Thread: Archive Latest News - Think Tank - 16/08/07 - 03/11/07

Originally Posted by investor

Am I right in believing that the oil law being passed is the catalyst for a reval?

I believe the oil law is necessary for an r/v to occur....whether or not it is the main key remains to be seen.

Dinar tank, what are your Predictions as far as making trades with DINAR. when do you propose it will go on the market? between Me, and my son We have purchased a small amount of 1,500,000 Dinar. I keep seeing all of the proposed contracts with different oil companys being posted here . sure wish we could get some great news about the RV. BOB1940.

Let's not forget that the change we have seen in dinar value is strictly compensation for a weakening US dollar. If this change is helping to lower inflation, I believe it's because of the perception that the CBI is in control.

Normally, a country uses interest rates to control economic outcomes - however, in Iraq there is no such mechanism, so for the time being, adjustments in the dinar value will have to suffice (a bit like the cart pushing the horse).

At this point the CBI is struggling to meet IMF requirements and a revaluation of dinar has not even begun yet!

If the dinar reaches 1000:1 USD it will only be because the US dollar has continued to weaken relative to other currencies.

When IMF concerns have been met - we will see the big reval we have all been anticipating!

Personally, I'm looking at Jan. 1st, 2008.

Thank You William. for the comment on the RV and strength of the CIB and the Dinar. BOB

Originally Posted by billknows

Let's not forget that the change we have seen in dinar value is strictly compensation for a weakening US dollar. If this change is helping to lower inflation, I believe it's because of the perception that the CBI is in control.

Normally, a country uses interest rates to control economic outcomes - however, in Iraq there is no such mechanism, so for the time being, adjustments in the dinar value will have to suffice (a bit like the cart pushing the horse).

At this point the CBI is struggling to meet IMF requirements and a revaluation of dinar has not even begun yet!

If the dinar reaches 1000:1 USD it will only be because the US dollar has continued to weaken relative to other currencies.

When IMF concerns have been met - we will see the big reval we have all been anticipating!

Personally, I'm looking at Jan. 1st, 2008.

There is some merit in what you say.
Perhaps we should make a comparison between the dinar and a more stable currency, maybe the swiss franc?

President Al-Assad Reviews Regional Developments with US Senator Kucinich

President Bashar al-Assad met on Sunday Democratic Senator Dennis Kucinich and reviewed with him the current situation in Iraq, Palestine, Lebanon and the latest regional and international developments.

Opinions were exchanged regarding American-Syrian relations, the possibility of pushing the peace process forward and maintaining security and stability in these sensitive circumstances.

Senator Kucinich pointed out to Syria's pivotal role in bolstering security and stability in the region.

President al-Assad affirmed Syria's stances in support of the political process in Iraq as the only way to resolve the crisis. He also affirmed Syria's support for whatever the Lebanese parties agree upon and its support for a just, comprehensive and permanent solution for the Arab-Israeli conflict, which would end all the region's problems.

The meeting was attended by Foreign Minister Walid al-Moallem and the delegation accompanying Senator Kucinich.

President Al-Assad Reviews Regional Developments with US Senator Kucinich | Iraq Updates

Syria moves to restrain Iraqi refugee influx
Damascus to impose visa restriction on Iraqis from September 10 in bid to control flood of refugees.

Syria said on Monday it will impose visa restrictions on Iraqis from September 10 in a bid to control the flood of refugees into the country from its war-torn neighbour.

"The document will be for a single entry only and valid for three months," a foreign ministry official said, adding that "only Iraqis belonging to the economic, commercial and scientific sectors will be authorised to enter Syria."

These categories included "members of chambers of commerce, industry and agriculture... lecturers in Iraqi universities and institutes of higher education, as well as those engaged in scientific research."

Since the US-led invasion of Iraq in March 2003, more than 2.3 million Iraqis have become refugees, with upwards of 1.5 million now in neighbouring Syria and 750,000 in Jordan.

The United Nations High Commissioner for Refugees (UNHCR) estimates that the number of Iraqi refugees in Syria is rising by 30,000 a month.

The official in Damascus did not specify whether the new restrictions would apply to those Iraqis already in the country.

Following an Arab nationalist policy, Syria does not normally impose visa requirements on the citizens of other Arab states.

On Thursday the UNHCR appealed for greater help for both Syria and Jordan to cope with the refugee influx.

"The international community has a big debt of gratitude towards these two countries" whose limited resources have been stretched, international refugee chief Antonio Guterres told journalists in Vienna.

"I want to pay tribute to the extremely positive attitude of the Syrian authorities towards the Iraqi refugees," he added.

Syria moves to restrain Iraqi refugee influx | Iraq Updates

Britain pulls troops out of Iraq's Basra city
British forces hand control of last base in Iraqi oil port of Basra to Iraqi comrades.

After four and a half inconclusive years of fighting, British forces during the night slipped out of their last base in the Iraqi oil port of Basra, handing control on Monday to their Iraqi comrades.

The move comes amid heightened tensions between the United States and Britain, its closest ally in Iraq, over their policy in the war-torn nation.

"British troops began their withdrawal from Basra Palace at 11:00 last night (1900 GMT)," said General Mohan Fahad, commander of Basra military operations.

"The Iraqi army has now taken over responsibility and the area is off-limits. No one can approach except those who are authorised," he said.
Farhad added that the Iraqi military will control the presidential palace compound until Prime Minister Nuri al-Maliki decides its fate.

The evacuation of the 500 troops from Saddam Hussein's former palace on the banks of the Shatt al-Arab waterway to a desert airbase paves the way for a full British handover of security in the region to Iraqi authorities.

"Handing over Basra Palace to the Iraqi authorities has long been our intention, as we have stated publicly on numerous occasions," Britain's Ministry of Defence said in London.

"UK forces will now operate from their base at Basra Air Station, and will retain security responsibility for Basra until we hand over to Provincial Iraqi Control, which we anticipate in the Autumn," a ministry statement said.

General Jack Keane, a former vice-chief of staff of the US Army, had said last month there was "frustration" in Washington at the deteriorating security situation in the British-run area -- triggering an angry reaction from some quarters in the British military.

British military spokesman in Basra, Major Mike Shearer refused to comment on the handover but said "as soon as our operation is complete the British military will make an official statement."

There are about 5,500 British troops in Iraq, most of whom are based in and around Basra, though that number is set to drop to around 5,000 by the end of the year.

They will now handle training and supervision of local forces, supporting them if required.

Since the March 2003 US-led invasion of Iraq, almost 160 British soldiers have died there.

British Prime Minister Gordon Brown, in an interview with the Daily Telegraph published on Monday, said that there was "no timetable for exit", adding: "There are decisions we need to make to go from combat to overwatch."

"But we have obligations both to the government of Iraq and the international community."

The British troops leave behind a city in the grip of a brutal turf war between rival militia.

But Iraqi forces and war-weary local civilians are hopeful that the redeployment will herald a new start for Basra.

"I believe the security apparatus will be able to control the situation if they withdraw completely," Brigadier Ali Ibrahim of an Iraqi army border guards unit said last week. "We want the British to leave so things will improve."

The apparent optimism among Iraqis, however, stands in marked contrast to the pessimism of foreign observers. Many policy experts now speak candidly of a British defeat in southern Iraq, and warn of more chaos ahead.

The International Crisis Group think tank warned in June that the withdrawal would be seen as a victory by the Shiite militias who bombard British bases daily and control much of the city's economic and political life.

"Basra's residents and militiamen view this as not an orderly withdrawal but rather as an ignominious defeat. Today, the city is controlled by militias, seemingly more powerful and unconstrained than before," its report said.

This month, Professor Anthony Cordesman of Washington's respected Centre for Strategic and International Studies warned that Iraq's eastern neighbour Iran would also be encouraged by what he called "the British defeat."

"British weakness and failure in the south has both encouraged Shiite extremism and partially opened the door to Iran," he said, warning US forces in north and central Iraq not to rush to follow the Basra model.

Britain's Foreign Secretary David Miliband and Defence Secretary Des Browne, wrote a joint article in Friday's Washington Post newspaper saying it was "time to set the record straight" after weeks of "misplaced criticism" over Britain's actions in Basra.

"The question some people have asked is: have British forces failed in Basra? The answer is no," they said.

Britain pulls troops out of Iraq's Basra city | Iraq Updates

Demand for dollar up, exchange rate stable in daily auction

Demand for the dollar was higher in the Iraqi Central Bank’s auction on Sunday, reaching $46.955 million compared with $35.190 million on Thursday.

In its daily statement the bank said it had covered all bids, including $21.015 million in cash and $25.940 in foreign transfers, at an exchange rate of 1,238 dinars per dollar, unchanged for the seventh session running.

The 15 banks that participated in Sunday's session offered to sell $15 million, which the bank bought at an exchange rate of 1,236 dinars per dollar.

Ali al-Yasseri, a trader, told the independent news agency Voices of Iraq (VOI) that the hike in the demand for the dollar was due to the increase in the cash bids while the bids in foreign transfers remained relatively low in today's auction.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Demand for dollar up, exchange rate stable in daily auction | Iraq Updates

Iraq business conference opens in Dubai

Businessmen from southern Iraq met with international counterparts yesterday to discuss business and investment opportunities in the war-torn country.

Vice president of Iraq Dr Adel Abdul Mehdi opened the first Iraq Business and Investment Conference in Dubai.

Panel sessions covered the legal environment for conducting business in Iraq, financing private sector business, trade, and commerce and private sector banking.

According to Mehdi ‘Iraq's new investment law will facilitate investment for both Iraqi and non-Iraqi businesses by providing a secure investment environment. Business people know the capacities and resources of Iraq. These delegates are the experts brought together at this conference to present opportunities for investments across a wide range of industries. Iraq is not only oil and gas but also agriculture, infrastructure and tourism, both historic and religious.'

Five Iraqi government ministers are also attending the conference.

Sessions include presentations concerning joint ventures with state owned enterprises, investment in agriculture, free zones, construction and contracting and opportunities in reconstruction and management associated with the port of Basra.

Iraq business conference opens in Dubai | Iraq Updates