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

This is good......what stands out? This bit...."He has submitted an investment law to parliament which should be enacted before the end of this month."

Enacted would suggest implemented. Sounds like the US are pressuring Maliki and co to get it done NOW. I like this.




This is the first economic-related issues I’ve received – and I’d like to use it to broaden the discussion. On the Dinar, specifically, the news is fairly good. Since the introduction of a unified currency and foreign exchange auctions, Iraq’s exchange rate has been relatively stable and this has allowed the Central Bank of Iraq to better manage inflationary pressures. Inflation is still a potential problem in Iraq, but that the Central Bank is working closely with IMF experts to combat these pressures.

The Prime Minister and the President did not discuss the Dinar specifically, but they did discuss the Prime Minister’s economic agenda. It is fair to say that in only two months in office, we have seen a level of activity that surpasses action taken by the previous government over an entire year. Most economic indicators are in positive territory. Iraq has realized its highest oil production and export levels since before the war. Electricity hours of power jumped from 4 or 5 hours per day in Baghdad in April and May to on average 8 hours per day in June and July. Maliki and his new Minister of Electricity has been particular successful in improving security and repair response times, and they discussed these efforts with the President.

On July 12, Maliki presented a far-reaching economic speech to the Council of Representatives. The speech was one of the most reformist offered by an Arab leader in decades and put him on record for change in key areas of the economy. Maliki laid out his plans for new investment laws, anti-corruption measures, restored financial relationships with Gulf States, and initiatives to restore essential services through investment and reform. And he is following up. Maliki has directed each cabinet member to establish a comptroller and submit ethics and financial disclosure agreements. He has submitted an investment law to parliament which should be enacted before the end of this month. Fuel import liberalization laws are also pending in parliament and have been passed by the Council of Ministers. (This is a key initiative to facilitate private enterprise, undermine the black market, and improve the fuel supply.) The government has kept to IMF SBA schedules by increasing non-gasoline fuel prices on June 17, meeting an IMF benchmark.

This is in addition to Maliki reaching out to the international community to make Iraq a reliable economic partner. He has visited Saudi Arabia, the UAE, and Kuwiat to encourage them to invest in Iraq. And Iraq and the UN today announced the formal launch of the International Compact with Iraq. This Compact, jointly shared by the Government of Iraq and the Untied Nations, with the support of the World Bank, will, over the next five years, bring together the international community and multilateral organizations to help Iraq implement key reforms and grow fully integrated into the international economic community. You can read the UN's press release about this important initiative.

We are assisting the Iraqis in the economic area. Secretary Guitierrez and Secretary Bodman recently traveled to Baghdad to meet with their Iraqi counterparts, and more such visits will follow in the coming weeks. These efforts are all part of our integrated – political, economic, security – strategy for success in Iraq.

We understand, of course, that the security situation must stabilize for Iraq to truly flourish economically. There is also hard work to do on important piece of legislation, particularly in the petroleum area. But the Prime Minister is identifying the right priorities and moving forward with necessary reforms. During the lunch following the Oval Office meetings, the President heard from a number of Iraqi ministers on their ambitious agendas for increasing investment in Iraq, reforming Iraq’s massive subsidy programs, and bringing targeted job creation opportunities to lagging areas of the country (in particular Anbar Province where young men are prone to recruitment by terrorists and insurgent groups). Remember that unlike the transitional governments of the past three years, this new government may serve until 2010 – so the new ministers have both short and long term strategic goals.

Brett McGurk

Brett McGurk hosts Ask the White House

Hi,

Just out of interest, who will actually announce the revaluation when it happens???.

Shabibi as head of the CBI has the decision on the r/v but it has to be approved/ruber stamped by parliament. IMO, it will then be announced by Maliki along with the FIL in a press conference sometime soon.

LOL, only saw this when searching my other posts! Ahhh, the memories come aflooding back! Thanks guys for keeping it up, so to speak!

My memories were of sailingdom constantly reminding 'if it was the last time we'd be seeing it are you still adding to it with new articles etc', LOL.

Hi,

So does it have to go to parliament and be passed just like here in the UK, surely this could take another month if it works like that, just like the FIL.

USDIQD=X: Summary for USD to IQD - Yahoo! Finance

This looks interesting......

Compared to yesterday where there was no movement....

Invalid Ticker Symbol - Yahoo! Finance

Thoughts???



Sorta looks like it's trading. What ya think Mike, Adster?

Another post from someone who called Bloomberg. Interesting.

When I got past the operator who said 'Iraaaqqiiiiii who' I got put through to a trader in the US who confirmed what we already know that the dinar is not at this point a fully convertible currency. I asked when they thought it might be, she said 'soon'........she didn't know how soon or wouldn't let on.....

She also said that it's not trading at present and Bloomberg list other currencies that aren't fully convertible, Brazil Real for one.

What happened to Dom? Haven't seen him around for ages.

Originally Posted by nej

What happened to Dom? Haven't seen him around for ages.

Gone fishin' mate!!! Probably a big catch with a marlin...




YB. - Cheers to the RC CARE Group...