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

Originally Posted by goldraker

This is old news. We are waiting for the dinar to be RV'd or released on the world market! It is some what convertible. Just waiting for Iraq to take the training wheels off!!!!!!!!!!

This is what had me worried....The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

Originally Posted by goldraker

This is old news. We are waiting for the dinar to be RV'd or released on the world market! It is some what convertible. Just waiting for Iraq to take the training wheels off!!!!!!!!!!

This is what had me worried....The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

Originally Posted by CharmedPiper

Okay, now I am really confused. I found this article dated June 7, 2006 and according to it the NID is fully convertible and freely traded....Somebody want to explain this to me because now I am just lost.....


Iraq

June 7, 2006

Iraq

2006 INVESTMENT CLIMATE STATEMENT - IRAQ
INTRODUCTION

Iraq is currently recovering from three decades of oppression and upheaval. The policies of the former Iraqi regime weakened Iraq's international trade relations and infrastructure, impacting Iraq's ability to attract foreign investment. International sanctions also affected legitimate economic activity and international exchange of goods and services. The consequences of these policies can be seen through economic data. Between 1980 and 2003 per capital GDP fell from USD 3600 to around USD 700. Unemployment during this same period increased from 15 percent to as much as 30-50 percent.

Since the fall of the former regime in 2003, Iraq has charted a new course for economic growth. In the World Bank's Doing Business in 2006, Iraq ranked within the bottom 30 percent (114 out of 155 countries) in terms of ease of doing business. Iraq will need to rebuild its trade and economic infrastructure, and establish laws, regulations, and policies that attract foreign investment. Substantial progress has already been made to remove some of the obstacles to open markets and to develop a more "investor-friendly" business environment, but much work remains. In addition, Iraq has made progress in stabilizing the value of its currency and reducing the rate of inflation. Iraq has also adopted an open trade and investment regime with a focus on strengthening the private sector. Already, GDP per capita is estimated at USD 1050 in 2005.

Iraq has made rejoining the international community a key part of its economic development strategy, and investment will play a key role. Iraq's National Development Strategy for 2005-2007 articulates this new direction. Several goals outlined in this strategy include ensuring private sector growth through creation of a favorable legal environment, fostering a transition to a modern free market economy, and integrating Iraq into the global economy.

OPENNESS TO FOREIGN INVESTMENT

Under Saddam Hussein, investment by nationals of non- Arab states was prohibited.

Several laws...............


June 7, 2006

It's saying this is OUR GAME PLAN under this program: Iraq's National Developement Strategy. So it is a good find - we can read it and check off what they have gotten done.

Originally Posted by CharmedPiper

Okay, now I am really confused. I found this article dated June 7, 2006 and according to it the NID is fully convertible and freely traded....Somebody want to explain this to me because now I am just lost.....


Iraq

June 7, 2006

Iraq

2006 INVESTMENT CLIMATE STATEMENT - IRAQ
INTRODUCTION

Iraq is currently recovering from three decades of oppression and upheaval. The policies of the former Iraqi regime weakened Iraq's international trade relations and infrastructure, impacting Iraq's ability to attract foreign investment. International sanctions also affected legitimate economic activity and international exchange of goods and services. The consequences of these policies can be seen through economic data. Between 1980 and 2003 per capital GDP fell from USD 3600 to around USD 700. Unemployment during this same period increased from 15 percent to as much as 30-50 percent.

Since the fall of the former regime in 2003, Iraq has charted a new course for economic growth. In the World Bank's Doing Business in 2006, Iraq ranked within the bottom 30 percent (114 out of 155 countries) in terms of ease of doing business. Iraq will need to rebuild its trade and economic infrastructure, and establish laws, regulations, and policies that attract foreign investment. Substantial progress has already been made to remove some of the obstacles to open markets and to develop a more "investor-friendly" business environment, but much work remains. In addition, Iraq has made progress in stabilizing the value of its currency and reducing the rate of inflation. Iraq has also adopted an open trade and investment regime with a focus on strengthening the private sector. Already, GDP per capita is estimated at USD 1050 in 2005.

Iraq has made rejoining the international community a key part of its economic development strategy, and investment will play a key role. Iraq's National Development Strategy for 2005-2007 articulates this new direction. Several goals outlined in this strategy include ensuring private sector growth through creation of a favorable legal environment, fostering a transition to a modern free market economy, and integrating Iraq into the global economy.

OPENNESS TO FOREIGN INVESTMENT

Under Saddam Hussein, investment by nationals of non- Arab states was prohibited.

Several laws...............


June 7, 2006

It's saying this is OUR GAME PLAN under this program: Iraq's National Developement Strategy. So it is a good find - we can read it and check off what they have gotten done.

Originally Posted by MrsCK

Good Morning - but let us not forget all the countries that have dinar in their vaults ready to spend them on oil - I am sure the Russians are hating this delay.

Have you called the IMF again? THAT WAS TO FUNNY. Also I am not just talking about the boa rumor. There is other things that have been told just not posted here for neno to clean up.

Lets see what happens between now and monday.
CHRIS

PS
Also for those that have NOT read the FIL here is the LINK

But if these countries you are referring to are apart of the "Paris Agreement", then they will not be able to spend what is in those vaults for the remaining of the 5 years that was agreed upon.

Originally Posted by MrsCK

Good Morning - but let us not forget all the countries that have dinar in their vaults ready to spend them on oil - I am sure the Russians are hating this delay.

Have you called the IMF again? THAT WAS TO FUNNY. Also I am not just talking about the boa rumor. There is other things that have been told just not posted here for neno to clean up.

Lets see what happens between now and monday.
CHRIS

PS
Also for those that have NOT read the FIL here is the LINK

But if these countries you are referring to are apart of the "Paris Agreement", then they will not be able to spend what is in those vaults for the remaining of the 5 years that was agreed upon.

I apologize if all of you already know about this web site. I was just there and clicked on the useful links button and alot of government website links popped up for the US and Iraq. Baghdad Business Center

I apologize if all of you already know about this web site. I was just there and clicked on the useful links button and alot of government website links popped up for the US and Iraq. Baghdad Business Center

Originally Posted by ordinaryseawoman

I had occasion to email Name removed for their Safty.-nenoat Warka bank regarding a wire transfer. I closed the email with the following...

I see that the Foreign Investment Law has been enacted, and I offer my sincere congratulations to you and your country. We here hold great hope that the enactment of this law will herald a new era of great prosperity for the proud people of Iraq.

I'm hoping he'll respond with some sort of candid comment...I'll post it if he does...OSWoman

Good try but I bet you will get the standard answer:

"At this moment we are finalizing the latest procedures"

This one I received every time i tried to get some information. I am curious if you will get an e-mail tommorow or on saturday.

Keep us informed please.

Originally Posted by ordinaryseawoman

I had occasion to email Name removed for their Safty.-nenoat Warka bank regarding a wire transfer. I closed the email with the following...

I see that the Foreign Investment Law has been enacted, and I offer my sincere congratulations to you and your country. We here hold great hope that the enactment of this law will herald a new era of great prosperity for the proud people of Iraq.

I'm hoping he'll respond with some sort of candid comment...I'll post it if he does...OSWoman

Good try but I bet you will get the standard answer:

"At this moment we are finalizing the latest procedures"

This one I received every time i tried to get some information. I am curious if you will get an e-mail tommorow or on saturday.

Keep us informed please.