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

Received email about stock picks, this note was included:

Just a few lines to keep you updated, the ISX will hold its final trading
session for this year on Monday the 18th of December 2006. It will hold its
annual end year general meeting finalizing its working procedures preparing
for next year’s trading session 2007. The ISX will resume its trading
activities on the 8th of January 2007.

A press release issued on the Ministry of Trade Import permits

(Voice of Iraq) - 12-17-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
A press statement / Press Release
Sunday, 12-17-2006

The Ministry of Commerce issued leave food products imported by dealers and suppliers Iraqis

Section issued import in the company of 32 Iraqi opposition leave and import materials and food products by private business, during the period from 20 / 11 until 6 / 12 / 2006 present.

A source in the ministry said that this activity included the issuance of an import 115000 15 cartons of table eggs from Iran at USD 21.520.000, 14 vacation import 19150 tons of chicken and its derivatives American and Brazilian origin estimated at USD 11.490.000.

Leaves also included the issuance of import 6000 tons of beef Indian amount of 7.900.000 USD in addition to an import and one for the 500 tons of milk and its derivatives at 21.000 dollars from Iran.

The company also issued the identity of the importation of 16 businessmen and traders Iraqis, stressing that the import and export introduced to solve the Public Foundation for the import and export cancellations and a study is being prepared in connection with the mentioned institution to earlier levels.

Remember that the 1345 recommendation by the IMF is simply that a RECOMMENDATION. The CBI is not bound by the number 1345. I wouldn't put much faith in the 1345.....They could make a huge jump now....they do not need to hit 1345.

Originally Posted by CharmedPiper

Remember that the 1345 recommendation by the IMF is simply that a RECOMMENDATION. The CBI is not bound by the number 1345. I wouldn't put much faith in the 1345.....They could make a huge jump now....they do not need to hit 1345.

I agree, i think it may have been a target for a minimum,

Posted by: saleem on Sunday, December 17, 2006 - 02:57 PM

Iraq-Currency
Iraqi dinar at highest rate to dollar in months
Baghdad, Dec 17, (VOI) – The Iraqi dinar scored on Sunday its highest exchange rate to the dollar in 2006, fetching 1,400 dinars compared to 1,411 dinars on Thursday.
Demand was down $36 million to 24.930 million from $60.250 on Sunday, the bank said in its daily statement.
The bank covered all bids which were $10.600 million in cash and $14.330 million in foreign transfers.
None of the 12 banks that participated in Sunday’s auction offered to sell U.S. dollars.

Check emails guys. Merry xmas to all

الاقتصاديةEconomic : عتبات الديون على العراقThresholds : debt on Iraq


عدنان الكنانيAdnan al-Kinani
Although the International Monetary Fund, indicating the thresholds for the low-income earners or average, it was no one of these thresholds pinpoint permanent debt, in addition to the situation in Iraq is a unique case.

And as a country subjected to the conflict, the immediate needs for reconstruction are very big, and put them at the United Nations b (55) billion dollars to the proportion of (33) billion dollars made at the Madrid Conference.
This means that both the import of capital will absorb large amounts of export revenues, and that capital expenditures will absorb large amounts of budget revenues, and thus would be reduced amounts of funding sources available to service debt, in addition to, the expenses of Iraq's internal security is likely to increase considerably if they assume political power.
Rates debt, and was also among the fund repeatedly is the only (s) for that, the rates are only one part of the analysis on the sustainability of debt of the State, must understand these thresholds in a flexible manner, taking into account external factors of each State addition, the analysis of external financing requirements, as well as, (political durability) to the political action supposed needed both to study and examine.
:-Taking into consideration these two points, the Fund proposes putting three questions to assess : -
Q : Is the worst rates of debt along the way or at the end of the horizon is very high, so that the country vulnerable to crisis?
In the analysis of the (International Monetary Fund) and in accordance with the terms of Houston, it is clear that the unsustainable debt and debt service and rates to increasing levels of stocks in the financial horizon, and it was not obvious what it Mastkon contents of the ability to service debt and as Aleriohat different discount debt.
In the analysis conducted by the American Treasury Department and the Naples terms (a 67% discount) gives ratio (debt service for exports and revenues), which is estimated at less than (20) in the medium term.
The debt-service ratios to that level can be achieved through management or some creditors who intimating that the debt treatment of Iraq would be sufficient even if left Iraq burdened by debts very high proportion to the GDP and the rate of over (100%).
Can the state be accepted, the composition of (the surplus) to be the main and maintain in the medium term, in order to achieve stability, while rates of religion in the least?
.- The analysis (permanent debt) conducted by the International Monetary Fund surplus provides a key double digits for several years over the medium term, and we believe that the assumptions Fund (unacceptable), and wonder whether that can be implemented politically example, that the analysis on the Fund provides a very aggressive assumptions about reducing financial support for the oil and food and over the coming years.
The deletion of support for the oil unit will reduce government expenditure by 22% of GDP by 2008 as well as between the IMF report, is the decline in private consumption per capita for after 2012.
That scenario (reconstruction), which does not allow an increase acceptable to the per capita income and in the medium term might not be acceptable or enforceable politically.
Q: Is that the total funding requirement of the road is required very large, so that the state can intervene in the crisis in funding?
The International Monetary Fund predicts the financing of large holes in the medium term, which it is assumed to be financed foreign market borrowings. In any case, such a strategy is not Iraq to the risks of the market. Therefore, any debt treatment for Iraq need to examine to what extent is expected to continue funding gaps large, and not in accordance with the rates of religion.
Official finance these gaps will put a great strain on the limited official sources, to enter the Iraqi market, has been chosen the former is likely to accept for some time.
It should be noted that the funding requirements for Iraq and strongly prone to oscillation parameters in oil prices and production forecasts as supplied by the Ministry of Oil. The assumptions of the base line, heading towards the oil side.
.According to state oil pessimistic for the American Department of the Treasury, the current budget will be huge in-residence in the medium - to long-term, even under the scenario rate by 95%, according to the Treasury analysis, in addition to that, the security issues as well as the political transformation over the possibility of exposure to economic crises, based on the status of Iraq after the war.
Therefore, the treatment of debt is a priority in our economic and this Maekdh we always Mr. Finance Minister Baqir al-Zubaidi through our encounters repeated with him, the need to get rid of this debt over the next year 2007 inevitably.

Translated version of http://www.alsabaah.com/

Originally Posted by rvalreadydang

{{{{snip}}}}
.The great interest shown by the government of national unity to the security did not prevent her from moving forward in the rebuilding process in the economic, industrial, agricultural, trade and the provision of services and infrastructure development. The projects in the fields of reconstruction is under way or under preparation and implementation within the planned future in the process of reconstruction in all provinces have them. We have provided a big budget will be able to make a qualitative leap in all critical areas, including help in providing job opportunities for the unemployed.
.The government has managed the national unity and cooperation with the parliament during the last six months in achieving significant spread in different areas, it has been the law of investment, which will help economic development and attract capital, national and foreign legislation and the liberalization of the import of fuel. The government put the final touches to the draft law oil, which is the cornerstone of achieving justice in the distribution of natural resources, most notably oil, which is the property of all Iraqis, as the government endorsed the draft National Housing, which will contribute to solving the problem of housing in the country and the government is working in cooperation with the United Nations and the international community to achieve the Charter of the International Covenant is the Charter, which will provide support internationally and regionally for reconstruction projects and construction.
{{{{snip}}}}

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from the sounds of this everything is done with the hcl, and the new budget will have the revalued dinar. that puts the chance of a large revalue BEFORE the enactment of the 2007 budget on january 2.

الاقتصاديةEconomic : رئيس التجمع الصناعي العراقي يدعو إلى اعتماد سياسة ضريبية مشجعةPresident : Iraqi industrial assembly calls for the adoption of fiscal policy encouraging

للقطاع الخاصThe private sector
بغداد - حيدر الربيعيBaghdad-Haider spring
Industrial experts stressed the importance of a comprehensive reform of the laws and controls and procedures that limit the old industrial activity and are at odds with new directions in activating the role of the private that limit the role of industrial activity and are at odds with new directions in activating the role of the private sector in leading economic advancement in the country.

He said the leader of the Iraqi industrial Abdal_hussen Meheidine Shamari said that the initiative of the Ministry of Finance to hold conferences on fiscal reform is a positive step on the road to achieving the desired success in coping with the economic variables in the new Iraq.
He added : Shamari that the tax reform, which was set up by the Ministry of Finance recently is a pioneering step in order to create new laws to build Iraq and relied on the solid foundation and solid springboard to the future.
Since the conference was studded research was very important and that many of the points addressed the flaw in the tax. But regrettably, was one-sided in his research, where the emphasis was on the charge and only all kinds of administrative and banking.
The Shamari out that the conference focused on how to secure many of the tax charge and what the grounds easy or simple to obtain tax benefits, but pointed out the need to find how to build a solid economy and the economic base. The conference called for activating the performance of the Public Authority for the development of taxes and landlords about how to deal with citizens and the private sector.
He said al-Shamri. We want to be the tax, the State bodies and ministries as (Khadem) of the citizen. And Maidfan of fees, taxes and financial consequences many had to strain his shoulder, but returning to benefit through the development of daily life and suffering.
He stressed that the citizen to pay the taxes and fees must be the (voluntary), which refers to facilitate the affairs of the citizen and not much pressure in this aspect in the end to go voluntarily to pay the taxes from his estate. Here, it is necessary to think how to persuade officials in the citizen to go of his own and paid his taxes without feeling it Mgsuba extortion or to pay the tax.
He pointed to al-Shamri, we need to educate employee culture that what he obtains from the monthly stipend is the result of an Tsthsalh tax from citizens.
The leader of the Rally of industrial taxes to be simple and symbolic order not add to the burden carried another citizen. And to open a real-charge and tax, among other services in order to achieve justice in paying taxes and organization of work, including help to upgrade our taxation in general.
He called Shamari that there will be many of the tax exemptions for industrial reality of the Iraqi to be able to promote and raise the Channel because it is able to absorb a lot of unemployment, as well as serving to raise the production of exports.

Translated version of http://www.alsabaah.com/

I was digging around and found this information from 2004.....Notice a similarity....

http://www.globalsecurity.org/wmd/li...a-20040211.pdf

Unclassified Iraq Fact Sheet: Economics

Currency and Banking
• Currency exchange completed
– Over the last week the exchange rate of the new Iraqi dinar (NID)
against the US dollar has stabilized in a tight range from 1360 -1400 NID
per dollar– The foreign currency reserves held in currency notes at the Cent ral
Bank of Iraq have risen to $1.5 billion, excluding Development F und for
Iraq (DFI) balances