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

Iraqi traders entering agreements with their Iranian and Kuwaiti counterparts
14/12/2006
Source: Translated by IRAQdirectory.com

Chairman of the Chamber of Commerce in the Iraqi city of Kirkuk, said that Iraqi traders concluded commercial and economic agreements with a number of Iranian merchants on the sidelines of an exhibition for the reconstruction of Iraq held in Iran at the beginning of last week.

The chairman of the Chamber of Kirkuk, Khalil Ismail Agha, said that high-ranking commercial Iraqi delegation "participated in the conference which was held on the sidelines of the exhibition in the Iranian cities of Tabriz and Kermanshah".

He added that the delegation discussed with the Iranian side "ways of joint cooperation between the Chamber of Commerce and a number of Iraqi traders with their Iranian counterparts, as well as the possibility of developing trade and economic relations between the two countries and ways of participation of Iran in supporting the Iraqi infrastructure through reconstructing a number of economic sectors in the country". Agha pointed out that the Iranian side is interested in" entering the Iraqi market which is considered the main market for importing a large number of goods and commodities and foodstuffs, since Iraq is one of the most important markets that receive such Iranian products". He explained that a number of Iraqi traders "concluded during the exhibition, a number of agreements that will contribute to the arrival of good quantities of different products, which will help to develop the economy and trade exchange between the two neighbors".
On the other hand, a member of the Kuwaiti investors delegation said that the delegation is currently visiting Kurdistan region to discuss investment opportunities and the establishment of a number of important projects in it.

The member of the delegation, Tariq Al-Musawi, of the Kuwaiti public warehouses company, said that the delegation consists of "a number of Kuwaiti companies came to Kurdistan, to explore and discuss investment opportunities in the region".

Al-Musawi said: "We sensed that there are good investment opportunities, and we will sign a preliminary agreement or an understanding memorandum with the competent authorities for the establishment of different storage warehouses, refrigerated, chilled and dry, and a truck parking area". He added: "The intention is to establish an integrated network of storage areas, to give a solution for traders who bring goods to the region". Al-Musawi did not specify the timing of the agreement, or the areas in which they will establish the projects he spoke about.
The delegation of Kuwaiti investors visited Dohuk governorate, and held talks with its governor, Tamr Ramadan, on investment opportunities in the region. The delegation also visited (Zakho) on the Iraqi-Turkish border to get acquainted with the region that have been identified for the establishment of a free trade zone in it.

On his part, Osama Al-Bader, director of the national real estate company in Kuwait and a member of the visiting delegation said: "we now have two projects. One of which includes the development of an area of 104 thousand square meters of land for the construction of a compound in the city of Irbil, consists of a hotel (4 star), a commercial center, a large cinema and apartment buildings", noting that the final cost for this project "amounts to about 100 million dollars
http://www.iraqdirectory.com/DisplayNews.aspx?id=2767

This article is soo good--like a smorgasboard...a little bit of everything...we have agreements with Iran to get imported goods in, and agreements with Kuwait to build a compound that includes a movie theatre, appartment buildings, etc. I've said it once, and I'll say it again--these are the kinds of developments that will turn the tide of violence. Kurdistan will lead the way and the rest of Iraq wil follow.

For those who are wary of Iran....I don't see it. We need someone to lead the way--who better than Iraq's immediate neighbors? Once the wheels get turning and these agreements are put into action others will join in.
Someone has to be first...I'd rather see Iran and Syria jump in with both feet, than wait around a few years for Europe or others to get up the courage to get in...

Originally Posted by ordinaryseawoman

Voices of Iraq: Parliament-Absentees
Posted by: nadioshka on Thursday, December 14, 2006 - 01:46 PM

Parliament-Absentees
Iraqi parliament to make absent legislators pay heavily
By Santa Michael
Baghdad, Dec 14, (VOI) – Weary of repeated absence of its members and canceling sessions for lack of quorum, the Iraqi parliament decided to deduct 500,000 dinars (about $340) from the monthly allocations of legislators for each day of absence without a valid excuse.
Each Iraqi parliamentarian gets a total of 17 million dinars monthly.
The parliament also threatened to publish the names of the often-absent members in the media.“Realizing the danger of this phenomenon as is hampers the House of Representatives in carrying out its duties, the presidency of the House decided to deduct the amount of half a million dinars from frequent absentees,” Mohannad Jabbar, head of the parliament media office, told the independent news agency Voices of Iraq (VOI) by telephone on Thursday.
The House of Representatives has failed to hold its 59th session for fives times during the last two weeks for lack of quorum. The legal quorum is half the members plus one meaning that at least 138 members should be present to hold a formal session out of the total is 275 members.
The House presidency would freeze the money allocations of frequent absentees, publish their names in newspapers and other media and urge their parties to hold them accountable.
Last week, Shiite cleric Ayatollah Muhammad al-Yaaqoubi issued a fatwa prohibiting members of the Iraqi parliament from performing the annual hajj (pilgrimage) rituals this year to avoid adjourning parliamentary sessions.

Parliament-Absentees :: Aswat al Iraq :: Aswat al Iraq

HIT 'EM WHERE IT HURTS!!!

Holy cow, is this correct? They make 17 million dinars a month? That's about $12k USD!

It is absolutly terrible that they are dragging there feet while most of the country is living off about a $1 a day.

Originally Posted by Alphamystic

Holy cow, is this correct? They make 17 million dinars a month? That's about $12k USD!

It is absolutly terrible that they are dragging there feet while most of the country is living off about a $1 a day.

Wouldn't be surprised. Politicians are parasites.

Originally Posted by pipshurricane

BAGHDAD (Reuters) - The new U.S. operational commander in
Iraq urged the Iraqi government on Thursday to take more political and economic steps to ease sectarian violence, including holding regional elections in 2007 and creating jobs.
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"This is not just a military solution," Lieutenant General Raymond Odierno told reporters at a ceremony in Baghdad where he officially assumed day-to-day control of U.S. troops in Iraq.

"It's a combination of diplomatic, economic and military programs that have to move forward within Baghdad to get the security fixed."

The comments by Odierno, who has a reputation as a tough, blunt-speaking general, are the latest by senior commanders underlying a shift in the U.S. military's focus in Iraq from battling insurgents to putting more emphasis on resolving political and economic issues, seen as fuelling violence.

Odierno, who oversaw the capture of former President
Saddam Hussein in December 2003 as a regional commander in Tikrit, took over as head of the U.S-led Multi-National Corps Iraq from Lieutenant General Peter Chiarelli.

Chiarelli has been a leading proponent of the view that military might alone will not end violence and that progress is needed in creating jobs and reconciling warring communities to ease violence more than three years after the invasion.

Odierno assumes his post as the No. 2 commander of the 135,000-strong U.S. force in Iraq as
President Bush weighs options in changing course in the unpopular war.

As sectarian violence between majority Shi'ites and once- dominant Sunnis threatens to plunge the country into all-out civil war and U.S. casualties soar, American commanders and officials have been pushing for a larger U.S. effort in achieving political reconciliation and economic reconstruction.

"We have been talking about it for three years, but we have to work to get people back to work," said Odierno, whose son, a captain in the U.S. Army, lost an arm in combat in Baghdad.

ELECTION DATES

Odierno also urged the government to accelerate plans to review laws barring members of Saddam's Baath party from public office and the military, a main complaint of the disgruntled Sunni sect, which forms the backbone of the insurgency.

He said the government must set dates for provincial elections scheduled for 2007 to strengthen its legitimacy.

"We have to get the dates for provincial elections. People will understand they will be represented once we get these provincial elections done."

Odierno said key to addressing the violence was for the Iraqi government to decide what to do with militias, who U.N. officials said last month were operating with impunity and colluding with police in carrying out death squad killings.

The militias, along with Sunni insurgents, have been blamed for fuelling a cycle of tit-for-tat killings that has killed thousands. Several are tied to parties within Maliki's Shi'ite- led national unity government.

"There has to be a policy of what we are going to do with ... the militias, how we can reconcile them back into the Iraqi armed forces or other units. The Iraqi government has to make a decision," Odierno told reporters.

US general urges political, economic steps in Iraq - Yahoo! News

Excellent article,

It is about time we hear a military man say it like it is, this is an economic problem, not only a military one. Hope Bush listens to this general. (g)

Happy Holiday Season to all, Mike

Based on this article below, provided I interpreted this article correctly, I went back and calculated the number of dinars removed from circulation and it comes to 1,880,944,730,000 dinars for this month and half time period (6/15/06 to 7/31/06). This is to help compliment the work started by Sacota 850. If this is correct a total tallied of dinars removed from circulation is 4,631,743,957,000.
01-08-2006, 09:02 AM - [add post to favorites]

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________________________________________
Iraq-Currency
Iraq Cenbank gets first dollar selling offers in more than 45 days
By Dergham Mohammed Ali
Baghdad, Aug 1, (VOI) – The Iraqi central bank received on Tuesday the first selling offers for dollars in more than a month and a half.The bank bought more than $2.150 million at 1,475 dinars rate.
Demand for dollars was higher in the daily central bank auction, reaching $44.165 million compared to about $39 million on Monday.
The bank said in its daily statement it covered all bids which were $33.405 million in cash and $10.760 million in foreign transfers.

We have read this article earlier this week. A good article and also published on the website from Iraq Development Program.


Raising the value of the dinar against the dollar by the Central Bank (11/12/06)

Many specialized economists in finance and monetary considered raising the rate of the dinar against the dollar sale by the Iraqi Central Bank an important step to control the volume of inflation.

They emphasized the importance of raising the interest rate up to 12% to curb inflation, which would lead, in the short term, to stabilize the price prevailing in the Iraqi market.

A depression and confusion in the stocks of selling and purchasing the dollar in most of the banking stores in Baghdad may accompany this procedure. Thus, it is necessary to follow up this dangerous turn in the Iraqi capital market. In press statements, a number of those concerned emphasized the importance of this remarkable step towards reducing inflation, raising the value of Iraqi dinar and reducing prices of goods and services.


The minister of planning, Ali Ghalib Baban, said that the Central Bank's decision, which came after extensive study, aimed at encouraging capital owners as well as the citizens in general on saving.

On his part, Governor of the Central Bank, Sinan Shabibi said that: "The aim of the Central Bank currently is limited in the fight against inflation, which reached about 76% and reduce its heightening, through the provision of better conditions for economic development, improving the performance of the banking sector and providing stability in it".

Shabibi said that among the reasons of inflation is the increase in cash circulation, which made it necessary to follow a new monetary policy, aimed at improving the dollar's exchange rate towards reducing its price several points in the auction, organized by the Central Bank every day to sell the dollar, to withdraw currency from circulation.

Director General of Researches at the Iraqi Central Bank, Dr. Madhhar Mohamed Salih, said: the Iraqi Central Bank is responsible, according to the law No. 56 of 2004, for dealing with inflation and reduce its levels. This principle forms the main objective adopted by the monetary policy in performing its duties. Accordingly, the Central Bank must set the priorities of its policies; meaning, the monetary policy to fight inflationary activities using the tools available.

He pointed out that monetary policy faces intermediate variables or objectives that show the relationship between the impact of these variables to reduce the general level of prices and the containing inflation.

Among these variables are the stabilizing interest rates "the long-termed" and the stabilizing or real exchange rate.

It is noted that these variables can not be controlled directly, unless they are targeted by similar variables which are considered as signals or informative means used to influence stability in the cash market. Among these signals is what is known as the interest rate of the Iraqi Central Bank; it is an indicator price which is considered as a compass influencing the behavior of interest rates and determining what the Central Bank lends to banks, and what banks deposit in the Central Bank.

Thus, inflation is the main reason of speeding up money circulation and spending them, leading to less demand for cash and more demand for goods and services. In order to maintain the cohesion of demand and maximize cash levels in order not to turn into strong spending on goods and services, all the Central Bank had to do is to use its tools in raising the interest rate to stimulate the interest rate structure and maintain the coherence of savings and maximize their purchasing power which will help monetary policy to deal with the high levels of liquidity and contain it within the cash or " banking" market, without becoming a cash bloc drifted towards commodity and services. In light of what have previously been mentioned, several questions arise: Can the Central Bank procedure curb inflation and control the volume of cash? What is the use of raising the level of interest against the high prices?

Economists stressed the importance that the Central Bank will continue this approach to curb inflation, which now threatens the stability of the entire situation in Iraq, including security, social and economic situations.

The observers speculate that the rise in the value of the Iraqi dinar against the dollar would reduce inflation and revive the economic situation of Iraqi families, who has suffered greatly because of the high rate of inflation, which is the cause of deteriorating the level of savings as well. Thus, the Central Bank had to take this action, which many observers consider it a step towards a comprehensive reform of Iraqi economy.

Iraq Development Program - Raising the value of the dinar against the dollar by the Central Bank

Here is a list of countries banging at the door to get their hands on oil fields in Iraq:

Algeria - Australia - Belgium - Canada - China - Czech Republic - Finland - France - Germany - Greece - Hungary - India - Indonesia - Ireland - Italy - Japan - Malaysia - Mexico - Netherlands - Norway - Pakistan - Romania - Russia - S. Korea - Spain - Taiwan - Tunisia - Turkey - UK - Vietnam

The drilling starts Jan 1st 2007!

Originally Posted by billknows

Here is a list of countries banging at the door to get their hands on oil fields in Iraq:

Algeria - Australia - Belgium - Canada - China - Czech Republic - Finland - France - Germany - Greece - Hungary - India - Indonesia - Ireland - Italy - Japan - Malaysia - Mexico - Netherlands - Norway - Pakistan - Romania - Russia - S. Korea - Spain - Taiwan - Tunisia - Turkey - UK - Vietnam

The drilling starts Jan 1st 2007!

There should be no concern about Iran and Syria offering their assistance. Look at all the countries (above) who will most definitely hold them accountable should their actions veer off the path of their proposed help!!! So, I doubt that either Syria or Iran have considered their offers lightly: they know who's watching: THE WHOLE WORLD! Talk about "holding their feet to the fire"!!!

Originally Posted by postcon

Wouldn't be surprised. Politicians are parasites.

Exactly,

This is true in all governements, the biggest thieves are politicians who raid the pork barrel for personal interests over and over again. It blows me away to read about all our wasted tax dollars going to BS pet projects in each politicians back yard. I had to laugh the other day when Spitzer won as Gov. in NY, and one of the first things he did was to pay off his supporters with campaign money. Not just a stipend payment, but $200,000.00 to his campaign manager as a bonus, and this is all legal, and why is it legal, because of politicians. Now they are all voting themselves a raise, never mind the fact that NY has only had budget submitted on time only twice in the last coupld decades. Sure makes you wonder how these parasites get away with the BS.

Happy Holidays to all, Mike

Originally Posted by Alphamystic

Holy cow, is this correct? They make 17 million dinars a month? That's about $12k USD!

It is absolutly terrible that they are dragging there feet while most of the country is living off about a $1 a day.

I seem to recall a couple of months ago reading an article that indicated the huge allowance that each of these politicians in Iraq receives has to fund all of their activities including paying their own security. Maybe someone can find that article.