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

(MENAFN) Sources at the Iraq Company for Bank Guarantees (ICBG) said that the company is trying to achieve a late October launch. Preparatory work is well underway at the ICBG to make sure a business commencement date at the end of this month, Portal Iraq reported.

The sources added that Shareholder and follow on ICBG Board meetings have been held in the last two months. During September and October, ICBG management will undertake a structured marketing effort with all commercial banks and finalize guarantee applications with those that will be ready to approach the company on its scheduled launch date.

It's worth mentioning that Guarantee applications for two SME loans are expected in September for management review. Executive, Risk Management, Audit and Grants oversight committees will be meeting shortly to take stock of all preopening work underway.

Official reports by the committee will be released at the next ICBG Board meeting in early October.

MENAFN - Middle East North Africa . Financial Network News: ICBG attempts to make late October launch - Iraq

I thought this was interesting.

Dinar-Excited

Originally Posted by day dreamer

News
The political council of national security in the case of the permanent Aptdoua today

October 15, 2006

The Vice-President of the Republic Dr. Adel Abdel Mahdi, that the political council of national security in the circulation during its meeting, on Saturday, 10 - 14-2006, the most important issues, He was on top of the security file, as well as political consensus, the link between the security and political, in addition to that he had discussed steps to be followed to coordinate with the multinational forces to provide security and stop the bloodshed and violence in the country.
And Dr. Abdel Mahdi, in a joint press conference after the meeting, , which was held at his residence in Baghdad that "the political council of national security in the case of the lasting effect from tomorrow and the coming days. and to follow up on the important issues, and not be left without a suitable solutions. " And Vice-President added : "We have finished today's meeting to continue strong and the topic of the political blocs in the topics identified for consideration tomorrow," (WHATS SO IMPORTANT ABOUT TOMORROW?) emphasizing the need for radical solutions to some outstanding issues between the Iraqi forces and multinational forces, and he said, "The solution is to put the security and strengthen the role of the police, army and intelligence in addition to the role of multinational forces." He and Vice President of the Republic to a state of crisis in the country, Al, and Baghdad has been subjected to acts of sabotage and terrorism, He also stressed the need to return displaced families to their regions and the need to stand firm against terrorist plots.
For his part, stressed the Deputy Prime Minister Barham Salih on the need to do a draft national reconciliation, launched by Prime Minister Al-Maliki, and be applied on the ground, He pointed out the need for cooperation among all the serious political blocs in parliament and the government, added : "The meeting today was different from the other previous meetings because the leaders of blocs and parties aware of the gravity of the situation, in particular, that the Iraqi street is the urgent need to restore security, and not allow the extremists to abduct political position "and also stressed that" the credibility of the political project has been questioned by the Iraqi citizens who are new twist in his life. " (COMPLAINTS ABOUT THE CHEQUES?)
For his part, the Speaker Dr. Mahmoud Almshahadani out that if it was to achieve what will be agreed at the Mecca will be a positive impact on the Iraqi street. (those clerics and religious dudes will really help calm these ppl down) And with regard to federalism, Almshahadani said that the topic provided in the Iraqi Constitution, and that "each of the parties had a point of view, some people believe that the time is appropriate for the application of federal, Other parties and the opposite view, "saying that there was an agreement to re-examine some of the articles of the Constitution in accordance with Article 142, within the time ceiling-year, and that the principle of consensus used by the political parties in the event of disagreement. ( they are going to work on it over the 18mos.)
In the same context, Deputy Prime Minister Alzobai peace "that the draft national reconciliation opened the door to dialogue with the tribal elders of Anbar, and that there are efforts to restore security in the city. The government in the Diyala make the same efforts and good at calming down the situation there. "
Alzobai and pointed out that "the government has some errors in the tools and is the need to reform and has been agreed upon, and we must change the target and all the elements that have crept into our security and we are not excluding any organ of Defense, or the Interior, or even the CIA

soundin good!! it seems to reinforce the idea that upon revalue of the dinar there will be higher security issues due to the 'uproar' of it all. hence why they keep discussing tomorrow

And Dr. Abdel Mahdi, in a joint press conference after the meeting, , which was held at his residence in Baghdad that "the political council of national security in the case of the lasting effect from tomorrow and the coming days. and to follow up on the important issues, and not be left without a suitable solutions. " And Vice-President added : "We have finished today's meeting to continue strong and the topic of the political blocs in the topics identified for consideration tomorrow,"

Iraq: A high rise in trade exchange rates
Posted on Saturday, October 14 @ 08:33:26 PDT
Topic: Iraq
The trade exchange at Safwan border outlet witnessed an increase in its normal rates. Mr. Khalid Azzeidi, director general of the outlet, attributed the reasons for this increase to the goods supplying processes for the benefit of the State ministries in accordance with the orientations of the government to import materials used in the process of building the infrastructure of the country.

The import ratios rates are expected to continue rising during the next two months. He also explained: imported materials that are exempt from customs duties include all building materials, electrical power generators, water purification plants, productive cars, tourist saloon cars imported specially for municipal services and the reform of the electric power networks.
He added: The rates of import rose to more than 300 trucks per day and that their entry through the outlet has been going on according to a plan prepared by a coordinating body in the Green Zone. As for the revenues of customs duties in the outlet, he stated that the fees collected from non-exempt materials of the customs duties rose about three million dinars per day compared to previous months and the total amount of fees is estimated by seven billion dinars per month, deposited in the accounts of the Ministry of Finance being the authority entitled to deal with it.

"GCC currencies 'undervalued' "


GCC currencies 'undervalued' - Middle East Business news related to travel, food, hotel, real estate, health, oil and more


Dubai


"Currencies are undervalued by as much as 27 per cent in the GCC region, where soaring revenue from oil exports is putting pressure on fixed exchange rates, a report said.

Most countries in the world's top energy exporting region are enjoying large current account surpluses with oil prices surging to record highs over the past two years.

While in theory that should cause exchange rates to appreciate, members of the Gulf Cooperation Council -- Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman -- are keeping their currencies pegged to the dollar.
(which implies they should be higher)

Using the price of a McDonald's Big Mac burger as a measure of purchasing power, the Dubai Chamber of Commerce and Industry concluded that currencies in all six countries were undervalued.

The riyal in Saudi Arabia, the largest Arab economy, is undervalued by 23 per cent, the chamber said, using a light-hearted test devised in 1986 by the Economist magazine to determine whether currencies were trading at appropriate levels.

The dinar of Bahrain, the Gulf's smallest economy, is undervalued by 27 per cent while the dirham of the UAE is the least undervalued, at 12 per cent.

Kuwait allowed its dinar to appreciate 1 percent within a trading band in May to offset the impact of the weakening dollar on inflation. The study found the Kuwaiti dinar was undervalued by 16 per cent as was the Omani rial.

Qatar's riyal was 20 per cent below its real value, according to the study.

Gulf countries are preparing for monetary union in 2010 and are unlikely to revalue their currencies before then, regional central bankers have said."

(BUT Iraq, if it is going to be a member, would have to revalue and raise its dinar for it to be equal to other currency in the region)

Originally Posted by shotgunsusie

Q : What about the rest of agricultural crops such as fruits and vegetables?
- When they were lifting the price of fruits and vegetables in the 1990s, the ministry did not intervene in the matter and is still the case until now because the country was moving toward a market economy have become members of the WTO, these conditions have to halt the state's intervention in the market.
HAVE BECOME MEMBERS IS PAST TENSE YES. EXCELLENT FIND!!!!!
looks like skinner didnt blow it but hakim did, lol

Iraq is NOT yet a member of the WTO. There are 149 members and Iraq is still an OBSERVER. Please note too that observers must start accession negotiations within five years of becoming observers.

ACCESSIONS

Iraq

A request for accession under Article XII was received by the Director-General of the WTO on 30 September 2004. A Working Party was established at the General Council meeting on 13 December 2004. Iraq submitted a Memorandum on the Foreign Trade Regime in September 2005. The Working Party has not yet met.


See the Intire list at this link:WTO | Accession status: Iraq edit -neno [/b]

Originally Posted by Pippyman

Uh... can you just provide a link for this. Is there really a need to post all the countries?

I thought it was pretty obvious that it came straight from the WTO site. Here it is
WTO | Accession status: Iraq

I was almost going to delete all the countries but thought that some might find it interesting. I shall delete it.

Originally Posted by Webster

Iraq is NOT yet a member of the WTO. There are 149 members and Iraq is still an OBSERVER. Please note too that observers must start accession negotiations within five years of becoming observers.

ACCESSIONS

Iraq

A request for accession under Article XII was received by the Director-General of the WTO on 30 September 2004. A Working Party was established at the General Council meeting on 13 December 2004. Iraq submitted a Memorandum on the Foreign Trade Regime in September 2005. The Working Party has not yet met.

Note: With the exception of the Holy See, observers must start accession negotiations within five years of becoming observers.

International intergovernmental organizations granted observer status to WTO bodies back to top

you know for SURE that they havent just become a member and its is embargoed information presently?

Originally Posted by shotgunsusie

you know for SURE that they havent just become a member and its is embargoed information presently?

Interesting thought. That is certainly something that would be worthy of a big announcement.

Originally Posted by TheBrain

It's possible WTO accession is restricted.

WTO | Accession status: Iraq

http://www.wto.org/English/thewto_e/acc_e/

the working party met a couple months ago for the first time in geneva switzerland. i posted the article. its not listed on here and is down in the list from the last thing posted. i suspect they arent keeping this updated presently for good reason.

Originally Posted by shotgunsusie

you know for SURE that they havent just become a member and its is embargoed information presently?

Suzie, I am NEVER sure about ANYTHING! LOL. I just quoted the WTO website. From my understanding there is no embargo on the WTO but on this orginization.

Originally Posted by texaslonghorns
The UN's World Investment Report is "under embargo" until 5:00 GMT on 16 October. Focus of report is on emerging nations! Wonder Why?? UNCTAD.ORG >> World Investment Report

Again, I am not sure about this either!

My 2dinars worth!