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

Originally Posted by fredgwest1999

THIS ALSO REPORTED:

Kuwait drops dollar peg; currency union in trouble Kuwait switched the dinar's exchange rate mechanism to a basket of currencies on Sunday, dropping a peg to the tumbling US dollar that was adopted in 2003 and throwing into disarray plans for a single currency in the Gulf Arab region.
Kuwait was still committed to the monetary union, the central bank governor said in a statement, but the dollar's slide over the past two years had forced it to break ranks with fellow Gulf oil producers to contain inflation.
Kuwait also revalued its dinar, allowing the currency to appreciate 0.37 percent against dollar after months of market pressure on the exchange rate.
The new rate set by the central bank was $0.28806 compared with $0.28914.
Meanwhile, five other members of the Gulf Cooperation Council (GCC) will likely not follow Kuwait in revaluing their currencies, the bloc's secretary-general said.
'I don't expect other member states to follow Kuwait's revaluation move,' Abdul-Rahman al-Attiya told Reuters by telephone.
'The massive decline in the dollar's exchange rate against main currencies ... has contributed to the increase in local inflation rates and this step is part of the central bank's efforts to curb inflationary pressure,' Sheikh Salem Abdul-Aziz al-Sabah said in a statement carried by state news agency Kuna.
'Until the completion of all the requirements to achieve the currency union and the launch of the Gulf currency, the central bank of Kuwait will continue to adopt the basket system.'
Analysts said the shock move plunged the monetary union project into crisis.
'We didn't think the single currency was likely, at least by the 2010 deadline, and we are getting less convinced that it is going to happen at all. This move reduces even further the likelihood.' said Steve Brice, chief middle east economist at Standard Chartered Bank in Dubai.
Oman and Bahrain said they would maintain pegs to the dollar. The central bank of Qatar, the United Arab Emirates and Saudi Arabia, were not immediately available for comment.
Kuwait's currency came under intense pressure early this year from speculators betting the central bank would allow it to appreciate against the dollar to curb inflation and soak up some of the cash pouring into the oil exporter's economy.
Kuwait, which was named as the top candidate for a revaluation in a Reuters poll of analysts in March, has blamed rising inflation on the falling dollar, which tumbled to a record low against the euro in April.
At the end of the first quarter inflation stood at 5.15 percent, the ministry of planning said a week ago.
'The speed of the switch to the basket has surprised some but the direction of change is in line with expectations. It's been clear for some time that Kuwait wants a stronger dinar and a more flexible regime,'Simon Williams, economist at HSBC in Dubai.
In March Kuwait's central bank warned speculators against betting on an appreciation of the dinar and followed up by cutting key interest rates to make dinar-denominated assets less attractive.
Gulf currencies were unchanged after Kuwait's move because global foreign exchange markets were closed on Sunday, one Dubai-based trader said.
Foreign dealers accounted for around 75 percent of market activity, the trader said. - Reuters

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Interesting,

We had been waiting on this move, and it will indeed open the flood gates for others to follow, further devaluating the almighty dollar into oblivion. Sure are interesting times, but even if you still have faith in the dollar, don't be foolish and leave all your assets tied to only the dollar. There are more and more banks which will allow you to convert currency to whatever you prefer and bank it in the same manner as you would in U.S. I have banked in Euro for better than a year, and I am glad I did. Dollars continued slide and Euro's strength are reasons to closer evaluate your current situation.

Good luck and health to all, Mike

THIS IS A REAL SHAME!

Fidelity fined for misleading military personnel

NASD slapped Fidelity with $400,000 in fines after two of its broker-dealers reportedly misled military personnel regarding two mutual funds.

NEW YORK (Reuters) -- The NASD said Tuesday it fined two Fidelity broker-dealers a total of $400,000 for misleading U.S. military personnel in sales literature promoting two mutual funds.
The violations took place between January 2003 and January 2006 and concerned the Destiny I and II funds, which require investors to invest in installments, the regulator said.


Fidelity Distributors Corp. of Boston and Fidelity Investments Institutional Services Co. of Smithfield, Rhode Island, will pay the fine, which will go toward the NASD military financial education program. Neither admitted wrongdoing.
According to the NASD, the broker-dealers issued literature with "mountain charts" that showed the funds outperformed the Standard & Poor's 500 index over a 30-year period, but which masked substantial underperformance in the most recent 15 years.
The literature also failed to show the funds lagged the S&P 500 over the most recent 10 years, and used the wrong share class to show long-term performance. In addition, the broker-dealers sent a newsletter to more than 325,000 Destiny Plan holders that overstated the plan's performance, the NASD said.
"These failures were aggravated by the fact that the plans were sold primarily to military personnel, who often have limited time to study the marketing materials for investment products," said NASD enforcement chief James Shorris in a statement.
He added that the products "involve complex or unique features that may not be fully understood by the customers to whom they are offered or by the brokers who recommend them."

Fidelity Investments spokeswoman Anne Crowley said: "We regret these errors, and have taken steps to ensure they do not occur in the future. We do not believe, however, that any of the errors altered the underlying intended message of any of the sales literature."
Crowley and an NASD spokesman said they did not immediately know whether the literature went to military personnel in Iraq.
Systematic investment plans, also called periodic payment plans, typically require monthly investments for lengthy periods, often 10 or 15 years, even if performance starts to suffer. They typically carry large fees during the first year -- in Destiny's case, 50 percent on the first year of payments, the NASD said.
Congress last year banned the sale of new systematic investment plans when it passed the Military Personnel Financial Services Protection Act of 2006, though older plans remain in force.

Fidelity fined $400,000 for misleading military personnel - May. 8, 2007

20 May 2007 17:03:0020 May 2007 17:03:00
ديونDebt
اFire 140 billion dollars of Iraq's debt
Baghdad / Nina / disclosure statement Jabr Al-Zubaydi, Minister of Finance of fire 140 billion dollars of debt incurred by Iraq. Zubaidi said in a joint press conference with the Papan, Minister of Planning and Abdel-a religious and cultural
>> More >>>> More



20 May 2007 12:41:0020 May 2007 12:41:00
اEconomy / work
Dinar maintain price against the dollar
Baghdad / Nina / Hafez dinar against the dollar on the price of the Central Bank in an auction today, Sunday, in the first auction of the bank this week. The sale price is 1260 dinars to the dollar, the same price of a religious and cultural
>> More >>>> More

no sub.
Translated version of http://www.ninanews.com/

Draft oil-PEOPLE (report)

Sunday, May 20, 2007 11:35 AM-BT

MPs Dismiss Adoption of a draft bill to read current oil

Baghdad - (Voices of Iraq)

A draft bill raised new oil mixed reactions by the political blocs participating in the Iraqi government unlikely to be approved current format, which provides for the distribution of oil revenues to the provinces in accordance with the proportions of the population and opening the door to foreign investment.

He said on behalf of Sheriff member of the House of Virtue Party News Agency (Voices of Iraq) alone "to continue the distribution of wealth and the powers of regions for oil exports were controversial points prevent the passage of the draft law."

Sharif explained that "Iraq's oil production in 2006 was similar to what it was in 2002 during the implementation of the oil for food program of the United Nations in the wake of the first Gulf War." He added : "But the country is currently incurring heavy losses in this sector due to sabotage and oil smuggling and theft," adding that "revenue will be deposited as agreed earlier in a central account and distributed according to population."

The Member of Parliament "Adoption of the draft of a bill before Parliament oil from Iraq after making necessary adjustments major breakthrough in the political and economic transition in Iraq."

For his part, explained Harith al-Ubaydi Member of Parliament told Accord Front (Voices of Iraq) to the front on the subject of numerous objections powers of provinces and the federal government approved a constitution must be some constitutional amendments to the terms of the Constitution formulated on the basis of a draft bill of oil. "

He said : "We are in front compatibility demand that the federal government wider powers of the regions, especially in the export of Iraqi oil."
He added that "suggestions that wants to give provinces the freedom of export and import of oil will find itself sooner or later that they were mistaken."

He pointed out that "meetings convened between the political blocs to try to agree on some controversial items," adding that "the political system in Iraq still young and needed more guidance and evaluation."
He ruled MP to be approved draft of oil in the next few days because of the size differences around. (???)

Kurdish MP Mahmoud Othman said that the reason behind the delay of passage of a bill oil due to the "fog that accompany some of the paragraphs of the project's most important oil imports and the distribution and nature of the distribution mechanism."

He added Othman told (Voices of Iraq), "I think that the political blocs had not been discussed so far three supplements provided with the draft law so I ruled that the law recognizes oil in the near term."

The claim about Iraqi Accord Front expand the powers of the federal government and limit the import and export of oil within the purview of the federal government Kurdish MP said that there were fears the government of the Kurdistan region of these trends and ideas, which he described as "the country will revert to the era of dictatorship," adding that "the Kurdish people suffered from the central and exposure to the most severe types of torture because of it. "

However, Osman said at the same time the importance that the law is consistent with the terms of the constitution which was approved by the Iraqi people.
He explained that the American pressure exerted by the former American Ambassador Zalmay Khalilzad, the heads of the political blocs in order to expedite the submission of the draft law, which he described as came to American political interests.
Osman criticized what he described as "the urgency in providing the draft without referring to the opinion and advice of experts that came to the oil filled Balhfouat draft." Meanwhile enslaves an oil that is the oil for reading by the House of Representatives present.

The expert, who requested anonymity, told in his (Voices of Iraq) that "the law is full Balhfouat which removed the need to be reading and extensive audit."
He said that "with the announcement of a draft bill of oil and gas raised widespread controversy on several items of the draft and the most important power Territories government to exploit the wealth and the powers of the central government in the foreign investment and the distribution of proceeds The Saturate topic explanation."

The oil expert called the government to "reconsider the draft provided corroborative test and other governments and to hear the views of experts with jurisdiction."
He said : "I believe that the government started taking these steps, especially for President Jalal Talabani with Oil Minister Hussein Shahrastani."
He added that "to reconsider the law was one of the most important recommendations of the Sharm el-Sheikh summit which was held in Cairo recently."


Translated version of http://www.aswataliraq.info/index.php?newlang=ara

Cheers!
DayDream

Sunday, May 20, 2007 2:20 PM-BT

The low demand for dollar purchase auction CBE

Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

.Decreased demand for dollar in an auction the Central Bank of Iraq in the opening week, today, Sunday,, recording total volume of demand reached 45 million and 210 thousand dollars, compared with 61 million and 800 thousand dollars last Thursday.
She said the bulletin issued by the Central Bank on the status of the auction received news agency (Voices of Iraq) independent copy today, The purchase orders are divided by four million and 140 thousand dollars in cash and 41 million and 70 thousand dollars in the form of remittances outside the country covered by the bank fully exchange rate reached 1260 dinars, the same rate Thursday.
The bulletin added, did not make any of the banks (15) participate in the auction, offers to sell the dollar.
He explained to Mr. Yasiri, one of the participants in the auction, told (Voices of Iraq) that speculators who had managed to reduce the demand for the purchase in order to obtain the cash price gains, as the price stable for three consecutive sessions, which Mamethel have stagnated in the sale and purchase except urgent them

Translated version of http://www.aswataliraq.info/index.php?newlang=ara

Cheers!
DayDream

Sunday, May 20, 2007 - 03:28 PM
Iraq-Currency

Lower demand for dollar in daily auction
By Dergham Mohammed Ali
Baghdad, May 20, (VOI) – Demand for the dollar was down in the Iraqi Central Bank’s daily auction on Sunday, reaching $45.210 million compared with $61.800 million on Thursday.
In its daily statement the bank said it had covered all bids, which included $4.140 million in cash and $41.070 million in foreign transfers, at an exchange rate of 1,260 dinars per dollar, unchanged from Thursday.
None of the 15 banks that participated in Sunday'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 lower cash bids made for the dollar, as brokers who participated in today's sessions made no bids, owing to the unchanged exchange rate that would have left them with no margin of profit."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

http://www.aswataliraq.info/modules....rder=0&thold=0

Cheers!
DayDream

Sunday, May 20, 2007 10:32 AM-BT

The deteriorating security conditions affect the movement of trade in Dohuk
The Khadr Domli

Dohuk - (Voices of Iraq)
Mcderfi Directorate said Ibrahim Khalil customs area in Dohuk today, Sunday, that commercial traffic in the border point had decreased significantly beginning of the month of May compared with the current past due to the security situation.
The source, who requested anonymity, told the news (Voices of Iraq) alone "in the past month was the entry of trucks from the Turkish side and large queues were long, and some of them were waiting for more than two days until crossed into Iraqi territory."
He added : "But in the past two weeks the movement declined markedly."
The source said, "may be explosions Irbil, a drunk is the reason behind the decline in trade movement in the city because many traders look at the situation also fear that the security situation in Mosul has greatly deteriorated and become traffic at the city almost flat for traders."
The Arbil has been the explosion of a truck bomb on the ninth of May and this was followed a few days three car bomb exploded in the district of drunk between Kirkuk and Mosul.
As for the ratio of retreat commercial traffic source said that "one-third ratio declined limits, which is what we felt through our work in the control and registration.

Retreat of the economic movement in Dahuk point not only to the border but also to the domestic market, also said Mr. Elias Jozel who works in Dohuk Stock Exchange said (to the voices of Iraq) "is the circulation of currency in the past fortnight ago decline dramatically as daily dealings movement after stringent security and Irbil, explosive drunk."

He added, "the movement is not limited to daily exchange of currencies, but also the proportion of the sellers remit funds to the dollar so that it can be seen that the rate has gone down by more than half."

Elias sets the example of the saying "two weeks ago, each vendor or customer deals with us at the end of the day to replace or purchase between 700-$ 1000, but now the figure is less than half."

Economic conditions affected by the security conditions and increased points Executtich deems Group in buying and selling between Mosul and Dohuk, says Mr. Faisal Mohammed, "we can say that the movement has stopped for some goods, but not all, between Mosul and Dohuk because of increased checkpoints first and fear of violence."
He adds "the poor security situation in Mosul itself is the major reason that the city closed especially in the face of trade these days and the movement is also heading for Dohuk despite continuing movement of construction materials."
The sectors most affected by climate conditions in Dohuk is the real estate sector says Jalal Sabri Group in the sale and purchase of real estate "sales and purchases declined since the first week of the month and become Ayarmayo purchasing on the real estate testifies paralysis Although sales prices retreated and supply increase versus purchase only that the sale and purchase generally in retreat."
Adnan Yassin works in the sale and purchase of electrical appliances is another big retreat in the movement, says "in the days prior to this campaign two weeks ago, the line was significant movement in the wholesale, but now has retreated significantly affected sector singular matter."
The first reason is that "fear of people from the (terrorist) campaign, backed by strict checkpoints and the second is almost complete break with Mosul experiencing acts of violence."
The situation changed in Dahuk have become especially other references spread cement blocks in front doors official circles and parties, and different government institutions, which led to a change in market conditions.
Fahmi says Suleiman, a taxi driver that "the movement is obvious that they have changed and went back and clear from the first two congestion became the least by the movement of passengers also.

Translated version of http://www.aswataliraq.info/index.php?newlang=ara

Cheers!
DayDream

Today begins talks between Baghdad and Kurdistan on the Law of Oil

It is expected to begin today, Sunday, in Baghdad, talks between the central government and the government of Kurdistan on the Law of Oil, which is still political leaders are hoping to pass when it was presented to Parliament during this May.

Sources government in Kurdistan there any differences between the territorial government and the central government with regard to some issues related to oil and natural wealth. He said natural sources in the territorial government Ahti seminar in press statements before heading to Baghdad with the head of the territorial government, "The topic of shared natural wealth and the oil that had not been agreed upon so far does not mean there is disagreement between the two sides." He explained that "all of the matter is that the government of Kurdistan region have their legitimate demands of the oil resources and enshrined in the Constitution," He pointed out that "the president of the territorial government Nigervan Barzani will attend all meetings and discussions to be held between the two sides this week in Arbil and talks Irbil and Baghdad seeks to develop other formulas to be more realistic, serious and safeguard the rights of all parties."
The statement of the Council of Ministers in the government of Iraq's Kurdistan region Nigervan Barzani said that the Chief Minister arrived in Baghdad on Saturday evening, heading a delegation of political and administrative territorial government.
The statement, which was broadcast on the web site of the government of Kurdistan on the Internet, that it is "expected to begin Chairman of the Council of Ministers of the region for meetings and meetings with officials in the federal government Sunday."
According to the statement, the talks will exchange views and opinions on a number of files such as oil and natural wealth and territorial budget and Public Peshmargas and military relations between the province and the federal government and the issue of permanent Iraqi constitution.
Accompanying Najirfan Barzani in his Sarkis Aga Jan, Minister of Finance and Minister of Waste seminar natural wealth in the government of Kurdistan region and a number of political and administrative assistants to the President of the Council of Ministers of the region and military officials in the province.

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Latest news : Anbar awakening : political entity to participate in the elections

A member in the Anbar awakening to the forces of awakening almost purge the city of Ramadi from terrorists who destroyed the city to their subversive long rights and infrastructure

He stressed that the forces also finished the Heat cleared areas and wetlands, and the Kubaisa Broanh and Baghdadi, but by the direction of Fallujah, modern and Huseibeh, Raweh has been slow because the formations of awakening is still simple.
He added that the drive relies on the basis of the people in the cities themselves how we work to hunt down the terrorists and to their knowledge of the ways used by terrorists and hiding places and other factors that make people much better cities in pursuit of terrorists than others.
He denied the member who is close to Starr Albsig President of the awakening that there be cooperation between the factions, security and organization of insurgents Anbar, pointing out that the task of this reorganization is to take revenge on the criminals who killed people returning almost unrelated to members of the organization.
He stressed that the forces awakening does not operate in a direct assassination or murder, but seeks to establish the rule of law and justice through the deposit arrested while in prison for determining what they deserve according to the rule of law, but did not rule out the possibility that mistakes occurred, some members of the factions, stressing that Congress hold accountable all those who commit mistakes without being no tolerance with them.
The other member of the awakening that the conference is planned to form a political entity with the accession of independent personalities from the intelligentsia and judges, who have the capacity to manage the country's affairs, stating that the conference will participate in the coming elections will be the name of the entity (the awakening Iraq) headed by Sheikh Sattar Albezie followed the rescue of Anbar, which is chaired by Sheikh Hamid Alhays.
He explained that the conference would not participate in any process leading real, but leave it to the personalities of technocrats take leadership, pointing out that the political program is not yet complete and would be announced shortly.

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Latest news : national reconciliation conference in Cairo next month

Arab League started in coordination and cooperation with government expansion Iraqi contacts to hold national reconciliation conference in Cairo during the month of July.

The organizers of the conference intends to invite 60 people, including strong opposition to the political process. An informed source in the Arab League that Overtures with the opposition to the political process and others describe themselves as "resistance" has already begun and has reached the stage of good, pointing out that invitations will be sent to agents and representatives of the religious authorities, Sayyid Muqtada Sadr and Mr. Abdul Aziz al-Hakim and Sheikh Hayat addition to Sheikh Harith al-Dhari, and Jawad says, as well as political leaders from various denominations and nationalities.
The source said that during the closed-door meetings held by the participants descriptions of the two may be extended to three if necessary, it will hold a meeting to study and discuss the political tensions and other denominational differences with representatives of the government meet with the opposition to reach a unified vision about the situation in Iraq.

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