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

its 1000 fils to the dinar......

‘Violence eclipses Iraq’s economic achievement’; ‘Govt committed to adopting free market policy’

KUWAIT CITY: The economic achievement in Iraq is often ignored, overshadowed by the violence in the country, Iraqi and American officials said. “The economic team has made significant progr-ess,”said US deputy secretary of treasury Robert Kimmit who was in Kuwait for the International Compact for Iraq meeting. “They have stable currency, they have sizable foreign currency reserves, there are almost back up to pre-war level oil production, and they are able to finance a considerable part of their own government operations,” he told reporters at a conference late Tuesday.

There remains a gap on Iraqis resources however with what the country needs, which is why the government is calling for international support in its Iraq compact. The Iraqi government outlined its economic strategy to put forward, that is hoped to primarily diversify the country’s economy and decrease its reliance on oil. “Agricultural horizons are very promising but we are encountering impediments which need huge investments to overcome. We have been facing the problem of water supplies with our neighbours,” said its Minister of Planning and Development Cooperation Ali Baban.

Iraq however stressed that it will not go back to subsidies policy and will continue to keep its economic sectors “open”. But Iraq also will not expedite privatizations of its industries despite the government’s leaning towards an open economy. “We should not rush as some negative results may accompany any unplanned privatization process,” he said. The government is studying plans to privatize state factories, but most of the factories depend on costly government assistance, and recent move of “keeping the import door open” and without regulations and restrictions has put an end to many factories, he said.

While the Iraqi government remained committed to adopting free market policy, Baban said the removal of subsidies and facilities have hurt the agricultural and industrial sectors. To strengthen the industries, the government is asking the private sector firms to merge. “Many of the private factories are still small and cannot do the required task .. . we are trying hard to urge the Iraqi businessmen to merge their companies and establish big ones,” he said.

The government also believes that merging Iraqi small banks into big banks is necessary. It currently has 25 private banks. “Our idea is to have some kind of minimum capital for banks, to at least 20 billion Iraqi dinar. Some of the very small banks that do not have the capacity will have to merge, or otherwise they would have to raise the capital alone,” he said. The country also has six state-owned banks, the biggest of which are Rafidain and al Rasheed Banks.

Iraqi central bank is also trying to get private banks to participate more in the country’s economic activities, and for Iraq to be less dependent on the Trade Bank of Iraq, which is financed by a consortium of foreign lenders such as Citigroup and JP Morgan to provide trade finance services Iraqi banks are unable to offer. “We would like government’s import activities to be more diversified. We want all banks to participate, this is our policy in the future. Trade Bank is doing fine, but we don’t to have to be completely dependent on that,” he said. Al Shabibi said the central bank is currently succeeding in its fight against inflation.

“We are using interest rate and we sell our own bills to skim liquidity. The inflation rate now is at 51 per cent, down from 70 per cent previously. Whether it will continue to go down, we will have to see,” said al Shabibi. The Iraqi government has given out six licenses to foreign banks in 2004, including to National Bank of Kuwait, Arab Banking Corp, HSBC and Standard Chartered. Only Arab Banking Corp operates a full-fledged branch in the country; the others opted to enter Iraq via a local partner.

By Maisara Ismail - Arab Times Staff

Announcement No.(799)

D.G. of Foreign Exchange Control

The 799 daily currency auction was held in the Central Bank of Iraq day Thursday 2006 / 11/ 2 so the results were as follows :

Details Notes
Number of banks 16 -----
Auction price selling dinar / US $ 1470 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 70.245.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 70.245.000 -----
Total offers for selling (US $) ----- -----

Cash amounts sold to the bank and its customers were USD(47.185.000) at a rate of(1470+1+10=1481)IQD\USD .
The amount sold to make transfers abroad was USD (23.060.000) at a rate of (1470-2)+ one dinar as a bank fee and exempt the transferred amount from conversion fee.

Did anybody notice that the CBI site is slow today with loading etc. Everything else is loading fine for me but for about the last 5 minutes or so....very slow to load pages. Could just be my end though.

Originally Posted by CharmedPiper

Did anybody notice that the CBI site is slow today with loading etc. Everything else is loading fine for me but for about the last 5 minutes or so....very slow to load pages. Could just be my end though.

My end was quick and took about a second.

Originally Posted by Lunar

My end was quick and took about a second.

Me too . . .

Originally Posted by shotgunsusie

HEY YOU WITH THE SPIRITS AND YOUR BUTT DRAGGIN THE GROUND!!!! GET IT PICKED UP AND SHAKE IT ALLLLL AROUND!!!!
WOoT!!!!!!!

SGS,
I did't know you were a rapper too! You Go Girl!!!!

Originally Posted by goldraker

This is just sooooo sad, sick and twisted!!!!!!!!!!!!!!

Animals..............................

I agree with you but calling them animals is a compliment, there is absolutely NO word in the dictionary to describe these evil people

The Commission calls for the normalization of Kirkuk Parliament to intervene

(Voice of Iraq) - 02-11-2006
This issue was sent to a friend
The Commission calls for the normalization of Kirkuk parliament to intervene with Maliki to remove obstacles

Irbil (November 1) and the agency (Lucky) Italian News - The People's Committee of the Parliament of Kurdistan, in its recent meeting, the presidency of the parliament to solve the interference obstacles to the normalization of the situation and guide Kirkuk official memo to the Iraqi Prime Minister and give a copy to the President of the Republic and by the province. The Commission stressed that the delay in the implementation of Article 140 of the Iraqi Constitution, on the normalization of the conditions of the city disputed the identity between the Kurds and Turkomen and Arabs, "We do not serve the relations of brotherhood and harmony between the parties concerned" and "would negatively affect security and stability in the country." The Kamal Karagoki Vice President of the Parliament of Kurdistan that "many obstacles" impeding the application of Article 140 of the Iraqi Constitution. He explained that those obstacles "sudden changes in the membership of the exchange and stop the budget and the attempt by some parties elimination of the role of Chairman of the Committee." Karagoki said in a televised interview yesterday evening that Iraqi Prime Minister Nuri al-Maliki identified himself deadline for the implementation of Article 140, according to the government program put forward when assuming office, and during that period with the consent of all parties. But now there are many obstacles to the application of Article ways. And in relation to, The commander of the multinational forces in Kirkuk to "Arab and Turkmen objections to the article 140, calling the Kurdish political leadership in the city to set into consideration and studied in order to avoid disputes. This came during his meeting with the Governor of Kirkuk to examine the conditions of the city. But Kirkuk governor Rahman Mustafa replied say a "that the majority Turkomen, Arabs and the rest of other nationalities in the city supports the implementation of that article, objections came from some of the parties that oppose originally implemented because of their personal interests and they are expressing their personal attitudes and not the majority position of the Turkmen and Arabs. "

Some good stuff overnight, and no pages of crap! LOL.

Ok, my thoughts on the smaller denoms will be the following, 1s, 2s, 5s, 10s, 20s.

We know we're looking at 5 new ones that have already been printed and hopefully distributed to the banks already......

Interesting about the IIF rumour about the troops being paid in dinar and told not to spend it till 15th........like to hear more on this........

I would also think there will be a mention of the article V111 being signed in the next few days.....

Anyway, good work team, glad we 'ousted' a few of the low life's as we have a great crowd on here all working towards all our goals. Keep it up.

Don't forget to give us numbers for the party on this thread.

http://www.rolclub.com/iraqi-dinar-d...d=1#post129059