite the Central Bank's many efforts to reduce the pull of the drop in the Dollar on the Kuwaiti currency, through management of the exchange rate margins, the heavy drops caused reduction in the Kuwaiti Dinar's purchasing power against currencies other than the Dollar.

He said this caused increase in local inflation rates and this step, therefore, came to reverse this effect and counter the pressure of inflation on the local economy.

The CBK governor also said that the Dollar seemed to be maintaining a downward trend and the bank was not seeing results through measures taken to counter this problem and national interest therefore required consideration of opting out of the pegging system and going back to the older mode of deciding exchange rate with reference to a basket of main currencies.

While the Dollar remains a key currency when it comes to setting exchange rate, Sheikh Salem noted, the basket system provides more flexibility and space for maneuver, which would boost the local economy's ability to absorb occasional sharp fluctuations and reduce the effect of such fluctuation involving main currencies on the short term in particular.

Kuwait, Sheikh Salem stressed, is committed to the plans leading to the Gulf Cooperation Council joint currency and is working to iron out obstacles in this regard to meet the deadline for adoption of the new currency.

Till all technical, legislative, and institutional requirements are met in this regard, the Central Bank would maintain a system of reference to a basket of currencies to set exchange rates for the Dinar, the CBK governor concluded.

Kuna site|Story page|Kuwaiti Dinar exchange rate against USD based on b...5/20/2007

Governmental sources in Kurdistan denied referring execution the article 140 which related to Kirkuk's fate to supreme judiciary council, while another sources confirmed absence any disputes between the region's Govt

and Baghdad's Govt. about law of oil and gas.Kurdistan presidency office's head Fua'd Hussein stressed continuous discussions inside committee of constitution's amendment and execution the article 140 which orders making referendum to specify Kirkuk's fate.While minister of natural resources at Kurdistan Ashti Hurami said at press statement that issues of division natural wealth and the law of oil which still objects of dispute didn’t mean conflict between the two sides.

If there is no conflict, get it wrapped up!


ÌÑíÏÉ ÇáÕÈÇÍ - Officials in Kurdistan confirm visions unity with Govt

Kuwait has set an example for Iraq to follow.....

As the Nike tagline says: JUST DO IT!!!

Oil ministry spokesman announced that, a delegation from oil, industry and electric ministries heading by oil ministry Dr. Hussein al-Shahrastani would departing to India to sign some agreements

and contracts which would participate in improving the economical and services situations in Iraq.The spokesman added that, the delegation would invites the Indian companies to participate in carrying out the projects inside Iraq with different sectors specially about the oil sector as establishing the refineries and working on increase importing the Iraqi crude since they have a good experience in all the sectors

ÌÑíÏÉ ÇáÕÈÇÍ - Signs of Economic Agreements Between Iraq & India