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

I know this article is from yesterday and probably posted but since it's such an upbeat article I thought I would repost it.

BAGHDAD, Iraq - Iraqi legislation intended to resolve the politically charged question of distributing the country's oil wealth is nearing completion, the chairman of a panel drafting the law said Saturday. ADVERTISEMENT

The distribution of oil revenues, the mainstay of Iraq's economy, is at the heart of some of Iraq's most contentious political issues, including the push by Shiite leaders to allow the oil-rich south of Iraq to set up a self-rule region a similar to a Kurdish one in the north.

"We have reached important agreements. I cannot put a timeframe on when it will be ready, but we are very keen on achieving that as soon as possible," Deputy Prime Minister Barham Saleh, a Kurd who chairs the committee, said. "We hope that we will reach a comprehensive agreement that will enhance the oil sector and make oil a unifying factor to all Iraqis."

He said, however, that key issues still need to be resolved, including "the administration of the oil sector, deals and contracts."

Underlining the sensitivities involved, Nechirvan Barzani, the Kurdish region's prime minister, said Thursday that talks he held with the Baghdad government this month failed to produce an agreement on his demands for control of oil resources in the region.

"We demand that the signing of contracts to develop oil fields in Kurdistan should be handled by the Kurdistan region," he said, according to Dow Jones Newswires.

Iraq is believed to produce around 2.2 million barrels of oil a day and exports about 1.5 million, well below prewar levels. Insurgent attacks have frequently targeted oil facilities and pipelines, disrupting exports and disrupting efforts to modernize the industry.

The Iraq Study Group recommended that the U.S. government work with Iraqis to come up with a clear, legal framework for oil investment. It also suggested that the U.S. military work with Iraqi and private security forces to protect oil facilities.

Oil Ministry Spokesman Assem Jihad said the government hoped that the oil legislation would encourage foreign investment in the oil sector, which has struggled since the imposition of sweeping U.N. sanctions on Iraq following its 1990 invasion of Kuwait. The measure must be approved by the Cabinet and parliament.

Originally Posted by hightide3016

Hello everyone, I can't fathom why the CBI would want to start out with a 1260 exchange rate. The currency would still be worthless. They still wouldn't have any purchasing power, and they still wouldn't be able to create more jobs for the people with that low of an exchange rate. So, I believe like alot of you that this article is garbage. Remember that they based their plan to revise their economy by the Marshall Plan. That means there should be a revalue of the currency. They did this for Germany, and Germany prospered very quickly. I could be wrong but I don't believe that Germany had any problems with stability in their currency after they revalued either.

what year did Germany R/V , why did they do it, and from what rate to what rate?

Originally Posted by jsfletcher

Don't they hve to have this done before the end of the year? And didn't we just see that they had agreed on everything?

Yeah, that's what I thought! So, what's up with this nonsense.

Originally Posted by DayDream

By your question it seems that you believe that we are the only ones saying this. You have read ALL the articles that have been posted saying that this is EXACTLY what they are doing haven't you? IMO it makes no difference where the dollar comes from...just that dinar is being removed.

Cheers!
DayDream

hey dreamer, you might tell the doubter that they get their dollars from SELLING OIL. they got a couple barrels of it to sell. lol

Originally Posted by cigarman

After reading both articles I think Iraqi updates just rehashed Dec 8th's article. I think I can sleep alot better tonight. Thanks.

It seems to me that there are simply some over there that don't want this to succeed. Very stupid position to take, but there always seems to be some who for some reason don't understand the needs of others...meaning the Iraqi population.

Originally Posted by aceman

can anyone give me the address to the ame currency exchange?

Hope this is what your looking for

Currency Converter

Originally Posted by artin

HI WORF,

Kan you please explein to me how kan i buy a iraq dinar?

Thanks

COULD SOMEONE WHO LIVES IN THE NETHERLANDS HELP THIS INVESTOR PLEASE????

Originally Posted by Elfwizard

So this is what I have been trying to find, I found an older article about this but this one is MUCH better. We have no Idea How many dollars the MOF sells to the CBI, which means we have no Idea how many dinars are going back out.

Right?

No, we don't, however what was last year's GOI budget? We should be able to find that. The MOF certainly wouldn't need more dinar than the budget as they are within the budget constraints. So, if the MOF were to take every dollar that the GOI were to derive from Oil revenue and buy dinar from the CBI would that be bad or good? Lets say the GOI made 50 billion on Oil last year... 50 billion U.S. dollars paid to the CBI for Dinars would be a nice chunk of change to back the outstanding dinar. Now I'm just exaggerating here a little, as 50 billion U.S. Dollars is roughly 73.5 trillion Dinar (which I'm fairly sure doesn't exist, lol), but I was just going down the road you are laying Elf.

Furthermore, even if the GOI bought excess Dinar from the CBI greater than what was the amount needed for the GOI budget, then that excess may essentially be thought of as removed from circulation as it would not have been spent by the GOI, but rather remains in the coffers of the GOI. One way that could be bad is if the GOI was spending the excess Dinar in some side deals with other countries and allowing the Dinar back into circulation. However who is to say that they didn't make a deal with those countries to hold the Dinar out of the trading cycle in order to reduce the amount in circulation.

The negative aspects that you are referring to are actually easier to track, as they are identified as I alluded to earlier by the size of the GOI's officially stated budget. That budget sets the parameters for the actual amount of Dinar that the MOF truly needed to run the day to day affairs of the GOI. Your question though actually may have more positives than negatives. The volume of transactions between the MOF and the CBI don't necessarily mean that the sky is falling because they may be using this as a blind to hide the transactions from view. It could be quite the opposite from the picture that you are painting as it may be a way for them to hide the true amount of Dinar that is being removed from circulation, or hide the amount of U.S. dollars that are going into the CBI reserves from Oil revenues, or hide the deals that are being made with foreign governments to reduce current debt. Anyway, just a thought.

Ok, to take a page from William, feel free to blast me... oops I mean feel free to discuss.

Originally Posted by TerryTate

No, we don't, however what was last year's GOI budget? We should be able to find that. The MOF certainly wouldn't need more dinar than the budget as they are within the budget constraints. So, if the MOF were to take every dollar that the GOI were to derive from Oil revenue and buy dinar from the CBI would that be bad or good? Lets say the GOI made 50 billion on Oil last year... 50 billion U.S. dollars paid to the CBI for Dinars would be a nice chunk of change to back the outstanding dinar. Now I'm just exaggerating here a little, as 50 billion U.S. Dollars is roughly 73.5 trillion Dinar (which I'm fairly sure doesn't exist, lol), but I was just going down the road you are laying Elf.

Furthermore, even if the GOI bought Dinar from the CBI that was in excess of the amount needed for the GOI budget, then that excess may essentially be removed from circulation as it would not have been spent by the GOI, but rather remains in the coffers of the GOI. One way it could be bad is if the GOI was spending the excess Dinar in some side deals with other countries. However who is to say that they didn't make a deal with those countries to hold the Dinar out of the trading cycle in order to reduce the amount in circulation.

The negative aspects that you are referring to are actually easier to track as they are identified as I alluded to earlier by the size of the GOI's officially stated budget. That budget sets the parameters for the actual amount of Dinar that the MOF truly needed to run the day to day affairs of the GOI. The other side of your question has more positives than negatives. As, the volume of transactions between the MOF and the CBI don't necessarily mean that the sky is falling. It could be quite the opposite as it may be a way for them to hide the true amount of Dinar that is being removed from circulation, or hide the amount of U.S. dollars that are going into the CBI reserves from Oil revenues, or hide the deals that are being made with foreign governments to reduce current debt. Anyway, just a thought.

Ok, to take a page from William, feel free to blast me... oops I mean feel free to discuss.

This side of it is basically hidden from us. So all these numbers people are throwing out of dinar being pulled from circulation are basically Guesses. That could be way OFF, from pulling no dinar, to a fraction of what is being said. I feel that dinar in circulation to reserves is the key, and I dont think a country can back there currency with Futures, otherwise we could back the US dollar with pork bellies!

i wanted to say that ive been laggin lately because of the relocation momentarily and because my brother is now in the hospital im away from the beast on a regular basis, but HEY HOW ABOUT THAT MIKE5200??? PICKIN UP THE SHOTGUN SLACK!!! WOot!!! @ MIKE, GO BABY GO!!!!