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

sorry if posted already, I posted this also in the "HCL is with parliament" thread:


Officially Rescheduled

Iraq Oil, Gas, Petrochemical & Electricity Summit

2-4 September 2007, Dubai, UAE Full summit details >>> The Iraq Development Program has been advised following consultation with senior officials from the Iraqi Government, the Kurdistan Regional Government and the US Embassy Baghdad to reschedule the Iraq Oil, Gas, Petrochemical & Electricity Summit for 2-4 September 2007. This has come about as a result of ongoing negotiations concerning Iraq’s proposed new hydrocarbon law.

Expectations were that the hydrocarbon law would be in place for the scheduled date, but it has now become clear that the law will take a few more weeks to be passed and that the interests of attending companies and the Iraq Development Program will be best served by ensuring that the event has the strongest and most unified Iraqi support.

Accordingly, it is agreed that 2-4 September will be the best time for the international energy community to gather and discuss hydrocarbon activities within Iraq. The summit will still be taking place at in Dubai, which remains an outstanding venue for the summit.

All confirmed delegates will have their registration forwarded to the rescheduled summit date. Any company or individual who has booked hotel rooms through the Iraq Development Program should cancel their reservation at the latest 72 hours before their scheduled arrival time and no costs will be incurred.

The Iraq Development Program apologises for any inconvenience caused and maintains its commitment to serve the best interests of its delegates in making sure it delivers the strongest possible event for Iraq’s energy sector.

Iraq Oil, Gas, Petrochemical & Electricity Summit

Cheers!
DayDream

Originally Posted by mustang sally

Please excuse, if already posted. Thank you.

Iraq to auction oil, gas blocks once law passed
(Reuters)

23 May 2007

NEW DELHI - Iraq will auction 15 oil and gas assets once a new hydrocarbons law is passed, a top oil ministry official said on Wednesday during a trip to India, where he sought Indian interest to build new refineries.


“Iraq is preparing 15 fields and blocks for first round of auction after approval of the oil and gas law ... tenders are under preparation,” Fayadh Hassan Nima, director general at Iraq’s oil ministry, told reporters.Oil multinationals are waiting until a new hydrocarbon law, which sets the rules of investment in Iraq, to be passed by the parliament before pumping cash into Iraq.

International oil firms are eyeing its giant and largely underdeveloped oilfields.

Nima said he expected the law to be finalised within “two to three months”.

Iraqi Oil Minister Hussain al-Shahristani said earlier this month all parties had agreed to pass the law by the end of May.

Oil is the country’s main source of the hard currency needed to rebuild its economy, and the energy sector is struggling to recover from years of mismanagement and sanctions.

Baghdad wants to build at least four new refineries to help it solve chronic fuel shortages.

Nima said in New Delhi, it was hoping Indian firms would build two of those refineries.

Iraq has eight oil refineries, none of which were damaged during the invasion. Oil officials say that the plants are operating at only 50 percent-75 percent of capacity, forcing Baghdad to import most of its fuel

This article says a lot to me. The plans are ready to put fields on the market. They should be more than ready to get the foreign investment flowing. Their oil is worthless where it is now. There is an assumption of the HCL passing here that has the powers that be polishing their gavels. Feel free to insert joke here.

Originally Posted by wessgs

Although what has been said about the American Dollar might have some truth to it. I had rather hear it from Rosie O'Donald or CNN this is not the place to bash the dollar. You can't spend any other money in the states and if you can it must be changed to the dollar. While this guy you all get your info from may be smart oh well nuf said.....

First off Rosie O'whatever has never said anything redeaming. As for the Clinton News Network they only report Unfair and Biased news. As for bashing the dollar its taking enough bashing elsewhere.

This was posted over on the darkside by "investindinar". Anytime he posts I sit up and take notice, I highly respect him and his opinions. I thought I would post it here for opinions regarding his thoughts on the r/v. If "WmKnowles" doesn't mind I would like to hear his thoughts on this also, as I highly regard his opinions also. As both men have extensive knowledge on economics, it may help us all to hear what these men have to say, and anyone else who would care to throw in their 2 dinars worth.

Neno: fell free to move this if its in the wrong thread

Originally posted by investindinar:

Al Shabibi has been very consistent in his 'go slow' strategy and he's been showing very good results in maintaining a stable currency. The IQD/NID is backed up 100%+ with USD plus some gold which gives the CBI the ability to keep the pace of revaluation without worrying about destabilizing the currency. There's virtually no risk of that happening now.

If what the MoF Jabr Zubaidi said was true regarding the pardoning of 80% of their 140 billion USD debt with the Paris Club nations, then Iraq is literally on the verge of making major progress in the direction of internationalizing their currency. There is simply no way they could internationlize their currency with the existing debt. They need their GDP to be greater than their debt before they can internationalize. They're scheduled to begin buying SDRs from the IMF beginning in 2008 and continuing through 2009. I can't help but think that this development is closely related to the latter. Internationalizing the currency will help increase demand for it. Iraq could use the opportunity to begin financing transactions such as petroleum sales with IQD/NID; not just dollars. Concurrently with this development is the movement by some central banks away from the USD towards a currency basket. This has a promising but unpleasant effect. The higher the IQD/NID goes in relation to the USD, the lower the USD will go in relation to other currencies. We'll be hearing about this a lot more in the near future.

If we can indulge in a little of "reading between the lines" he's apparently inclined to continue the same strategy into the future. There's not going to be a sudden 'surge' in the value of the currency. Only an acceleration of the revaluation. As long as the Iraqi economy remains heavily dollarized, the CBI cannot suddenly increase the value of the IQD/NID. Too many merchants would suffer losses unnecessarily. Internationalizing the currency would accelerate the process of de-dollarization. After the currency is internationalized we may see some large moves, but not until then.

Incidentally, the longer the IQD/NID stays at a low valuation in relation to the USD, the better their exports look and the more IQD the CBI is likely to soak up out of the economy. Hence there is really no rush to get to 1:1 anytime soon. Iraq wouldn't be able to do this anyway. There's simply too many currency units in circulation. This is a long term investment and the biggest gains are going to be made in the stock market (ISX).

Just my 2 dinars worth.

Sincerely,

investindinar
__________________

Cheers!
DayDream

Looks like it's going to be a "September Morn for those who scorn!" sorry all, but We just have to Wait it out. I was told when i first got involved with the DINAR ----Way Back when---- Its not a matter of IF it will RV. It's a matter of WHEN? SO don't get to upset over the facts of life. WAIT it out and try other Ventures While waiting. JMHO

I know it's not official but this was interesting as I just checked Yahoo's Currency page and the Dinar for Wed 3:40PM PST showed 1260.2 rate which is up from their rate shown yesterday at 1259?

U.S. Dollar to Iraqi Dinar Exchange Rate - Yahoo! Finance

Verrrryyyyyy Innnnterestiinnng!
Bad Artie Johnson look-a-like

Originally Posted by bob1940

Looks like it's going to be a "September Morn for those who scorn!" sorry all, but We just have to Wait it out. I was told when i first got involved with the DINAR ----Way Back when---- Its not a matter of IF it will RV. It's a matter of WHEN? SO don't get to upset over the facts of life. WAIT it out and try other Ventures While waiting. JMHO

Or if it ever will, and if so if they don't screw us at the end, belive me they can do what ever they want to! Like the old saying BELEIVE IT OR NOT!

It takes FAITH, and TRUST to Be a dreamer. I have both. I know that some day this RV of the IRAQI DINAR will Happen.

Sorry, not sure of the date of this article, whether old or new, but still worth reading. (I think its from Jan '07)

Procedures for the Central Bank led to the retreat of the dollar against the Iraqi dinar fall when Wallace

Waiting for real, concrete results

Baghdad-Imad Principality
Witness the Iraqi dinar improved markedly these days about the dollar's exchange rate, the Central Bank of Iraq to attribute the cause of the recent measures adopted by the task of raising the interest rate.

In addition to the large amounts of foreign currencies in the market but a number of economists believe that these procedures are inadequate to the recovery of the purchasing power of the dinar unless accompanied by fiscal and monetary policies can achieve the required balance, it is expected expert at the Central Bank for improvement in the value of the Iraqi dinar with the decline in prices is gradually after two months from now.

(Morning) followed these variables through exploring the views of experts and exchange of money and inspect the market continuing to determine the extent of the impact of these procedures. We note that prices are still stable despite the recovery value of the dinar relatively .. The reason to celebrate religious Basarham old traders to offset losses which they may be exposed by it.

There needs to answer question on what the actual power behind the deterioration of situations or force in the exchange rates on the Iraqi dinar important factors including, the Iraqi dinar exchange rate is determined in practice exchange markets according to supply and demand factors like other goods and services, However, the demand for foreign currency is a derivative of the demand for foreign goods and services, while the supply of foreign currency is a reflection of the demand for foreign goods and services Iraqi The economists reluctance (monetary policy) to address the great imbalances, particularly in the cash market and liquidity of local and increasing water levels and high rates of inflation accelerated return undoubtedly a huge impact on the market.

In order to shed light on the repercussions of the recent dollar before (Iraqi dinars) met Dr. economic expert. Reza Krishi College of Administration and Economy at the Mustansiriya University of which he spoke, saying : there is an important point which must be understood is that the Iraqi Central Bank is currently working on the stability of the exchange rate of the Iraqi dinar and not fixed exchange rate and what the (Central Bank) is the process of buying the Iraqi dinar by selling the dollar and the many reasons envisaged (Central Bank of Iraq) to obtain Iraqi currency and for coverage of public expenditures, and for the stability of the exchange rate of the Iraqi dinar, the Central Bank has a capacity of comparative advantage in this area because the growing reserves of hard currency and (dollar) makes the central bank's ability to strengthen the exchange rate of the Iraqi dinar against the dollar, But these procedures followed impacts must take into account the way that reduces the negative aspects to a minimum but such procedures are not without negative effects on the overall economy and the Iraqi market if it is not accurately measured and gradual, note that recent changes in the proportions of the dollar against the Iraqi dinar is not abrupt changes but is relatively acceptable and dictated by market conditions, and some economists that the budget imbalance, which began its manifestations in the first (1982) and the fact that the current authority to finance the deficit by borrowing from the issuance, in this period that a separation in exchange rates in the (black market) on the official exchange rate almost constant and continued the case until his release import system without diverting outside where the disparity between the official exchange rate and parallel limited and slow and why most foreign trade of Iraq then, however, the Iraqi Ministry of Trade that had been the official exchange rate, where the trade balance covers foreign loans and when the deal officially import system without diverting afternoon external trade balance to the official trade balance reflects the hidden value of imports and exports through the import and export outlets hidden, Economists pointed out that the parallel market rate is determined by the balance of trade deficit, which was hidden automatically fills Iraqi currency smuggling to neighboring countries where the demand for speculative future.

These conditions addition to the Iraqi economy for several strong shocks led to structural imbalances in the structure of the Iraqi economy emerged as the negative consequences of instability in the exchange rates of the Iraqi dinar and exposure to situations of weakness and degradation where it is difficult to deal with the issues on the horizon, It must be a financial and monetary policy and clear-cut was aimed at stabilizing the country's economic situation.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=35376

Cheers!
DayDream

Incidentally, the longer the IQD/NID stays at a low valuation in relation to the USD, the better their exports look...

All the while,
Nine million Iraqis live in poverty

An official source at the ministry said that "this survey was conducted on different samples in all governorates; results showed that more than nine million Iraqis are living under the poverty line because a large proportion of them depend on food subsidies and subsidized basic commodities such as fuel, with many Iraqi markets not working regularly.”

SO...let the people starve to death...little children be recruited to make bombs instead of schooling, desperate people forced to become human bombs to supply a secure future for their families

BUT, HEY! Export ratios look good!

But, wait oil is the only export at this time...