Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by jsfletcher

Just out of curiosity...how would you get money out of Warka?

They are implementing a electronic system soon or as we speak. Until then you are looking at wire transfers.

Originally Posted by D-Day

That religious fanatics cannot get any worse, then these fruitcakes come along...

No, this is Iraqi X-Files, but the electricity is so unreliable they can't watch it on TV, so the local imams read each episode to the crowds at the local mosque.

Oil and Energy. Iraq intends to develop oil fields shared with Kuwait, Iran and Syria
Justice / follow-up, the Minister of Oil Hussein Shahrastani that Iraq will sign agreements on joint development of oil fields with Kuwait, Syria and Iran.
Translated version of http://www.aladalanews.com/
He pointed out that Iraq and Iran will sign an agreement to develop oil fields after the joint technicians of drawing borders between the two sides. He added : After the signing of the agreement the two sides will assess the Iraqi and Iranian pipeline for transporting Iraqi crude oil to refineries in the south of Iran to strengthen trade relations between the two countries. in relation to Shahrastani announced that Iraq produces between 2.3 million and 2.4 million barrels per day at present and with production growing tightening security along the northern pipeline to export oil. stressing that oil production is increasing gradually with the use of the Iraqi army to protect the pipeline in the north of the country.

(Credit Fund, Iraq) provide 6,6 million dollars to finance a study on the economic situation
Justice / World Bank signed up with the Ministry of Planning and Development Cooperation agreements to finance a survey and the extensive economic and social situation and formulate a strategy for reducing poverty rates.

The Arab Monetary Fund : Tunis stock exchange, the best performance
According to a report of the Arab Monetary Fund, the Stock Exchange Tunisia managed in the second quarter of this year to achieve the highest rate of increase in the price of shares compared with the same period of last year. compared to the other Arab stock exchanges.

The world largest insurance company begins its work Gulf
American International Group said the biggest insurance company in the world that it would provide insurance coverage for the first accordance with the Islamic Shariah in the Gulf states before expansion in Asia.

Iran supports stability of oil prices at levels acceptable
Iran said that it will support any move by the Organization of Petroleum Exporting Countries "OPEC" to restore crude oil prices to acceptable levels after the last landing, at the time the two of the organization unilateral reduction of their output.

Billion increase in oil revenues Al Yamani
An official report Yamani revenues of Yemen's oil exports rose billion dollars in the last eight months with the increase in the government's share of crude oil production by six million barrels.

Egypt studying the establishment of branches of Chinese banks
Cairo / agencies and the Minister of Trade and Industry said that the Egyptian government is studying the possibility of setting up branches of Chinese banks in Egypt and the Egyptian banks in China, as well as the establishment of a joint bank to finance investments and trade between the two countries.

Lebanese cities starting to benefit economically from the International Force
Some Lebanese towns to benefit economically from the presence of international forces operating in the country and that part of the recently arrived. It is anticipated that these forces will have completed their case spread 15 thousand in the recovery of tourism, as well as purchases of soldiers from the Lebanese markets and the estimated millions of dollars tires.

Billion riyals monetary supply in Saudi Arabia
She said the Saudi Arabian Monetary Agency (central bank) in its monthly inflation rate in the Kingdom has increased to 2.2% in July, while the present exchange 2.4% in August to 611.9 billion riyals (163.2 billion dollars).

Translated version of http://www.aladalanews.com/
(Read more: Got to site above, then on the right side, go to the fifth Arabic menu from top. That is it!)

Motomachi, with regards to your last post, I have been trying to understand what they are trying to say here, but cannot quite figure it out, and was wondering if you could explain it to me . Thanks

Motomachi, just to clarify that a bit more, I mean the one about the raising of the dinar

Originally Posted by $onedaysoon$

not sure if its been posted but here goes

ÍßæãÇÊ ÇáÍÑÇãíÉ ... ÈíäåÜã 15 æÒíÜÜÑÇð ÇÚÊÞÜÇá 159 ãÓÜÄæáÇð ÍßæãíÜÜÜÜÇ ÈÊåã ÇáÝÓÜÜÜÇÏ

Governments era ... 15 ministers, including the arrest of 159 government officials on corruption charges

2006-10-04 :31:14 AM





--------------------------------------------------------------------------------

The integrity of Iraq issued a warrant for the arrest of 159 former government officials, including 15 ministers and under-secretaries and advisers, charges of financial and administrative corruption. An official at the integrity, "the corruption of the financial perspective is currently before the body is 7.5 billion dollars." He quoted the spokesman as saying, "There are 15 ministers and more than 73, Undersecretary of the Ministry, a government adviser from the former government issued arrest warrants against them in accordance with article 136 of the Code of Criminal Procedure." He added that "there are former Iraqi Minister of the decision is still valid that the arrest warrant did not lapse unless the accused is brought before the competent courts and the judiciary issued at such time its right of the accused." As the official spokesperson for the integrity, "approached the proper authorities to claim the International Police (Interpol) for the recovery of the defendants living outside Iraq and surrender to the Iraqi authorities."

sweeeeeeeeeeeeeeeeeeeet!!!!
CLEAN HOUSE BABY CLEAN HOUSE!!!

Thanks SGS, For all you do!!!!!!!!

Is thier any truth to the 14 days of silence, during this hoilday???

Originally Posted by neno

They are implementing a electronic system soon or as we speak. Until then you are looking at wire transfers.

you can already sign-in online to your account at warka and do transfers etc. just need to write for a password.

I have been doing a lot of thinking lately (my wife says that’s dangerous, but what the heck, I do it anyway).

I’m going by memory, and if any of you out there see anything wrong please let me know.

According to what I read, prior to Saddam taking control, Iraq had a healthy economy, and it was not based solely on oil exports. They were at one time the world’s largest exporter of dates, and had a strong agricultural area between the two big rivers. They also have large limestone deposits which are not plentiful in the middle east. Limestone is what is ground up to make cement.

With this economy, the dinar was trading at the $3.00 level (i.e 1 dinar = $3.00 USD)

Then along came Saddam. Amongst other things, he proceeded to attempt genocide on the Kurds, basically destroyed the country’s infrastructure, and racked up large debts to other nations. During his tenure, the dinar suffered downward pressure, due to the crumbling economy of course, and he artificially propped it up and managed to keep it around the $2.35 mark towards the end.

Then the US intervened, got him out, and set up a democratic government which is what is there now.

They are currently dealing with jealousy and fear between the three main sectors of the Iraqi population; the Kurds, the Sunnis, and the Shiites.

They are also contending with more than half the population in abject poverty (living on the equivalent of $1.00 USD or less per day), violence between the Sunnis and Shiites, and just to add insult to injury they have to contend with the Al-Qeada lunatics.

In order to have their infrastructure rebuilt, their agriculture restored to past levels, and in general, some sort of domestic production they need foreign investment of capital and expertise. Considering the current level of the dinar, to just open the doors would allow a few wealthy industrialists to virtually buy up their entire economy (other than the oil which is government owned and controlled). So the Foreign Investment Law needs a reval to go with it.

In order to get their oil exports up to the levels they would like, they need to rebuild the wells and pipelines that were damaged or destroyed and they need to develop new fields.
There are the big oil companies standing in the wings with cheque books in hand, and you can see they are almost drooling at the prospects.

Before they can really go ahead with this though, they need legislation in place to cover ownership and revenue splitting. This will be rather tricky considering that the Kurds, Sunnis and Shiites all have different viewpoints on how it should be divided and controlled. So we need an agreement amongst them in that regard.

There also seems to be some squabbling in the area of security and private militias and they are trying to come to an agreement and hammer out legislation covering that.

Pretty well all the foreign debt (at least the majority of it) has been forgiven and this will allow Iraq to approach the world economically with a clean slate.

Mr. Maliki is walking a tightrope of sorts but from the news reports out of Iraq this past week or two it seems he is making headway. The opposing factions are at least talking and have not yet given up.

It seems to me that as soon as the FIL, the Oil legislation and the definitions of the regions etc are in place then Iraq will be ready to roll. My belief is that a reval would be announced at that time and shortly thereafter we should see quick progress in Iraq’s economic condition.

When will this take place you ask? I honestly don’t know, but I feel that it will be very soon (within the next month or so).

The above is sort of a synopsis of all the information I have absorbed over the past year or so and the conclusions I have arrived at from noting the changes (some very subtle and some more obvious) in substance and tone of the news out of Iraq. I am putting this out here to see what other people think about it, either agreeing with me or not, and to see if there is anything you can add that I have missed, or correct if I have misstated.


Mods, I realize this is not exactly “news”, but merely somewhat of a re-hash and synopsis, and if you feel it should be in another thread please move it.