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

Originally Posted by Inscrutable

I'd say no, you're locked in at US dollar amount but converted to their currency. Any big investor can do the same.

But without the FIL, foreign investors cannot PURCHASE anything yet. Right?

Originally Posted by TEXASGIRL

But without the FIL, foreign investors cannot PURCHASE anything yet. Right?

Correct. Cannot purchase forward contracts.

Let me correct this, they can purchase certain things but not under contract or protected by the FI laws.

I found this on the IMF website, sorry if it has already been posted.


Transcript of a Press Briefing by David Hawley
Assistant Director, External Relations Department
International Monetary Fund
Washington DC
Thursday, October 19, 2006


QUESTIONER: Regarding the Regional Economic Outlook that came out the other day for the Middle East, there were numbers there on Iraq, projecting growth of 14.4 percent next year after growth of 4 percent this year, though throughout the report it speaks of nothing really going well for the Iraq economy. Is this kind of a guess, hoping that things stabilize, or what goes into that 14.4 percent growth estimate?

MR. HAWLEY: I am afraid I have got nothing specific to add to what was in the REO comment on Iraq. The best I can do is to offer to have someone come back to you with more detail on the thinking behind that projection.

[The growth forecast for 2007 will depend on Iraq's ability to generate investment amounting to some 30 percent of GDP in total. To the extent that the investment cannot be undertaken, growth will be lower. As Box 3 of the latest Regional Economic Outlook notes, significant challenges remain for Iraq in pursuing its program of economic stabilization and reform.]

Transcript of a Press Briefing by David Hawley, Assistant Director, External Relations Department

I'm thinking there are several theories floating around our heads. Can someone please clarify the merits of the FIL and foreign investors???

October 24, 2006

New figures show the economic devastation caused to the Iraqi people by the US and British invasion and occupation, writes Simon Assaf

Once it boasted the most advanced health service in the Middle East, an education system that turned out generations of skilled workers and a population that consumed the most books in the Arab world.

Now Iraq has sunk into a mass of poverty and despair. It has been destroyed by war and occupation.

New figures released by the Iraqi ministry of labour and social affairs show that nearly 5.6 million out of a population of 29 million Iraqis have sunk into poverty since the invasion.

Over 40 percent of these people are living in absolute poverty.

Unemployment has topped a staggering 60 percent and inflation has pushed up prices by 70 percent since July 2005.

Today nearly three quarters of all Iraqis are dependent on food rations, double the number under the harsh United Nations (UN) oil for food sanctions regime that was in place before the invasion.

This growing economic disaster is driving 40,000 Iraqis into exile every day - more than 1.6 million have already fled to neighbouring countries Syria and Jordan.

Aggravated

According to the UN refugee agency, the majority of these people have exhausted their savings and "are facing aggravated difficulties" and a "bleak future".

A further 1.5 million are languishing in camps across Iraq.

The increased misery has been compounded by broken promises for aid. In 2003 Western governments pledged that Iraq would never become a "failed state". Yet as the occupation lurches from one disaster to another, they have abandoned their promises to the Iraqi people.

Andrew Harper, the UN coordinator for Iraq, said that aid for the country has been slashed for 2007. The UN refugee agency says that donations from the US, the European Union, Australia and Japan are in "free fall".

The UN budget for Iraqi relief has been slashed from £80 million in 2003 to £15.5 million in 2006, scuppering over half the relief projects. The UN coordinator in Syria has complained that he can only spend 50p per year for each refugee.

As the lives of Iraqis go from bad to worse, more revelations of the scale of corruption and graft under the US occupation are coming to light.

The latest scandal involves allegations that one US appointed Iraqi minister has walked off with more than £400 million and is now "running around the world hiding and scurrying around", according to former minister Ali Allawi.

Commission

The fraud, described as "one of the biggest thefts in history", took place in 2004.

According to the Iraqi parliamentary commission over £1.2 billion in public funds alone has gone missing since the occupation began in 2003.

Ibrahim Abdel Rahman of the Baghdad-based NGO Peace and Charity for Iraqis said, "Iraq will become a huge land of poor people navigating over a river of oil."


People in occupied Iraq slide into poverty :: from www.uruknet.info :: news from occupied Iraq - it

QUESTION - now why would Moscow start sending warning to the Iraq government?? ANSWER - Moscow is full of dinar that is ready to spend.
RV Iraq before you piss off the Russians -

(Voice of Iraq) - 10-25-2006
Baghdad-AFP »« - ** :
ا ال.The head of the Supreme Council of Islamic Revolution in Iraq and the United Alliance bloc leader Abdel Aziz al-Hakim on Tuesday that the federal «» in Iraq does not mean separation. "

Hakim said in a speech before the Eid al-Fitr supporters in Baghdad does not mean that the federal separation, we assure everyone of the defenders of the unity of Iraq and will stand against any division of the draft "in Moscow warned of the danger of dividing Iraq or dismantled.

وThe establishment of the Territories are to achieve justice. " He continued wise we are against a central unfair lead to secession and retail. "

وThe Iraqi Parliament approved the formation of regions, which is refuted by the Arabs, and a number of political parties and Jamaat operating in the framework of the coalition, such as the current Sadri, the Virtue Party also criticized the American President George Bush to divide Iraq into three provinces because of fears of the division of the country at a meeting boycotted by the Sadri movement and the party of the prosecution night.

ام He added Hakim, who are being exposed to the pressures Bssbb adoption of this law mandates that the system is not alien to Iraq. it is a known since the beginning of Islamic conquest of Iraq, as there was three states in 4191 is Baghdad and Mosul

The Basra. " For his part, warned the Russian Foreign Minister Sergey Lavrov of dismemberment of Iraq if it did not take measures to unite the country and agencies of the Itar-Tass and Ria Novosti news agency.

.Itar-Tass news agency reported Lavrov as saying in response to a question on the sidelines of a conference of the Ross living abroad held in St. Petersburg-west reunification »« on the risk of dismemberment of Iraq if that is not the case turned not begin actual unity, the situation »« disintegration will become a reality. "

.In relation to a new poll of the opinion that 27% of Britons expect to be dragged into a civil war with Iraq in the event the United States and Britain to withdraw their troops from there.
.The poll, whose results were released Andpandant newspaper published today, Tuesday, that 16% of Britons believe that their experience in Iraq makes them less willing to support any military intervention.

.He added that 27% of Britons believe that the support of the Prime Minister Tony Blair their country to the American President George Bush calls for the question about the political wisdom.
He pointed out that 26% of Britons believe that British troops should withdraw from Iraq as soon as possible, while 27% of them believed that the Iraq war could not be won.

Originally Posted by TEXASGIRL

I'm thinking there are several theories floating around our heads. Can someone please clarify the merits of the FIL and foreign investors???

the foreign investors would love to come in now and buy everything that they can think of. there was an artical 2 days ago that talked about saudi business men waiting for the fil to pass so that they can do just that. the purpose of this foreign investment law if to protect the country just as much as it is to protect the investors i.e. saudi business men and the like. foreign investors will be spending their own currencies which would be exchanged for the usable currency of the country in question i.e. iraq. at the current rate verses the revaled rate is the same purchasing power, with on exception. if they were to buy now, it would allow their investment to grow with a reval and then they ultimately would have way more control than what they had when originally purchased. on another note, to purchase anything of a large value at a current rate would insure that the rate of the dinar couldn't raise with any real gusto, because that would insure that large amounts were to stay in cerculation. This is what I have come to see with everything that I have been reading and seeing. this is also why they will reval the currency with the release of the FIL and HCL. they need to so they can establish a level of normalcy. JMO, but i think that I am right. LOL

Originally Posted by zwhatimsaying

at the current rate verses the revaled rate is the same purchasing power,

what i ment when I said this is, if you want to buy a oil field right now it is lets say 3,000,000.00 just for simplisity. at the current rate you pay 3 million and at the new rate you pay 3 million. the only difference is how many dinars it takes to make that number. the first way is close to 4 billion dinar and the new way is closer to 2 million dinar give or take. I hope you understand what I am getting at. I don't explain myself well. LOL

Fire, police officials strive to create emergency system similar to 911.

By Spc. Jason Dangel
4th Brigade Combat Team, 4th Infantry Division
BAGHDAD, Oct. 24, 2006 — Three representatives from police and fire departments in Austin, Texas, met with Iraqi emergency services officials, Oct. 18, to discuss ways to better improve existing Iraqi emergency medical systems. The meeting was held at the Adnan Palace in central Baghdad.

http://www.defendamerica.mil/article...102306ms3.html

Originally Posted by zwhatimsaying

the foreign investors would love to come in now and buy everything that they can think of. there was an artical 2 days ago that talked about saudi business men waiting for the fil to pass so that they can do just that. the purpose of this foreign investment law if to protect the country just as much as it is to protect the investors i.e. saudi business men and the like. foreign investors will be spending their own currencies which would be exchanged for the usable currency of the country in question i.e. iraq. at the current rate verses the revaled rate is the same purchasing power, with on exception. if they were to buy now, it would allow their investment to grow with a reval and then they ultimately would have way more control than what they had when originally purchased. on another note, to purchase anything of a large value at a current rate would insure that the rate of the dinar couldn't raise with any real gusto, because that would insure that large amounts were to stay in cerculation. This is what I have come to see with everything that I have been reading and seeing. this is also why they will reval the currency with the release of the FIL and HCL. they need to so they can establish a level of normalcy. JMO, but i think that I am right. LOL

That was my general thinking, except I didn't think foreign investors can buy anything before the FIL.