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

Cigarman, not even OSW or Addie's words bring more comfort to me than yours do. God bless you. I'm so glad you are there.
Tricia

I agree with you on this , this makes sense on all of the info we've all been hashing around about the dinar the last few months! thanks alot.
lisa

This is why I would like to know if their fiscal years starts in October. Good read. Sounds like violence won't slow them down.

Iraq turning focus to economic rebuilding

http://www.iraqdirectory.com/DisplayNews.aspx?id=1935

Originally Posted by cigarman

Sassy, I think that it will either reval or float on the forex by Septembers end. I honestly think that the starting point will be at .68 or higher. Like I said before, Iraq is in a tough situation. Reval low and the Isx companies get bought up, reval too high and all the speculators cash in at once. JMO

I agree. Whatever they do they need to be very careful not to upset the apple cart! In case any big shots in Iraq read this forum (yeah, right) I put my vote in for what cigarman said in the above before Ramadan this year or in other words before Sept 24th 2006.

worf

Originally Posted by cigarman

This is why I would like to know if their fiscal years starts in October. Good read. Sounds like violence won't slow them down.

Iraq turning focus to economic rebuilding

http://www.iraqdirectory.com/DisplayNews.aspx?id=1935

Here you are Cigarman: It's the last line
Iraq
Economy - overview: Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. Iraq's seizure of Kuwait in August 1990, subsequent international economic sanctions, and damage from military action by an international coalition beginning in January 1991 drastically reduced economic activity. Although government policies supporting large military and internal security forces and allocating resources to key supporters of the regime hurt the economy, implementation of the UN's oil-for-food program, which began in December 1996, helped improve conditions for the average Iraqi citizen. Iraq was allowed to export limited amounts of oil in exchange for food, medicine, and some infrastructure spare parts. In December 1999, the UN Security Council authorized Iraq to export under the program as much oil as required to meet humanitarian needs. Per capita food imports increased significantly, while medical supplies and health care services steadily improved. Per capita output and living standards were still well below the pre-1991 level, but any estimates have a wide range of error. The military victory of the US-led coalition in March-April 2003 resulted in the shutdown of much of the central economic administrative structure. Although a comparatively small amount of capital plant was damaged during the hostilities, looting, insurgent attacks, and sabotage have undermined efforts to rebuild the economy. Attacks on key economic facilities - especially oil pipelines and infrastructure - have prevented Iraq from reaching projected export volumes, but total government revenues have been higher than anticipated due to high oil prices. Despite political uncertainty, Iraq has established the institutions needed to implement economic policy, has successfully concluded a three-stage debt reduction agreement with the Paris Club, and is working toward a Standby Arrangement with the IMF. The Standby Arrangement would clear the way for continued debt relief from the Paris Club.
GDP (purchasing power parity): $94.1 billion (2005 est.)
GDP (official exchange rate): $46.5 billion (2005 est.)
GDP - real growth rate: -3% (2005 est.)
GDP - per capita (PPP): $3,400 (2005 est.)
GDP - composition by sector: agriculture: 7.3%
industry: 66.6%
services: 26.1% (2004 est.)
Labor force: 7.4 million (2004 est.)
Labor force - by occupation: agriculture: NA%
industry: NA%
services: NA%
Unemployment rate: 25% to 30% (2005 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 33% (2005 est.)
Budget: revenues: $19.3 billion
expenditures: $24 billion; including capital expenditures of $5 billion (2005 budget)
Agriculture - products: wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry
Industries: petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
Industrial production growth rate: NA%
Electricity - production: 31.7 billion kWh (2005)
Electricity - production by source: fossil fuel: 98.4%
hydro: 1.6%
nuclear: 0%
other: 0% (2001)
Electricity - consumption: 33.3 billion kWh (2005)
Electricity - exports: 0 kWh (2005)
Electricity - imports: 2.02 billion kWh (2005)
Oil - production: 2.093 million bbl/day; note - prewar production (in 2002) was 2.03 million bbl/day (2005 est.)
Oil - consumption: 351,500 bbl/day (2005 est.)
Oil - exports: 1.42 million bbl/day (2005 est.)
Oil - imports: NA bbl/day
Oil - proved reserves: 112.5 billion bbl (2005 est.)
Natural gas - production: 1.5 billion cu m (2003 est.)
Natural gas - consumption: 1.5 billion cu m (2003 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Natural gas - proved reserves: 3.115 trillion cu m (2005)
Current account balance: -$9.447 billion (2004 est.)
Exports: $17.78 billion f.o.b. (2004)
Exports - commodities: crude oil (83.9%), crude materials excluding fuels (8.0%), food and live animals (5.0%)
Exports - partners: US 49.4%, Italy 9.7%, Canada 6.6%, Spain 6.2% (2005)
Imports: $19.57 billion f.o.b. (2004)
Imports - commodities: food, medicine, manufactures
Imports - partners: Syria 22.3%, Turkey 20.9%, US 12%, Jordan 5.1% (2005)
Reserves of foreign exchange and gold: $9.161 billion (2005 est.)
Debt - external: $92.33 billion (2005 est.)
Economic aid - recipient: more than $33 billion in foreign aid pledged for 2004-07 (2004)
Currency (code): New Iraqi dinar (NID) as of 22 January 2004
Currency code: NID, IQD prior to 22 January 2004
Exchange rates: New Iraqi dinars per US dollar - 1,475 (2005), 1,890 (second half, 2003), 0.3109 (2001)
Fiscal year: calendar year

(This is from the CIA world factbook)https://www.cia.gov/cia/publications...print/iz.html:

Originally Posted by cigarman

If I remember correctly, if there is going to be a reval it has to happen by the end on September because of the standby agreement. Also their funds that the countries are giving will be considerably less starting in October, so they will have to foot the majority of their reconstruction and economy by then. What better way than a big fat reval.LOL.

Hey Cigarman,

Seems that I remember them extending the agreement till October? Or was that about the ISX? Arrrggghhh! Can't remember!

The funds will begin to decrease in Oct???!!!!!!! Now this is exciting! Do you have more info on this cause I sure would like more please!

Originally Posted by cigarman

xxxxx In order to give the Iraqis an open window it was determined by xxxxx to enhance the peg opening of the Iraqi Dinars to as late as of October 1 of 2006. xxxxx So yes it is still set in stone for currently on July 21 but xxxxxx will give the Iraqi Finance Ministries maximum opportunity to resolve the final remaining issues and obstacles for succeeding. The Iraqi Financial Ministry has formally requested to renegotait the new value of the New Iraqi Dinars. This rate will be determined based on new inflation figures and total economic impacts from Iraq all three sectors. xxxxx

There was other detail in the e-mail but the main point is the peg can be delayed by Iraq and could happen anywhere between July 21, to Oct. 1, 06. Sorry, please don’t shoot the messenger!

Here is the post. Cigarman

here is the old post.. also from cigarman .. originally posted back in june

However, that wasn't the answer I wanted to hear.LOL. I was hoping it started in October. Go figure, the Iraqi's said the other day that they would have a draft oil law ready for Parliament by the end of the month. Now their talking next year. Yes, they did have an extension until October, but I really believe that the FIL has been passed and not announced yet because the Iraqi ministers speak in past tense when interviewed concerning the law. I really think a lots being done behind closed doors and I think the Iraq Government know that times running out. As Pat would say let it peg-let it peg.

Readytogo, yes the FIL extension was October as well as the ISX opening. Although I think we're there already, just waiting on announcement.

Originally Posted by cigarman

Readytogo, yes the FIL extension was October as well as the ISX opening. Although I think we're there already, just waiting on announcement.

I will be perfectly happy with Oct 1, 2006! But anytime 'tween now and then will work for me!

Clueless posted some info from you with the Oct extension. Do you remember where you got this info cause it sounds pretty definite and pretty darn exciting!

I'm getting excited!