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

Originally Posted by D-Day

Here you go: http://www.iraqdirectory.com/DisplayNews.aspx?id=2778

Cheers!
DayDream

Someone on the other forum has noticed that there is a change in the Forex Trading System for pairing up a currency that has not been in the system.

Interesting, could be something, could be nothing!

Change in FOREX? - Investor's Iraq Forum

From elsewhere....

Take this for what it's worth...

Just came back from my bank. I was wiring money to a dealer for 2 mill dinar.
The bank person looked at the name on the draft and sneered at me saying "Huh... speculating on the forex are you?" I said the dinar was not on the forex and she clicked her keyboard and told me it was. I said I knew it wasn't, and she just glared at me like I was an *****.
I then asked her if my bank could sell me the dinar instead of the dealer
if it was on the exchange and she told me it was not her department and asked if I wanted to do the wire transfer or not.

I did.

Anyway, it was all very odd.

Originally Posted by Adster

From elsewhere....

Take this for what it's worth...

Just came back from my bank. I was wiring money to a dealer for 2 mill dinar.
The bank person looked at the name on the draft and sneered at me saying "Huh... speculating on the forex are you?" I said the dinar was not on the forex and she clicked her keyboard and told me it was. I said I knew it wasn't, and she just glared at me like I was an *****.
I then asked her if my bank could sell me the dinar instead of the dealer
if it was on the exchange and she told me it was not her department and asked if I wanted to do the wire transfer or not.

I did.

Anyway, it was all very odd.

Saw that post too!

Although he has attached the pdf's of a change in the forex system.

Could be something!

Iraqi Stock Exchange Opens

July 10, 2004

Trading which began in late June was higher on the first day than at anytime previously for the old Baghdad Stock Exchange under Saddam's rule.

"Once trading is fully underway, the potential for growth is huge," said the exchange's chief executive Ahmed Taha. "There is a lot of interest in this exchange. At the moment the Iraqi economy is weak but it has a huge potential to grow." he said. "I don't want to be over optimistic but I think we will become larger than other exchanges in the region. However, this will take time so we are taking things step-by-step."
The exchange is the result of more than a year's work by over a dozen brokerage firms and banks that jointly own it. New companies want to list and the exchange is in the process of considering several.

Over a 50 person staff runs the exchange, a modest staff for a financial institution. "This stock exchange is going to help the Iraqi economy recover because it encourages people to invest money. I was surprised by the level of interest on our first day and hope this will continue." said the manager of the trading department, Jammy Afham.

On it's first day, June 24, more than 500 million shares were traded, more than the Baghdad Stock Exchange ever achieved. "It is just like anywhere else in the world, people want to buy and sell shares." said the exchange's chief executive Ahmed Taha. "We want to open up to foreign companies and hopefully this will happen in the next couple of months." Taha said.

No Link

POL-2LD-IRAQ-CONCILIATION-CONFERENCE
Al-Maliki urges for review of law on uprooting Baath Party

BAGHDAD, Dec 16 (KUNA) -- Iraqi Prime Minister Nuri al-Maliki urged the parliament on Saturday to review the law on uprooting the former Baath Party and called on officers of former Iraqi army to join the new army.

In his speech before the National Conciliation Conference, al-Maliki said "I call on the parliament to review the laws on integrity, information and uprooting the Baath Party, with a view to indicating tolerance and caring for the affected people." "We distinguish between Baathists whose hands are not stained with Iraqi blood and the Baathists who keep detonating car bombs and murdering Iraqis," he made clear.

On the former Iraqi army, al-Maliki said "the new army opens the door for the officers of former army and the government is ready to accommodate those who wanted to serve the homeland." "The government will pay pensions to all former officers who can not be absorbed in the new army.

"Iraq is in need of an army that is loyal to the homeland rather than an army of insurgents or crazy adventurers," he underscored.

"While we appreciated the efforts of the coalition forces, we believe it is time to transfer all security missions to the Iraqi government," he added As for the issue of Iraqi militias, the prime minister underlined the grave threat posed by the militias and urged for disbanding them and merging their elements into the state authorities.

Al-Maliki urged the conferees to "adopt practical measures to enhance the capability building of security forces, in order to face up to terrorists and "Saddamites" (followers of toppled Iraqi president Saddam Hussein) who did not believe in the political process in the country.

He called for amending the Iraqi constitution to activate the political life in the country.

Regarding the relationship with neighboring countries, the prime minister said his government managed to overcome several obstacles with the neighbors and would send delegations in the coming days to lobby regional support for the political process.

Meanwhile, the National Concord movement, led by former Prime Minister Iyad Allawi, urged for serious efforts to dismantle the Iraqi militias.

Addressing the conference, spokesman of the movement Salim Abdullah underlined the necessity of genuine reconciliation and joint efforts by all Iraqi political forces to dismantle the militias and help the displaced Iraqis return to their homes.

For his part, Minister of State for National Dialogue Akram al-Hakim declared that his government held dozens of meetings with opponents of the political process.

"There are points of disagreement between the government and the opponents regarding participation in running the state affairs, disbanding militias, and wealth sharing.

"We also discussed with the opponents of the political process who to deal with institutions of the former regime, the way to achieve social justice, the law on uprooting the Baath Party as well as the Iraqi constitution," he disclosed in his speech to the conference.

The minister urged the government to implement the recommendations of committees of the ongoing National Conciliation Conference that opened at the Conferences Palace in the capital city of Baghdad. (end) ahh.


Kuna site|Story page|Al-Maliki urges for review of law on uprooting Baa...12/16/2006

Originally Posted by "GK"

The 15:1 Heavy Dinar means that they're recommending the release of the new IQD with supporting minor units per the major monetary unit, which is the 1 Dinar. Iraq's monetary unit of 1 dinar has always been supported by 1000 fils. Hence the term "Heavy Dinar." So back in 2003, when they recommended the 15:1 ratio, they're really saying to reintro the new IQD at $.06. Now we know that has not happened, yet. Nor has Iraq released the fils. At the program exchange rate of 1500, it really makes perfect sense with no fils being released. I believe, the 2003 think tank that the UN hired was talking about releasing the IQD initially with 100 fils as back-up, hence the 15:1 rate. This will also mimic the USD's 100 cents support per USD. Remember back in 2003, the price of oil was just half of what it is now, that's why I believe the think tank was pretty conservative in their recommendation. So at present with no fils yet released by the CBI, the dinar can only be in parity with the US cent not to the dollar. In short, the program exchange rate is really 1500 IQD/ 100 US cents or 15 IQD/$.01. I'd say the IQD is currently at the 15:1 "Light Dinar" stage, and it's about to get heavy.

This is logical thinking and well researched. Your's, mine, and Blue's theories are not "that" far different. The only question is whether they will switch to the .06 level in an overnight "instant" type move or use a gradual appreciation from todays rate (about 1413/1409) to the .06 level? I think we do agree the current gradual appreciation is a trial run and will last until March???

POL-SYRIA-IRAQ-JAFARI
Syria asserts importance of Iraq's stability, territorial integrity

DAMASCUS, Dec 16 (KUNA) -- Syria's Premier Mohammad Naji Otri underlined Saturday Syria's keenness on boosting bilateral cooperation between Syria and Iraq, developing its future prospects and on exerting every possible effort for maintaining Iraq's stability, identity and territorial integrity.

This came when Otri received Former Iraqi Premier Ibrahim Al-Jafari for talks on developing bilateral relations and activation of the agreements signed between both sides to meet their joint interests in the various fields.

Al-Ja'fari, for his part, hailed Syria's stances that support Iraq's security and stability and its stand by the Iraqi people to surpass the current difficult circumstances and achieve reconciliation among all Iraqi spectrums.

However, in a press conference after the meeting, Al-Jafari warned against some elements which are attempting to intrude and divide Iraq's unity using religion and personnel interests.

Al-Jafari also described the ongoing violence in Iraq as "mafia wars and not a civil nor a sectarian war", adding that the phrase "civil does not apply in Iraq, but rather its groups or mafias war." Regarding the currently held Iraqi reconciliation conference, Al-Jafari noted that the Iraqi agenda was not based on sectarian, religious and discrimination between Iraq's factions but rather based on Iraq nationalism.

Iraq can not live under this sectarian situation which permits the killing of Iraqis, and those who are attending the conference are baathists but not Saddam's loyalists, Al-Jafari added.(end) am.

mb

http://www.kuna.net.kw/Home/Story.as...en&DSNO=934774

Originally Posted by Offshore-Wealth.com

Agreed,

I have been told the same thing, and although Iraq was a member of OPEC, they wanted to be sure to get the debt forgiven from OPEC member countries before openly discussing the issue of an alternative. My insiders say this is what is going on behind the scenes, but cannot be openly discussed since a backlash could result given the debt relief.

Think about, which nations were reluctant to commit to debt relief when other non OPEC countries had done so months back? As I have said many times, this is a far more complex situation than any of us can imagine. Sure is interesting seeing all the variables in this deal. I for one think Iraq should dump OPEC and form their own alliance with other regions not tied to the radical OPEC thugs. They have just admitted Sudan, and we all know what this will lead to with Darfur killings increasing even more than they are now.

The article below will enlighten you to the issues with OPEC, so I hope U.S. and alliance members can cut a deal with Iraq's oil and put the pressure on OPEC to mind their ways. It will also disclose peak oil concerns, which puts Iraq in an even higher value than most will ever know. Sure is interesting subject directly related to the dinar.

OPEC Admits New Member: More May Follow
By Luke Burgess

BALTIMORE, MD-For the first time in over two decades, theOrganization of Petroleum Exporting Countries (OPEC), which already produces over a third of the world's oil supply, extended its influence by admitting a new member, Angola, into the oil cartel.

There's no denying that OPEC is the eight-hundred-pound gorilla of the oil game. Member countries currently hold about two thirds of the world's total oil reserves. And in 2005, OPEC accounted for 41.7% of the world's oil production, compared with 23.8% from OECD members and 14.8% from the former Soviet Union.
And because oil is fundamental to nearly every aspect of modern life, OPEC has become incredibly influential on the geopolitical stage.
The following cartoon sums up the world oil situation nicely . . .

But OPEC's reign can't last forever. And because of seriously aging oil fields leading a peak in oil production and subsequent decline, the mighty OPEC may soon begin to lose its stranglehold on the world.

Get a load of this . . .Six of the cartel's nine largest oil fields are in confirmed production declines.

These include:

• Saudi Arabia's Ghawar, the world's largest known conventional oil field, in an 8% decline
• Kuwait's Burgan, the world's second-largest oil field, in a 14% decline
• Iran's Ahwaz, where production is declining at an alarming rate of 64% per year. Ouch!

On top of that, the water cut levels on some of these old elephant oil fields is unbelievable. Saudi Aramco, the national oil company of Saudi Arabia, is producing about five million barrels of oil a day (MMbbls/d) from Ghawar. But to get the five MMbbls/d out of the field, they are injecting seven million barrels of sea water per day back into Ghawar in order to prop up the pressure. It's the same story with several other OPEC fields. The bottom line is this: OPEC simply cannot organically grow production. The organization is tapped out. They can, however, procure growth.

OPEC Admits New Member

Yesterday, the Republic of Angola was unanimously admitted as the twelfth member during OPEC's 143rd conference in Abuja, Nigeria.
Angola's membership will be effective January 1, but the country won't be bound by production limits until March.

The African nation will be the first country to join OPEC since Gabon, which became a member in 1975, only to exit in 1994.

With current production of 1.4 MMbbls/d-an 18% increase for the year-Angola is the second major oil producer in Africa after Nigeria and now rivals Algeria as the ninth largest producer in OPEC. State oil representatives, however, expect production to further increase to 2 MMbbls/d by April and nearly double by the end of 2007, thanks to the exploration of new wells.
How?

The maritime zone along the Angolan coast is divided into 74 exploration blocks in shallow, deep and ultradeep waters. Of these, only about 30 are currently in operation. So a significant increase in production is feasible.
The addition of Angola to OPEC will boost the organization's clout. But with only 22.88 billion barrels of proved reserves, Angola will add only some 2.5% to OPEC's total reserves of over 882 billion barrels. So OPEC may consider admitting more new members.

OPEC May Grow More

Two more countries are knocking on OPEC's door in Vienna with membership applications in hand.

Sudan and Ecuador, which have proven oil reserves of 1.6 billion barrels and 4.5 billion barrels, respectively, have recently expressed their intention to bid for entry into the oil cartel.

Sudan is Africa's third largest crude producer. An oil ministry spokesman was quoted recently saying that his country was waiting for President Omar Hassan al-Bashir to greenlight the move to join OPEC, but that they were confident of his approval.

Sudan is under fire for a conflict in its western region of Darfur. Joining OPEC would give it leverage in its confrontation with the UN over atrocities and its refusal to allow peacekeepers into the area. Sudan currently produces about 330,000 barrels a day, and that figure is expected to increase considerably in the near future.

Ecuador, a former member of the cartel, is looking to get back in. In December of 1992 the country's government decided to secede from OPEC, saying membership didn't boost revenue. But now they may rejoin the group, adding to a shift towards nationalization of resources as espoused by current member Venezuela.

Ecuador pumps about 530,000 barrels a day, which would make it OPEC's smallest member. The country trails Venezuela, Brazil, Argentina and Colombia among South American producers.

Ecuador is planning to boost oil production to 900,000 barrels a day by 2010. Oil is the country's largest export, making up about 60% of overseas sales.
Ecuador's newly elected leftist President, Rafael Correa, has signaled his willingness to follow Venezuela in negotiating more advantageous deals with foreign oil groups.

If approved, the new OPEC additions shouldn't have much immediate effect on oil prices. However, I see this as a sign of the times.

OPEC as a whole may already have peaked, meaning the world has peaked. If this is the case, oil prices are poised for massive gains, underscoring our investment position.

I read this week that the World Bank is expecting oil prices to fall to $56 a barrel in 2007 and then to $53 in 2008.

Let me be the first to tell you that this prediction is a load of crap.
First of all, the World Bank couldn't predict snowfall in a blizzard. This was the same organization that told us oil prices were going to top out at $60 and average $56 in 2006. Here's proof.

In reality, oil prices topped out at $81.14 on July 14 and averaged $66.10. The fact is, oil prices are just taking a breather.

I fully expect a continuing rally in crude to push oil over the $80 mark again in 2007

From the looks of this info on Angola, i wonder if there may be a play on Angola's currency ???? Any other thoughts on this???

Originally Posted by Adster

From elsewhere....

Take this for what it's worth...

Just came back from my bank. I was wiring money to a dealer for 2 mill dinar.
The bank person looked at the name on the draft and sneered at me saying "Huh... speculating on the forex are you?" I said the dinar was not on the forex and she clicked her keyboard and told me it was. I said I knew it wasn't, and she just glared at me like I was an *****.
I then asked her if my bank could sell me the dinar instead of the dealer
if it was on the exchange and she told me it was not her department and asked if I wanted to do the wire transfer or not.

I did.

Anyway, it was all very odd.

Nothing at all odd about this. IQD exchange rate is listed and tracked on several FOREX sites including Oanda. The teller has no clue about FOREX and wouldn't know you can't currently trade IQD on FOREX. FOREX lists and tracks many currencies that they don't actually trade. We are a long way from getting IQD onto the FOREX exchanges, but one day it will be there.