2010-01-19 19:54:34
BAGHDAD (Iba) .. Sources in the House of Representatives is expected to reach U.S. Vice President Joe Biden to Iraq on Wednesday.
The sources in contact with the agency and the independent press (Iba) that Biden's visit on the subject of the exclusion of a number of candidates and political entities for the upcoming parliamentary elections on charges of bringing them the law of accountability and justice.
Biden was first met two days ago in Washington, Iraqi Vice President Adel Abdul-Mahdi, who is visiting the United States, also held a telephone conversation with President Jalal Talabani and the second deputy Tareq al-Hashemi.
Biden called exclusion decisions to postpone until after the elections in what was seen a number of members of the House of Representatives rejected the interference of internal affairs of Iraq. (End) / g / ..
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Tuesday, January 19, 2010
SHABIBI: CENTRAL BANK LIKELY TO LOWER INTEREST RATES
Date: Tuesday, January 19, 2010, 6:17 PM
TOKYO, Jan 19 (Reuters) - The Iraqi central bank is likely to lower interest rates from their current 7 percent, but the extent of any cuts will depend on inflation, the bank's governor said on Tuesday.
Sinan al-Shibibi also told Reuters Television in Tokyo that he does not expect any major disruption to the country's economy from an upcoming election in March, seen as a crucial test for Iraq as it tries to pull away from the bloodshed that followed the 2003 U.S.-led invasion.
The central bank brought down interest rates to 7 percent from 9 percent last June in line with a fall in inflation.
"Probably they are going to be lower than 7 percent. But of course this will depend on inflation vis-a-vis growth." he said. "We'll have to monitor very closely."
The official interest rate in Iraq is more of a guide to bank rates than a direct monetary mechanism as the banking sector is small and capital markets are undeveloped.
"Monetary policy will follow developments in inflation," Shibibi said, adding that the central bank has managed to bring down inflation using monetary policy.
Inflation has come down to around 6.0 percent, Shibibi continued. Though volatile, core CPI inflation was 9.2 percent at the beginning of last year.
Shibibi said the Iraqi economy, driven mainly by oil production, is expected to grow a little bit more than the IMF's projection of 5.8 percent this year, shrugging off concerns about security ahead of the March 7 election.
The government of Shi'ite Muslim Prime Minister Nuri al-Maliki is seeking re-election but the country is still dogged by sectarian violence.
"It (violence) will die down once the economy grows more and income levels increase," Shibibi said.
(Reporting by Kei Okamura and Hideyuki Sano; Editing by Joseph Radford)
http://www.forexyard.com/en/news/Iraqi-central-bank-governor-sees-lower-rates-ahead-2010-01-19T113300Z-INTERVIEW
TOKYO, Jan 19 (Reuters) - The Iraqi central bank is likely to lower interest rates from their current 7 percent, but the extent of any cuts will depend on inflation, the bank's governor said on Tuesday.
Sinan al-Shibibi also told Reuters Television in Tokyo that he does not expect any major disruption to the country's economy from an upcoming election in March, seen as a crucial test for Iraq as it tries to pull away from the bloodshed that followed the 2003 U.S.-led invasion.
The central bank brought down interest rates to 7 percent from 9 percent last June in line with a fall in inflation.
"Probably they are going to be lower than 7 percent. But of course this will depend on inflation vis-a-vis growth." he said. "We'll have to monitor very closely."
The official interest rate in Iraq is more of a guide to bank rates than a direct monetary mechanism as the banking sector is small and capital markets are undeveloped.
"Monetary policy will follow developments in inflation," Shibibi said, adding that the central bank has managed to bring down inflation using monetary policy.
Inflation has come down to around 6.0 percent, Shibibi continued. Though volatile, core CPI inflation was 9.2 percent at the beginning of last year.
Shibibi said the Iraqi economy, driven mainly by oil production, is expected to grow a little bit more than the IMF's projection of 5.8 percent this year, shrugging off concerns about security ahead of the March 7 election.
The government of Shi'ite Muslim Prime Minister Nuri al-Maliki is seeking re-election but the country is still dogged by sectarian violence.
"It (violence) will die down once the economy grows more and income levels increase," Shibibi said.
(Reporting by Kei Okamura and Hideyuki Sano; Editing by Joseph Radford)
http://www.forexyard.com/en/news/Iraqi-central-bank-governor-sees-lower-rates-ahead-2010-01-19T113300Z-INTERVIEW
MINISTER OF FINANCE RECEIVED WORLD BANK VICE PRESIDENT
Received the Minister of Finance Baqir al-Zubaidi, World Bank Vice President Shamshad selection and her entourage, which included World Bank Country Director for the Middle East Hadi Arab And Director of the World Bank in Iraq, John Wehbe In the presence of Advisor Finance Minister Aziz Jaafar.
A media source in the ministry for the (News Agency Iraqi media / conscious) that he also discussed economic and financial relations between Iraq and the World Bank and ways to enhance them to achieve advancement of financial and economic institutions of Iraq and benefit from the experience bank's staff to set up specialized courses for staff and access to financial support for the advancement of projects in support of the mission in Iraq.
The minister stressed that the return of Iraq to cooperate with international financial institutions have made economic gains in Iraq allowed him to restore cooperation with Iraq and the international integration of financial institutions in the international community and contribute in extinguishing the debt under the terms of the Paris Club and the achievement of important achievements in terms of improving the financial and banking work in Iraq.
For its part, praised Shamshad improvements in the Ministry of Finance and the considerable efforts made to achieve balance in 2010 and successful economic policy of the Ministry of Finance, which Iraq spared the negative effects of the global financial crisis and the desire of the President of the World Bank to support Iraq in all fields, especially "in the field of training, rehabilitation and support strategic projects in it.
http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://al-iraqnews.net/new/siaysiah/50834.html&rurl=translate.google.com
A media source in the ministry for the (News Agency Iraqi media / conscious) that he also discussed economic and financial relations between Iraq and the World Bank and ways to enhance them to achieve advancement of financial and economic institutions of Iraq and benefit from the experience bank's staff to set up specialized courses for staff and access to financial support for the advancement of projects in support of the mission in Iraq.
The minister stressed that the return of Iraq to cooperate with international financial institutions have made economic gains in Iraq allowed him to restore cooperation with Iraq and the international integration of financial institutions in the international community and contribute in extinguishing the debt under the terms of the Paris Club and the achievement of important achievements in terms of improving the financial and banking work in Iraq.
For its part, praised Shamshad improvements in the Ministry of Finance and the considerable efforts made to achieve balance in 2010 and successful economic policy of the Ministry of Finance, which Iraq spared the negative effects of the global financial crisis and the desire of the President of the World Bank to support Iraq in all fields, especially "in the field of training, rehabilitation and support strategic projects in it.
http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://al-iraqnews.net/new/siaysiah/50834.html&rurl=translate.google.com
UNKNOWN POSTER - IRAQI DINAR
- Will the Iraqi Dinar be revalued?
- When will the Iraqi Dinar be revalued?
- How will the Iraqi Dinar be revalued?
1) Iraq is an extremely wealthy country when you look at their natural resources and potential GDP. The expert consensus is that Iraq has at least the second largest oil reserves and natural gas reserves in the world. There is strong speculation that Iraq actually has the largest oil and natural gas reserves in the world. Additionally, many people don’t realize that oil from Iraq is some of the world’s cheapest oil to drill and refine—the oil is very “rich” and close to the surface with few impurities or hindrances to drilling. Iraq’s cost of production per barrel of oil is minimal compared to other world oil producers. This all means that Iraq’s profit margins on their oil production are some of the highest in the world. Additionally, Iraq has a vast agricultural system and abundant fresh water supplies from the Tigris and Euphrates rivers---Iraq is known as the “Bread Basket of the Middle East.” Moreover, Iraq has a large and traditionally hardworking productive population. The bottom line is that Iraq has staggering wealth in natural resources and tremendous GNP and GDP.
2) There is NO WAY the country of Iraq is going to be allowed to decay into a state of instability. Iraq is not Somalia, Vietnam or Rwanda -- It is a strategic Middle Eastern country with tremendous potential wealth. It is in the best interest of every Western country and most Middle Eastern countries for Iraq to succeed as an independent stable economy and country. No Western or Middle Eastern country is going to stand by while Iraqi’s vast oil reserves and wealth fall under the control of a neighboring rouge country or insurgency---it just won’t happen.
3) The political and economic powers of the world are doing everything possible to stabilize Iraq and bring their economy in line with the rest of the world as soon as possible---this is in the best interest of all nations. World leaders understand that wealth and prosperity in a country lead to stability and increased productivity---people don’t revolt when their needs are being met and their quality of life is improving. One of the fastest ways to stabilize a country is to increase its wealth and the quality of life for the population as soon as possible. The cost of increasing an entire population’s wealth is much less than the cost of war and widespread instability in the oil-rich nations of the Middle East.
4) The history of the Iraqi Dinar demonstrates strong potential for growth. At one time, the Iraqi Dinar was worth over 3000 times ($3.20/Iraqi Dinar to <.001/Iraqi Dinar) what it is currently worth, while at the same time oil (Iraq’s largest natural resource) was selling for approximately $15 per barrel -- less than 1/5th of today’s price.
5) Excluding rogue nations (Iran, Syria, and other nations as defined by the US), the lowest exchange rates in the Middle East for countries like Kuwait, Qatar, Saudi Arabia, U.A.E., Israel, etc are no lower than $.26 per Dinar, Sheqel, Dirham, Rial, Riyal, etc. If the value of the Iraqi Dinar increased in value to just the lowest valued currency of the mainstream Middle Eastern countries, it would result in a 260 times increase in value. More simply stated, 1 million Iraqi Dinar purchased for approximately $1000 US dollars today would be worth $260,000 US dollars if the Iraqi Dinar were valued at $.26 US Dollars—the lowest current valuation for a mainstream Middle Eastern country. If the Iraqi Dinar were to reach a value equivalent to its historical rate of $3.20 US dollars per Iraqi Dinar, the value of an approximate $1000 US dollar Iraqi Dinar investment for 1 million Iraqi Dinar would be worth $3,200,000 US Dollars. As a note, the current exchange rate for the Kuwaiti Dinar is $3.44 US dollars for 1 Kuwait Dinar---it would take $3,440,000.00 US Dollars to purchase 1 million Kuwaiti Dinar.
6) Since its inception in late 2003, the Iraqi Dinar has steadily increased in value—indicating a recovering economy and increase in conversion of natural wealth resources.
The bottom line is that the Iraqi Dinar is currently at an extremely low valuation compared to the US Dollar. The currency has steadily increased in value since inception in late 2003. Iraq is a country with phenomenal wealth potential; and additionally, has the backing and support of the major political and economic powers of the world. There currently seems to be minimal risk that the Iraqi Dinar will decrease in value. The tremendous potential upside return compared to the minimal downside risk seems to make the Iraqi Dinar a compelling investment opportunity worth investigating.
One compelling speculation that may relate to the value increase of the Iraqi Dinar is the actual amount of Iraqi Dinar being held by the United States Treasury Department. A significant increase in the value of the Iraqi Dinar would more than pay for cost of recent US war efforts in the Middle East and greatly alleviate the tremendous debt recently initiated by the US Government. The US Government’s current runaway spending seems to suggest that the US Treasury Department is expecting a massive windfall in the near future that will cover debt. Although this theory seems logical and despite the fact that this theory is parroted by many, this speculation can not be confirmed.
In determining when the Iraqi Dinar will increase in value, all indicators point toward something happening in the near future (next 12 months) if not the very near future (next 3 months). The appreciation of the Iraqi Dinar has been unprecedentedly flat over the past 8 months despite low Iraqi inflation and a weakening US economy and US dollar. The Iraqi economy has been on a continual surge of economic growth for the past couple of years as Iraq has continued to stabilize and rebuild. The news coming out of Iraq from numerous returning military members with various reliable sources indicates a rapid move and increase in valuation occurring prior to, or in conjunction with US troop reductions. Indicators also point to an increase in the Iraqi Dinar exchange rate occurring prior to, or shortly after Iraqi elections. It appears that administratively, the IMF, WTO, and other world financial entities are working in close conjunction with the Iraqi Government to bring Iraq’s financial system online with the rest of the world. The expectation is that the Iraqi Dinar will soon be freely traded through banks worldwide---further accelerating their recovery and economy, and adding to overall stability.
To answer the question of “How” and “How high?” the Iraqi Dinar will revaluate, some speculation is in order. Based on historical precedents, an initial sudden significantly (overnight/over weekend) high revaluation seems very possible. This initial move could be anywhere along the entire spectrum of rumored possibilities from $.01 to $1.49. After this initial revaluation, it seems likely there will be numerous significant incremental increases in valuation over a period of time. This continual increase in value after an initial base valuation will prevent an overwhelming surge on the world financial system. By incrementally increasing the value of the dinar, it will limit the number and amount of Iraqi Dinar exchanges as many investors and currency traders will choose to hold their Iraqi Dinar or purchase more as they anticipate further valuation increases. In other words, a steady increase in the value of the Iraqi Dinar will create a free flowing market as some investors cash-out, others hold on, and others purchase Iraqi Dinar for the first time.
- When will the Iraqi Dinar be revalued?
- How will the Iraqi Dinar be revalued?
1) Iraq is an extremely wealthy country when you look at their natural resources and potential GDP. The expert consensus is that Iraq has at least the second largest oil reserves and natural gas reserves in the world. There is strong speculation that Iraq actually has the largest oil and natural gas reserves in the world. Additionally, many people don’t realize that oil from Iraq is some of the world’s cheapest oil to drill and refine—the oil is very “rich” and close to the surface with few impurities or hindrances to drilling. Iraq’s cost of production per barrel of oil is minimal compared to other world oil producers. This all means that Iraq’s profit margins on their oil production are some of the highest in the world. Additionally, Iraq has a vast agricultural system and abundant fresh water supplies from the Tigris and Euphrates rivers---Iraq is known as the “Bread Basket of the Middle East.” Moreover, Iraq has a large and traditionally hardworking productive population. The bottom line is that Iraq has staggering wealth in natural resources and tremendous GNP and GDP.
2) There is NO WAY the country of Iraq is going to be allowed to decay into a state of instability. Iraq is not Somalia, Vietnam or Rwanda -- It is a strategic Middle Eastern country with tremendous potential wealth. It is in the best interest of every Western country and most Middle Eastern countries for Iraq to succeed as an independent stable economy and country. No Western or Middle Eastern country is going to stand by while Iraqi’s vast oil reserves and wealth fall under the control of a neighboring rouge country or insurgency---it just won’t happen.
3) The political and economic powers of the world are doing everything possible to stabilize Iraq and bring their economy in line with the rest of the world as soon as possible---this is in the best interest of all nations. World leaders understand that wealth and prosperity in a country lead to stability and increased productivity---people don’t revolt when their needs are being met and their quality of life is improving. One of the fastest ways to stabilize a country is to increase its wealth and the quality of life for the population as soon as possible. The cost of increasing an entire population’s wealth is much less than the cost of war and widespread instability in the oil-rich nations of the Middle East.
4) The history of the Iraqi Dinar demonstrates strong potential for growth. At one time, the Iraqi Dinar was worth over 3000 times ($3.20/Iraqi Dinar to <.001/Iraqi Dinar) what it is currently worth, while at the same time oil (Iraq’s largest natural resource) was selling for approximately $15 per barrel -- less than 1/5th of today’s price.
5) Excluding rogue nations (Iran, Syria, and other nations as defined by the US), the lowest exchange rates in the Middle East for countries like Kuwait, Qatar, Saudi Arabia, U.A.E., Israel, etc are no lower than $.26 per Dinar, Sheqel, Dirham, Rial, Riyal, etc. If the value of the Iraqi Dinar increased in value to just the lowest valued currency of the mainstream Middle Eastern countries, it would result in a 260 times increase in value. More simply stated, 1 million Iraqi Dinar purchased for approximately $1000 US dollars today would be worth $260,000 US dollars if the Iraqi Dinar were valued at $.26 US Dollars—the lowest current valuation for a mainstream Middle Eastern country. If the Iraqi Dinar were to reach a value equivalent to its historical rate of $3.20 US dollars per Iraqi Dinar, the value of an approximate $1000 US dollar Iraqi Dinar investment for 1 million Iraqi Dinar would be worth $3,200,000 US Dollars. As a note, the current exchange rate for the Kuwaiti Dinar is $3.44 US dollars for 1 Kuwait Dinar---it would take $3,440,000.00 US Dollars to purchase 1 million Kuwaiti Dinar.
6) Since its inception in late 2003, the Iraqi Dinar has steadily increased in value—indicating a recovering economy and increase in conversion of natural wealth resources.
The bottom line is that the Iraqi Dinar is currently at an extremely low valuation compared to the US Dollar. The currency has steadily increased in value since inception in late 2003. Iraq is a country with phenomenal wealth potential; and additionally, has the backing and support of the major political and economic powers of the world. There currently seems to be minimal risk that the Iraqi Dinar will decrease in value. The tremendous potential upside return compared to the minimal downside risk seems to make the Iraqi Dinar a compelling investment opportunity worth investigating.
One compelling speculation that may relate to the value increase of the Iraqi Dinar is the actual amount of Iraqi Dinar being held by the United States Treasury Department. A significant increase in the value of the Iraqi Dinar would more than pay for cost of recent US war efforts in the Middle East and greatly alleviate the tremendous debt recently initiated by the US Government. The US Government’s current runaway spending seems to suggest that the US Treasury Department is expecting a massive windfall in the near future that will cover debt. Although this theory seems logical and despite the fact that this theory is parroted by many, this speculation can not be confirmed.
In determining when the Iraqi Dinar will increase in value, all indicators point toward something happening in the near future (next 12 months) if not the very near future (next 3 months). The appreciation of the Iraqi Dinar has been unprecedentedly flat over the past 8 months despite low Iraqi inflation and a weakening US economy and US dollar. The Iraqi economy has been on a continual surge of economic growth for the past couple of years as Iraq has continued to stabilize and rebuild. The news coming out of Iraq from numerous returning military members with various reliable sources indicates a rapid move and increase in valuation occurring prior to, or in conjunction with US troop reductions. Indicators also point to an increase in the Iraqi Dinar exchange rate occurring prior to, or shortly after Iraqi elections. It appears that administratively, the IMF, WTO, and other world financial entities are working in close conjunction with the Iraqi Government to bring Iraq’s financial system online with the rest of the world. The expectation is that the Iraqi Dinar will soon be freely traded through banks worldwide---further accelerating their recovery and economy, and adding to overall stability.
To answer the question of “How” and “How high?” the Iraqi Dinar will revaluate, some speculation is in order. Based on historical precedents, an initial sudden significantly (overnight/over weekend) high revaluation seems very possible. This initial move could be anywhere along the entire spectrum of rumored possibilities from $.01 to $1.49. After this initial revaluation, it seems likely there will be numerous significant incremental increases in valuation over a period of time. This continual increase in value after an initial base valuation will prevent an overwhelming surge on the world financial system. By incrementally increasing the value of the dinar, it will limit the number and amount of Iraqi Dinar exchanges as many investors and currency traders will choose to hold their Iraqi Dinar or purchase more as they anticipate further valuation increases. In other words, a steady increase in the value of the Iraqi Dinar will create a free flowing market as some investors cash-out, others hold on, and others purchase Iraqi Dinar for the first time.
UNKNOWN POSTER
I HAVE BEEN ABLE TO FIND OUT WHY AND HOW THE BANKS WERE NOTIFIED AND WHAT HAS HAPPENED EVEN TODAY. LAST FRIDAY CORPORATE BANK HDQTRS EMAILED A HEADS UP TO BRANCHES THAT THE IQD WAS CHANGING. TODAY THIS STILL STANDS. TODAY EVEN MORE BRANCHES WERE NOTIFIED AND WE HAVE THIS CONFIRMED OF A HEADS UP. NO TIME FRAME WAS GIVEN, ONLY IT WAS COMING. NO RATE WAS GIVEN TO EXPECT. NOW EVERY MAJOR CORP HDQTRS IS ON WATCH STILL. I DO NOT HAVE A CLUE WHAT MADE THEM DO THIS, NOR DO I KNOW WHAT THE MECHANISM IS TO TRIGGER THE RV, BUT IF THE BANK BRANCHES HAVE BEEN NOTIFIED AND WAITING, THEN I SURE AS HECK AM TOO. SO THAT IS IT. ALL DONE.
TERRYK EMAIL POST
The Intel coming in is that major US corporate banks and the Central Bank
of Iraq are all being asked to watch their computer screens over the weekend
for a change in the Iraqi Dinar value. The thinking is also that, because
Monday is a US banking holiday, it will give the US banks a chance to have
an extra day to be ready for the flurry of activity that this will generate
for them. But, I have to say I have trouble with this thinking and that's
what makes me wonder if it will occur over the weekend. The idea that this
news will be released at a time when everyone in the whole world can
participate EXCEPT the American people seems odd to me. So, if this is going
to happen, it's my opinion it won't happen until overnight Monday our time
(UNLESS the US banking system really WANTS that holiday Monday to get
organized to deal with the chaos involved in the dinar exchange and, in that
case, the RV release then could be announced over the weekend.).
In other news: In the past I have told you that Iraq was invited into the
WTO (World trade Organization) and it is well known that a country can't be
invited into the WTO without a currency that can be traded on the world
markets. So, we deduced at the time that this meant that a RV had to happen
simultaneously with that announcement, but no RV happened. I recently saw a
reference that Iraq was an "Observer Member" in the WTO and was being
positioned to be a "FULL MEMBER." That implies an RV release is imminent
(after all, why would they bother inviting Iraq unless it was imminent that
it could be a full member) and it also explains why the RV announcement
wasn't made then; we deduced incorrectly because we didn't have all the
facts.
The same situation applies to being invited into OPEC (Organization of
the Petroleum Exporting Countries; made up of 13 oil-producing countries)
which also made us think that an RV would happen simultaneously with that
announcement, but it didn't. So, I am deducing that Iraq is not a full
member of OPEC yet either, because it can't trade with anyone but itself,
therefore it wouldn't be considered a "player" in terms of oil-producing for
the world. But, again, why would they bother inviting Iraq if the RV
announcement was not imminent.
There are some other clues to a possible OUTSIDE date deadline for the RV
announcement. That is, clues to the LATEST date the RV release announcement
could be made. One is that there is a law in Iraq that a new law can't be
passed within 30 days of the election. The purpose of this law is to prevent
the ruling party from surprising everyone with a law that could cause an
advantage for them over the other candidates. In other words, to prevent
corruption. The elections are slated for 3/7/10. The 2010 Iraq budget has
not yet been passed and it must be passed before 2/7/10 because the passage
of the budget will be a law and therefore it applies here. In most circles
studying this, there is a general consensus that Iraq does not have the
money to execute the budget they need to adopt, and the only way to get the
money needed to run the country is through a revalue (so trade can occur
with other countries and bring in revenue). Therefore the revalue must
happen before they can!
The budget (meaning the revalue release announcement must occur by
2/7/10). Note: An article that came out today (dated 1/17/10 in Iraq) says
that the meeting to vote on the budget is Tuesday 1/19/10, Iraq time. If the
revalue release occurs just before that meeting, then they could pass the
budget in the meeting because they would know they would have the money to
do everything they wanted to do in the budget. So, is this budget meeting
scheduled because they know the revalue release will be happening before it
(that is, by Monday night Iraq time)?
The January 16 elections had to be moved to March 7 (also allowing a
delay in the revalue release) because one of the parliamentary minsters
refused to cooperate in passing some laws, and he eventually resigned. Since
the laws had to be passed before the 30-day mark, they had to move the
elections to give more time to pass them.
Finally, there is an outstanding loan from the IMF (International
Monetary Fund) to Iraq that is due 4/1/10. The agreement associated with
that loan is that payments must begin 30 or 45 days (there seems to be
uncertainty which no. of days it is, 30 or 45 days) before it is due. Let's
say it is 30 days, which means that the loan payments must start by 3/1/10.
There is a consensus again that Iraq does not have the funds to re-pay this
and again the revalue release must happen for that revenue to be generated.
It is also part of the agreement that no extensions are allowed in this
loan.
So, if the elections get moved again (unlikely) then the IMF loan due
date should "force" the revalue release no later than 3/1/07 so the loan
could be paid, making the latest dates for revalue release to occur no later
than 2/7/10 to 3/1/10.
Note: The IMF required the Iraqi Dinar to be stable for one year before
allowing a currency value increase. The anniversary of the dinar's stability
for one year is 1/18/10 (Monday).
We have also deduced before that at least 2 months would be needed,
before the elections, for the ruling party to get the infrastructure built
up enough (that is, improved water and electricity) for that party to seem
to be a success in the Iraqi people's eyes, helping them to win the
election. The money to do that would come from the revalue release,
generating revenue. So, if the election dates don't move again, that 2-month
mark would have been 1/7/10. Thus, time is running out for them to achieve
that.
of Iraq are all being asked to watch their computer screens over the weekend
for a change in the Iraqi Dinar value. The thinking is also that, because
Monday is a US banking holiday, it will give the US banks a chance to have
an extra day to be ready for the flurry of activity that this will generate
for them. But, I have to say I have trouble with this thinking and that's
what makes me wonder if it will occur over the weekend. The idea that this
news will be released at a time when everyone in the whole world can
participate EXCEPT the American people seems odd to me. So, if this is going
to happen, it's my opinion it won't happen until overnight Monday our time
(UNLESS the US banking system really WANTS that holiday Monday to get
organized to deal with the chaos involved in the dinar exchange and, in that
case, the RV release then could be announced over the weekend.).
In other news: In the past I have told you that Iraq was invited into the
WTO (World trade Organization) and it is well known that a country can't be
invited into the WTO without a currency that can be traded on the world
markets. So, we deduced at the time that this meant that a RV had to happen
simultaneously with that announcement, but no RV happened. I recently saw a
reference that Iraq was an "Observer Member" in the WTO and was being
positioned to be a "FULL MEMBER." That implies an RV release is imminent
(after all, why would they bother inviting Iraq unless it was imminent that
it could be a full member) and it also explains why the RV announcement
wasn't made then; we deduced incorrectly because we didn't have all the
facts.
The same situation applies to being invited into OPEC (Organization of
the Petroleum Exporting Countries; made up of 13 oil-producing countries)
which also made us think that an RV would happen simultaneously with that
announcement, but it didn't. So, I am deducing that Iraq is not a full
member of OPEC yet either, because it can't trade with anyone but itself,
therefore it wouldn't be considered a "player" in terms of oil-producing for
the world. But, again, why would they bother inviting Iraq if the RV
announcement was not imminent.
There are some other clues to a possible OUTSIDE date deadline for the RV
announcement. That is, clues to the LATEST date the RV release announcement
could be made. One is that there is a law in Iraq that a new law can't be
passed within 30 days of the election. The purpose of this law is to prevent
the ruling party from surprising everyone with a law that could cause an
advantage for them over the other candidates. In other words, to prevent
corruption. The elections are slated for 3/7/10. The 2010 Iraq budget has
not yet been passed and it must be passed before 2/7/10 because the passage
of the budget will be a law and therefore it applies here. In most circles
studying this, there is a general consensus that Iraq does not have the
money to execute the budget they need to adopt, and the only way to get the
money needed to run the country is through a revalue (so trade can occur
with other countries and bring in revenue). Therefore the revalue must
happen before they can!
The budget (meaning the revalue release announcement must occur by
2/7/10). Note: An article that came out today (dated 1/17/10 in Iraq) says
that the meeting to vote on the budget is Tuesday 1/19/10, Iraq time. If the
revalue release occurs just before that meeting, then they could pass the
budget in the meeting because they would know they would have the money to
do everything they wanted to do in the budget. So, is this budget meeting
scheduled because they know the revalue release will be happening before it
(that is, by Monday night Iraq time)?
The January 16 elections had to be moved to March 7 (also allowing a
delay in the revalue release) because one of the parliamentary minsters
refused to cooperate in passing some laws, and he eventually resigned. Since
the laws had to be passed before the 30-day mark, they had to move the
elections to give more time to pass them.
Finally, there is an outstanding loan from the IMF (International
Monetary Fund) to Iraq that is due 4/1/10. The agreement associated with
that loan is that payments must begin 30 or 45 days (there seems to be
uncertainty which no. of days it is, 30 or 45 days) before it is due. Let's
say it is 30 days, which means that the loan payments must start by 3/1/10.
There is a consensus again that Iraq does not have the funds to re-pay this
and again the revalue release must happen for that revenue to be generated.
It is also part of the agreement that no extensions are allowed in this
loan.
So, if the elections get moved again (unlikely) then the IMF loan due
date should "force" the revalue release no later than 3/1/07 so the loan
could be paid, making the latest dates for revalue release to occur no later
than 2/7/10 to 3/1/10.
Note: The IMF required the Iraqi Dinar to be stable for one year before
allowing a currency value increase. The anniversary of the dinar's stability
for one year is 1/18/10 (Monday).
We have also deduced before that at least 2 months would be needed,
before the elections, for the ruling party to get the infrastructure built
up enough (that is, improved water and electricity) for that party to seem
to be a success in the Iraqi people's eyes, helping them to win the
election. The money to do that would come from the revalue release,
generating revenue. So, if the election dates don't move again, that 2-month
mark would have been 1/7/10. Thus, time is running out for them to achieve
that.
DSS900 & STEVE POST - Dinar Vets
The Role of the World Bank in the RV
DSS900 has come across some seriously important information that almost certainly has to do with the reasons behind Iraq’s Operation Rainbow. He deserves all of the credit for this.
He contacted me privately today and said he was sure he was onto something.
Let me start by quoting to you all from what he found, piece by piece:
***** project aims to help Iraq strengthen its institutional capacity and build essential communications infrastructure to help foster the development of the private and financial sectors, and increase investment and economic growth.
This quote from the first attachment that he sent me was good enough. It states clearly that the “project” is geared to help “foster the development of the private and financial sectors” of the economy. Now the “project” referred to here is not “Operation Rainbow”, at least not directly.
In fact the “project” referred to is this: The World Bank Iraq Trust Fund Private Sector Development Project.
We appear to have a new player on the field: The World Bank.
As you all know by now the World Bank, like the IMF, is a subordinate part of the greater United Nations.
And, as we’ve known all along, all of these are largely controlled by the United States Government. Remember this: when it comes to money issues, the US is in control. All other issues are subservient to the money.
So this newest player is now involved openly in the “money” issue in Iraq. Why not? It is, after all, the World Bank.
Now we need to move to DSS900s next statement. He is responding to me, remember:
First, as you already have [seen, from his prior email to me], it's the World Bank Iraq Trust Fund Private Sector Development Project PDF which seems to indicate that handing over of the network systems to the CBI and ITPC will take place not later than some time in March 2010.
If this is true and that it is necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV, a post election RV may be within the proverbial cards.
Now DSS900 may be right about the RV being moved to post-election times.
On the other hand, let’s look again at the email that HG received and that we all analyzed together both in my post and in chat.
Recall that the writer of that email said clearly, “the RV is completed”.
If, as I have postulated, this is absolutely true, then we must look again at DSS900s great find. What does it say? On the outside date it says clearly that Iraq had until March 10 to put certain elements into place “to help foster the development of the private and financial sectors”.
Now I want you all to stick with us on this because we will state up front that we are speculating and do not want to be “called out” if we are wrong.
However, as did DSS900 in his email to me, I see a connection between this find and Operation Rainbow.
Operation Rainbow shut the system down in the guise of an attempted coup. We know that. I have shown that this is the import of the email HG got. And it is consistent with the “MO” of an “Operation Rainbow”, founded and designed by the Israelis and now utilized in concert with the US govt and Maliki this past week.
Yet the import of the email was this: the RV is completed.
So let’s look at the find of DSS900 and see if we can see the “reason” for Operation Rainbow in the actions of the Ministry of Planning and Development Cooperation (MOPDC).
What occurred during Operation Rainbow? Two things: ISX was shut down, and the banks were closed for a period of time.
Now, let’s get back to what DSS900 found. I will requote his own conclusion: “If this is true and that it is necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV.” Note that I have intentionally left off the conclusion of DSS900 in this quote. He said that it might indicate that the RV would be postponed until after the election.
However, IF Operation Rainbow was designed to create a window of opportunity to fulfill the very commitment that DSS900 found was “necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV”, then we can see here a “reason” for the fake coup attempt!
The coup attempt covered the real reason for the action: to have the systems in place prior to the RV.
This now gives us the motive for the email that HG received, in addition to its conclusion: the RV is completed!
DSS900 had been even more specific in an earlier email on this subject to me:
It appears from the report that the inspections must be complete prior to handing the networks over to the CBI to ITPC.
So now it all fits together. Operation Rainbow was designed to create a window of opportunity that would allow BOTH the systems to be finally put into place AND the inspections to be completed prior to handing the RV over to the CBI.
But the email to HG was much more specific than that in that its subject was that the operation was a success; and that the RV is completed!
Along with DSS900 I will add this small caveat: we may be wrong.
Steve and DSS900
DSS900 has come across some seriously important information that almost certainly has to do with the reasons behind Iraq’s Operation Rainbow. He deserves all of the credit for this.
He contacted me privately today and said he was sure he was onto something.
Let me start by quoting to you all from what he found, piece by piece:
***** project aims to help Iraq strengthen its institutional capacity and build essential communications infrastructure to help foster the development of the private and financial sectors, and increase investment and economic growth.
This quote from the first attachment that he sent me was good enough. It states clearly that the “project” is geared to help “foster the development of the private and financial sectors” of the economy. Now the “project” referred to here is not “Operation Rainbow”, at least not directly.
In fact the “project” referred to is this: The World Bank Iraq Trust Fund Private Sector Development Project.
We appear to have a new player on the field: The World Bank.
As you all know by now the World Bank, like the IMF, is a subordinate part of the greater United Nations.
And, as we’ve known all along, all of these are largely controlled by the United States Government. Remember this: when it comes to money issues, the US is in control. All other issues are subservient to the money.
So this newest player is now involved openly in the “money” issue in Iraq. Why not? It is, after all, the World Bank.
Now we need to move to DSS900s next statement. He is responding to me, remember:
First, as you already have [seen, from his prior email to me], it's the World Bank Iraq Trust Fund Private Sector Development Project PDF which seems to indicate that handing over of the network systems to the CBI and ITPC will take place not later than some time in March 2010.
If this is true and that it is necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV, a post election RV may be within the proverbial cards.
Now DSS900 may be right about the RV being moved to post-election times.
On the other hand, let’s look again at the email that HG received and that we all analyzed together both in my post and in chat.
Recall that the writer of that email said clearly, “the RV is completed”.
If, as I have postulated, this is absolutely true, then we must look again at DSS900s great find. What does it say? On the outside date it says clearly that Iraq had until March 10 to put certain elements into place “to help foster the development of the private and financial sectors”.
Now I want you all to stick with us on this because we will state up front that we are speculating and do not want to be “called out” if we are wrong.
However, as did DSS900 in his email to me, I see a connection between this find and Operation Rainbow.
Operation Rainbow shut the system down in the guise of an attempted coup. We know that. I have shown that this is the import of the email HG got. And it is consistent with the “MO” of an “Operation Rainbow”, founded and designed by the Israelis and now utilized in concert with the US govt and Maliki this past week.
Yet the import of the email was this: the RV is completed.
So let’s look at the find of DSS900 and see if we can see the “reason” for Operation Rainbow in the actions of the Ministry of Planning and Development Cooperation (MOPDC).
What occurred during Operation Rainbow? Two things: ISX was shut down, and the banks were closed for a period of time.
Now, let’s get back to what DSS900 found. I will requote his own conclusion: “If this is true and that it is necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV.” Note that I have intentionally left off the conclusion of DSS900 in this quote. He said that it might indicate that the RV would be postponed until after the election.
However, IF Operation Rainbow was designed to create a window of opportunity to fulfill the very commitment that DSS900 found was “necessary for the CBI and ITPC to have the systems in place prior in order to facilitate transactions related to an RV”, then we can see here a “reason” for the fake coup attempt!
The coup attempt covered the real reason for the action: to have the systems in place prior to the RV.
This now gives us the motive for the email that HG received, in addition to its conclusion: the RV is completed!
DSS900 had been even more specific in an earlier email on this subject to me:
It appears from the report that the inspections must be complete prior to handing the networks over to the CBI to ITPC.
So now it all fits together. Operation Rainbow was designed to create a window of opportunity that would allow BOTH the systems to be finally put into place AND the inspections to be completed prior to handing the RV over to the CBI.
But the email to HG was much more specific than that in that its subject was that the operation was a success; and that the RV is completed!
Along with DSS900 I will add this small caveat: we may be wrong.
Steve and DSS900
JOSHUA POST - One Dinar
Just a reminder I'm passing on for everyone to be careful as to who knows about your investment. I work for the the city here and have been recently made aware of household burglaries. Most of the things taken have been the common things such as jewelry and other metals. However they have also been stealing Dinar. I have received three reports in the last two weeks of stolen dinar. All three thefts have been in the millions. Only two have been in our city and one just outside. So good luck to everyone with their investment and remember Loose lips sink ships.
NEW MECHANIZM TO GUARANTEE PROTECTING IRAQI MONEY
January 19, 2010
BAGHDAD / Aswat al-Iraq: The Council of Ministers decided on Tuesday to form a ministerial committee to have a mechanism to guarantee protecting the Iraqi money after the end of the development of Iraq fund’s guardianship by the end of 2010.
“The council decided to form a committee under deputy premier, which will include also foreign, finance, planning, oil and justice ministers as well as the governor of the central bank to guarantee the protection of the Iraqi money after the end of the development of Iraq fund’s guardianship in 2010,” said the statement released by the office of Spokesman Ali al-Dabbagh received by Aswat al-Iraq news agency.
“The committee should complete its works in 30 days and to provide its recommendations to the cabinet,” it added.
http://en.aswataliraq.info/?p=125517
BAGHDAD / Aswat al-Iraq: The Council of Ministers decided on Tuesday to form a ministerial committee to have a mechanism to guarantee protecting the Iraqi money after the end of the development of Iraq fund’s guardianship by the end of 2010.
“The council decided to form a committee under deputy premier, which will include also foreign, finance, planning, oil and justice ministers as well as the governor of the central bank to guarantee the protection of the Iraqi money after the end of the development of Iraq fund’s guardianship in 2010,” said the statement released by the office of Spokesman Ali al-Dabbagh received by Aswat al-Iraq news agency.
“The committee should complete its works in 30 days and to provide its recommendations to the cabinet,” it added.
http://en.aswataliraq.info/?p=125517
MAILMAN17 POST - 1/19/10 @ 12:19pm EST
mailman17 says to (12:19:34):
THE BRANCH BANKS RECIEVED AN E-MAIL FROM THEIR CORPORATE OFFICES TO WATCH THE SCREENS
mailman17 says to (12:19:48):
NOW, THIS HAS NEVER HAPPENED BEFORE
mailman17 says to (12:20:03):
BUT THEY WERE NOT TOLD ABOUT A DATE
mailman17 says to (12:20:14):
THEY WERE JUST TOLD TO WATCH FOR IT
mailman17 says to (12:20:22):
THAT IS CONFIRMED
mailman17 says to (12:20:58):
NOW....IT COULD BE THIS WEEK....AND IT COULD BE BY THE 2 WINDOWS
mailman17 says to (12:21:25):
THE BANKS ARE IN THE DARK AS WE ARE....BUT THEY ARE AWARE OF A RATE CHANGE
mailman17 says to (12:21:42):
AND HAVE NOTIFIED THE BRANCHES UNDER THEM
mailman17 says to (12:21:57):
THERE IS NOR RATE YET OR DATE.....
mailman17 says to (12:22:21):
BUT FOR THEM TO NOTIFY THE BRANCHES TO BE ON THE LOOKOUT MEANS A LOT
mailman17 says to (12:22:51):
PLEASE DO NOT MICRO THIS....
mailman17 says to (12:23:21):
LET THIS UNFOLD
THE BRANCH BANKS RECIEVED AN E-MAIL FROM THEIR CORPORATE OFFICES TO WATCH THE SCREENS
mailman17 says to (12:19:48):
NOW, THIS HAS NEVER HAPPENED BEFORE
mailman17 says to (12:20:03):
BUT THEY WERE NOT TOLD ABOUT A DATE
mailman17 says to (12:20:14):
THEY WERE JUST TOLD TO WATCH FOR IT
mailman17 says to (12:20:22):
THAT IS CONFIRMED
mailman17 says to (12:20:58):
NOW....IT COULD BE THIS WEEK....AND IT COULD BE BY THE 2 WINDOWS
mailman17 says to (12:21:25):
THE BANKS ARE IN THE DARK AS WE ARE....BUT THEY ARE AWARE OF A RATE CHANGE
mailman17 says to (12:21:42):
AND HAVE NOTIFIED THE BRANCHES UNDER THEM
mailman17 says to (12:21:57):
THERE IS NOR RATE YET OR DATE.....
mailman17 says to (12:22:21):
BUT FOR THEM TO NOTIFY THE BRANCHES TO BE ON THE LOOKOUT MEANS A LOT
mailman17 says to (12:22:51):
PLEASE DO NOT MICRO THIS....
mailman17 says to (12:23:21):
LET THIS UNFOLD
IRAQI BUDGET APPROVAL EXPECTED SOON
Tuesday, January 19th 2010 8:05 AM
Erbil, Jan. 19 (AKnews) - The Iraqi general budget project might be approved in Iraqi parliament in the next couple days, the finance commission of Iraqi parliament said, on Tuesday.
"There is a possibility that Iraqi parliament will ratify the budget project for the year 2010, after thorough," Ala Saddun, told the Independent National News Agency of Kurdistan (AKnews).
"We expect that Iraqi parliament will pass the budget soon," he added.
"The Iraqi parliament has informed all the political blocs to be present in the prospective session, and also it is been expected that the legal rate of MPs will attend the session to pass the project due to the election preparations," he noted.
Iraqi national budget is estimated to be 84 trillion and 600 billion IDs for the year 2010.
ma gs AKnews
http://www.aknews.com/en/aknews/2/104903
Erbil, Jan. 19 (AKnews) - The Iraqi general budget project might be approved in Iraqi parliament in the next couple days, the finance commission of Iraqi parliament said, on Tuesday.
"There is a possibility that Iraqi parliament will ratify the budget project for the year 2010, after thorough," Ala Saddun, told the Independent National News Agency of Kurdistan (AKnews).
"We expect that Iraqi parliament will pass the budget soon," he added.
"The Iraqi parliament has informed all the political blocs to be present in the prospective session, and also it is been expected that the legal rate of MPs will attend the session to pass the project due to the election preparations," he noted.
Iraqi national budget is estimated to be 84 trillion and 600 billion IDs for the year 2010.
ma gs AKnews
http://www.aknews.com/en/aknews/2/104903
OPEC SEEKS USING EURO IN OIL DEALS
Tuesday, January 19th 2010 7:39 AM
Tehran, Jan. 19 (AKnews) - Iran's representative to OPEC says the group weighs replacing the dollar by the euro in crude oil pricing, adding that no decision has been made.
"Members of OPEC are free (to use any currency) in their oil transactions," said Mohammad Ali Khatibi on Sunday.
He added that Iran receives 90 percent of its oil revenues in currencies other than the US dollar.
Iran's President Mahmoud Ahmadinejad ordered in September 2009 the replacement of the US dollar by the euro in the country's foreign exchange accounts.
Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country's oil transactions.
Also, Iran's Trade Promotion Organization announced in 2009 that it would completely exclude the US dollar from the country's foreign revenues and reserves.
Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic.
The constantly declining value of the dollar and persisting economic crisis in the US has encouraged many countries to drop the currency in favor of a more stable one.
Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves.
Earlier in November, the head of Iran's Bank Melli (BMI) said Iran's Central Bank and BMI have entered into negotiations with some countries and international banks regarding the use of the Iranian rial, the official currency of Iran, in international transactions and operations.
mags AKnews
http://www.aknews.com/en/aknews/2/104881
Tehran, Jan. 19 (AKnews) - Iran's representative to OPEC says the group weighs replacing the dollar by the euro in crude oil pricing, adding that no decision has been made.
"Members of OPEC are free (to use any currency) in their oil transactions," said Mohammad Ali Khatibi on Sunday.
He added that Iran receives 90 percent of its oil revenues in currencies other than the US dollar.
Iran's President Mahmoud Ahmadinejad ordered in September 2009 the replacement of the US dollar by the euro in the country's foreign exchange accounts.
Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country's oil transactions.
Also, Iran's Trade Promotion Organization announced in 2009 that it would completely exclude the US dollar from the country's foreign revenues and reserves.
Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic.
The constantly declining value of the dollar and persisting economic crisis in the US has encouraged many countries to drop the currency in favor of a more stable one.
Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves.
Earlier in November, the head of Iran's Bank Melli (BMI) said Iran's Central Bank and BMI have entered into negotiations with some countries and international banks regarding the use of the Iranian rial, the official currency of Iran, in international transactions and operations.
mags AKnews
http://www.aknews.com/en/aknews/2/104881
GULF NATIONS MAY OPT FIRST FOR DOLLAR PEG IN CURRENCY UNION
Monday, January 18, 2010
Four Gulf nations entering the Middle East's first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later, according to analysts.
Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December.
But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union.
And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component.
"My feeling is that the Gulf currency would be pegged to the US dollar in the first stages of the monetary union because it is the official price of their oil exports, which account for the bulk of their exports… a large part of their foreign assets is also denominated in dollar," said Mohammed Al Asumi, a Gulf economist.
"A basket of currencies in the early stages of the union would create several technical difficulties for them in their currency and fiscal policy alignment… I believe that a basket could be chosen at a later stage but I am confident the dollar will have the lion's share, say at least 60 per cent of its components."
Gulf Central Bank
The central bank governors of the four Gulf states will meet in Riyadh soon to create the GCC Monetary Authority, which will pave the way for the establishment of a common central bank to manage their currency union.
The meeting in the next few weeks will cover steps to implement the union, including the formation of the Gulf Monetary Authority (GMA), said Nasser Al Qaoud, the GCC's Deputy Undersecretary for Economic Affairs.
"The meeting will be held within the next few weeks and it will cover the establishment of the GMA and naming of its members… I expect the GMA will be set up within the next two months," he said.
"The GMA is the first actual step towards the full implementation of the monetary union… the GMA's functions include the establishment of a common GCC central bank to be based in Riyadh and enjoy full autonomy. The basic functions of the central bank will be to devise and implement the union's monetary policy and exchange rate policy. The GMA will continue to operate until it is replaced by the central bank once it is created and becomes fully operational."
The currencies of Saudi Arabia, Qatar and Bahrain are pegged to the dollar while Kuwait detached its dinar and linked it to a basket last year in a bid to tackle soaring inflation, caused mainly by the weakening US currency. Experts said Kuwait could revert to the dollar should its partners in the union opt for a dollar peg in their single currency, which could be launched in 2015.
"Preparation for the full enforcement of the GCC monetary union will start next year and a common Gulf currency would materialise in 2015," Abdul Rahim Naqi, Secretary-General of the Dammam-based Federation of GCC Chambers of Commerce and Industry, told Emirates Business.
The UAE, the second largest economy in the 28-year-old Gulf alliance, pulled out of the currency union early this year. Oman opted out in 2007 on the grounds it is nor ready for the project.
Dollar Dominates
"I agree. The proposed Gulf currency will be pegged to the US dollar at the beginning because it is the official price of the GCC oil and gas exports and most of the region's assets abroad are in US dollar," said Mohammed Malick, Senior Economist at the Saudi National Commercial Bank (NCB).
"I believe they could adopt a basket at a later stage… this basket will of course take into account the size of the GCC's exports and imports from their main economic partners. But I think the dollar will be the main part of it."
Another expert agreed that the dollar, to which the GCC currencies have been effectively linked for more than two decades, would be the official peg to the new single currency in the first few years of the monetary union.
"It is natural that the GCC countries peg the new currency to the dollar in the beginning since the dollar forms a large part of their trade and foreign assets. I think all regional and global conditions indicate that the Gulf currency would be pegged to the dollar. But this might change at a later stage, depending on what they decide for their currency," said Zuhair Kiswani, Director of the Sharjah-based Al Sharhan Securities, a key UAE investment and brokerage firm.
IMF Help
The four members have already sought help from the International Monetary Fund on a possible revaluation of their currencies for the monetary union.
In a working paper released recently, the IMF suggested slight appreciation of the currencies of those members against the US dollar but it warned any leakage of news ahead of the revaluation could spur damaging speculation. "This paper developed from an informal request to one of the authors by a member of the GCC Secretariat for guidance on how to set the conversion values for the new GCC currency," it said.
"If hypothetically the GCC decided to establish the new currency in its original planned date, Saudi Arabia would need to revalue its currency by 2.94 per cent, Kuwait by 5.15 per cent, Qatar by 4.54 per cent, and Bahrain by 1.09 per cent. The methodology provides an estimate of the required adjustment for each currency if the conversion is to take place in 2011, 2012, or 2013."
In a recent study, a noted US economist in Saudi Arabia warned that a sharp appreciation against the dollar would hit the GCC foreign assets. Another negative effect is that their oil sales are priced in dollar and an appreciation means lower crude export earnings in local currencies, said Brad Bourland, Chief Economist at the Riyadh-based Jadwa Investment Company.
"This will again put pressure on their fiscal systems and could create budget deficits when regional states have just reverted to surpluses after painful shortfalls for more than two decades," he said.
"In Saudi Arabia for example, oil revenues are earned in dollars and converted into riyal for budgetary spending. A revaluation would permanently impair the riyal value of oil revenues, reducing the size of the current budget surplus and accelerating the day when the budget falls into deficit. The value of the government's mostly dollar-denominated foreign assets, currently in excess of $400 billion (Dh1.46trn), when converted into riyals would also be cut."
Foreign Assets
Figures by the Washington-based institute of International Finance (IIF) showed the GCC's combined foreign assets were estimated at $1.490trn towards the end of 2009, including nearly $1trn for the monetary union members. The official reserves of the four nations stood at about $490bn, including assets held by the Saudi Arabian Monetary Agency (Sama).
In a study on the monetary union released recently, the Saudi American Bank Group (Samba) also expected the new Gulf currency to be pegged to the dollar.
"It is most likely the dollar peg continues to be the preferred exchange rate regime for the bloc in the foreseeable future. Faith in the peg is understandable. There are a number of good reasons why it may be adopted, not least the familiarity that it enjoys," Samba said. "In particular, interest rate transmission signals are weak in the Gulf, given the preponderance of actual and expected government spending on consumption and investment decisions. If changes to nominal interest rates have little impact on the spending patterns of firms and households, then much of the advantage associated with a floating exchange rate is lost."
But it noted that this could change over a longer time horizon, as regional financial and capital markets broaden and deepen, thereby enhancing the potential advantages of a more flexible exchange rate at a later stage.
Flexible Rate
"In such conditions, a flexible exchange rate would help encourage a more robust, diversified and competitive non-oil export sector, which in turn could provide the spur to sustainable employment growth," the study said.
It recalled a decision by the GCC nations in 2003 to peg their individual currencies to the US dollar and to maintain the parity until the establishment of full Monetary Union in 2010. A decision on the exchange rate regime for the single GCC currency would be made then.
Despite domestic and global changes ever since, a fixed peg to the dollar remains the most plausible prospective exchange rate regime, it said.
It cited several reasons for this, including the fact that the new central bank would inherit a well-functioning anchor and associated monetary framework.
It said the peg remains reasonably straightforward to administer and does not require the institutions necessary for an independent monetary policy.
"Second, market participants are already familiar and – for the most part – comfortable with the peg. GCC countries' individual pegs are well-established and have provided a degree of stability and comfort during times of oil price weakness or regional political stress," the study said.
A third factor is that the GCC's dominant export, crude oil, is already priced in US dollars while the fourth reason is that the group's flexible labour markets should be enough to support international competitiveness.
Samba noted that a managed float has been proposed by some and its advocates argue that this would allow the countries to absorb large adverse real shocks more easily than a fixed exchange rate regime.
"As such, sharp swings in oil prices could be offset by changes in the nominal exchange rate, thereby imparting some stability to the local currency value of export earnings. Similarly, the impact of higher import prices could also be blunted by exchange rate adjustments.
"Beyond this, an autonomous monetary policy would allow appropriate monetary responses to domestic demand conditions. Thus if demand was in danger of overheating, nominal interest rates could be adjusted accordingly. The credibility of the float would be underpinned by the GCC's vast stock of foreign assets."
According to Samba, an alternative version of the floating rate is a peg to the price of oil. It said the main argument in favour of this regime is that it delivers automatic accommodation to terms of trade shocks, while simultaneously retaining the credibility-enhancing advantages of a nominal anchor.
"Its proponents argue that enabling the exchange rate to move in line with the price of the region's dominant export would allow the real exchange rate to achieve equilibrium and would also decouple oil exporters' monetary policies from those of oil importers," it said.
"Its detractors note that the price of oil is not truly exogenous, since the oil production policies of the GCC countries themselves influence the price. The volatility of oil prices would also present problems, forcing potentially sharp day-to-day swings in the exchange rate, making planning difficult."
Pressure To Unpeg
In 2008, GCC countries resisted pressure to unpeg or appreciate their currencies against the US dollar after inflation rates soared to double digit levels in most members because of the weakening greenback and other factors. Their decision prompted a massive withdrawal of speculative funds deposited by international institutions in anticipation of a revaluation.
"We should acknowledge the firm position adopted by the GCC monetary authorities when they refused to end the peg or appreciate their currencies against the US dollar," said Henry Azzam, Chief Executive Officer of Deutsche Bank in the Middle East and North Africa
"They have firmly resisted speculation campaigns which have jolted the Gulf currency markets during the past 10 months… had they bowed to these pressures, Gulf states could have encouraged more speculations in the future and fueled expectation and speculation that local currencies could be depreciated after the US dollar starts to recover."
Azzam, author of several books on regional economies and other subjects, said GCC states had succeeded in maintaining a stable exchange rate for their currencies over the past 23 years by keeping them pegged to the dollar.
"This success has largely lessened exchange rate risks that could have discouraged local and foreign investors. The policy has also encouraged capital inflow and strengthened the credibility of GCC monetary authorities. As a result, speculations have largely receded and this will contribute to reasonable growth in the monetary aggregates in member states," he said.
http://www.business24-7.ae/Articles/...ad93c1dd9.aspx
Four Gulf nations entering the Middle East's first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later, according to analysts.
Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December.
But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union.
And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component.
"My feeling is that the Gulf currency would be pegged to the US dollar in the first stages of the monetary union because it is the official price of their oil exports, which account for the bulk of their exports… a large part of their foreign assets is also denominated in dollar," said Mohammed Al Asumi, a Gulf economist.
"A basket of currencies in the early stages of the union would create several technical difficulties for them in their currency and fiscal policy alignment… I believe that a basket could be chosen at a later stage but I am confident the dollar will have the lion's share, say at least 60 per cent of its components."
Gulf Central Bank
The central bank governors of the four Gulf states will meet in Riyadh soon to create the GCC Monetary Authority, which will pave the way for the establishment of a common central bank to manage their currency union.
The meeting in the next few weeks will cover steps to implement the union, including the formation of the Gulf Monetary Authority (GMA), said Nasser Al Qaoud, the GCC's Deputy Undersecretary for Economic Affairs.
"The meeting will be held within the next few weeks and it will cover the establishment of the GMA and naming of its members… I expect the GMA will be set up within the next two months," he said.
"The GMA is the first actual step towards the full implementation of the monetary union… the GMA's functions include the establishment of a common GCC central bank to be based in Riyadh and enjoy full autonomy. The basic functions of the central bank will be to devise and implement the union's monetary policy and exchange rate policy. The GMA will continue to operate until it is replaced by the central bank once it is created and becomes fully operational."
The currencies of Saudi Arabia, Qatar and Bahrain are pegged to the dollar while Kuwait detached its dinar and linked it to a basket last year in a bid to tackle soaring inflation, caused mainly by the weakening US currency. Experts said Kuwait could revert to the dollar should its partners in the union opt for a dollar peg in their single currency, which could be launched in 2015.
"Preparation for the full enforcement of the GCC monetary union will start next year and a common Gulf currency would materialise in 2015," Abdul Rahim Naqi, Secretary-General of the Dammam-based Federation of GCC Chambers of Commerce and Industry, told Emirates Business.
The UAE, the second largest economy in the 28-year-old Gulf alliance, pulled out of the currency union early this year. Oman opted out in 2007 on the grounds it is nor ready for the project.
Dollar Dominates
"I agree. The proposed Gulf currency will be pegged to the US dollar at the beginning because it is the official price of the GCC oil and gas exports and most of the region's assets abroad are in US dollar," said Mohammed Malick, Senior Economist at the Saudi National Commercial Bank (NCB).
"I believe they could adopt a basket at a later stage… this basket will of course take into account the size of the GCC's exports and imports from their main economic partners. But I think the dollar will be the main part of it."
Another expert agreed that the dollar, to which the GCC currencies have been effectively linked for more than two decades, would be the official peg to the new single currency in the first few years of the monetary union.
"It is natural that the GCC countries peg the new currency to the dollar in the beginning since the dollar forms a large part of their trade and foreign assets. I think all regional and global conditions indicate that the Gulf currency would be pegged to the dollar. But this might change at a later stage, depending on what they decide for their currency," said Zuhair Kiswani, Director of the Sharjah-based Al Sharhan Securities, a key UAE investment and brokerage firm.
IMF Help
The four members have already sought help from the International Monetary Fund on a possible revaluation of their currencies for the monetary union.
In a working paper released recently, the IMF suggested slight appreciation of the currencies of those members against the US dollar but it warned any leakage of news ahead of the revaluation could spur damaging speculation. "This paper developed from an informal request to one of the authors by a member of the GCC Secretariat for guidance on how to set the conversion values for the new GCC currency," it said.
"If hypothetically the GCC decided to establish the new currency in its original planned date, Saudi Arabia would need to revalue its currency by 2.94 per cent, Kuwait by 5.15 per cent, Qatar by 4.54 per cent, and Bahrain by 1.09 per cent. The methodology provides an estimate of the required adjustment for each currency if the conversion is to take place in 2011, 2012, or 2013."
In a recent study, a noted US economist in Saudi Arabia warned that a sharp appreciation against the dollar would hit the GCC foreign assets. Another negative effect is that their oil sales are priced in dollar and an appreciation means lower crude export earnings in local currencies, said Brad Bourland, Chief Economist at the Riyadh-based Jadwa Investment Company.
"This will again put pressure on their fiscal systems and could create budget deficits when regional states have just reverted to surpluses after painful shortfalls for more than two decades," he said.
"In Saudi Arabia for example, oil revenues are earned in dollars and converted into riyal for budgetary spending. A revaluation would permanently impair the riyal value of oil revenues, reducing the size of the current budget surplus and accelerating the day when the budget falls into deficit. The value of the government's mostly dollar-denominated foreign assets, currently in excess of $400 billion (Dh1.46trn), when converted into riyals would also be cut."
Foreign Assets
Figures by the Washington-based institute of International Finance (IIF) showed the GCC's combined foreign assets were estimated at $1.490trn towards the end of 2009, including nearly $1trn for the monetary union members. The official reserves of the four nations stood at about $490bn, including assets held by the Saudi Arabian Monetary Agency (Sama).
In a study on the monetary union released recently, the Saudi American Bank Group (Samba) also expected the new Gulf currency to be pegged to the dollar.
"It is most likely the dollar peg continues to be the preferred exchange rate regime for the bloc in the foreseeable future. Faith in the peg is understandable. There are a number of good reasons why it may be adopted, not least the familiarity that it enjoys," Samba said. "In particular, interest rate transmission signals are weak in the Gulf, given the preponderance of actual and expected government spending on consumption and investment decisions. If changes to nominal interest rates have little impact on the spending patterns of firms and households, then much of the advantage associated with a floating exchange rate is lost."
But it noted that this could change over a longer time horizon, as regional financial and capital markets broaden and deepen, thereby enhancing the potential advantages of a more flexible exchange rate at a later stage.
Flexible Rate
"In such conditions, a flexible exchange rate would help encourage a more robust, diversified and competitive non-oil export sector, which in turn could provide the spur to sustainable employment growth," the study said.
It recalled a decision by the GCC nations in 2003 to peg their individual currencies to the US dollar and to maintain the parity until the establishment of full Monetary Union in 2010. A decision on the exchange rate regime for the single GCC currency would be made then.
Despite domestic and global changes ever since, a fixed peg to the dollar remains the most plausible prospective exchange rate regime, it said.
It cited several reasons for this, including the fact that the new central bank would inherit a well-functioning anchor and associated monetary framework.
It said the peg remains reasonably straightforward to administer and does not require the institutions necessary for an independent monetary policy.
"Second, market participants are already familiar and – for the most part – comfortable with the peg. GCC countries' individual pegs are well-established and have provided a degree of stability and comfort during times of oil price weakness or regional political stress," the study said.
A third factor is that the GCC's dominant export, crude oil, is already priced in US dollars while the fourth reason is that the group's flexible labour markets should be enough to support international competitiveness.
Samba noted that a managed float has been proposed by some and its advocates argue that this would allow the countries to absorb large adverse real shocks more easily than a fixed exchange rate regime.
"As such, sharp swings in oil prices could be offset by changes in the nominal exchange rate, thereby imparting some stability to the local currency value of export earnings. Similarly, the impact of higher import prices could also be blunted by exchange rate adjustments.
"Beyond this, an autonomous monetary policy would allow appropriate monetary responses to domestic demand conditions. Thus if demand was in danger of overheating, nominal interest rates could be adjusted accordingly. The credibility of the float would be underpinned by the GCC's vast stock of foreign assets."
According to Samba, an alternative version of the floating rate is a peg to the price of oil. It said the main argument in favour of this regime is that it delivers automatic accommodation to terms of trade shocks, while simultaneously retaining the credibility-enhancing advantages of a nominal anchor.
"Its proponents argue that enabling the exchange rate to move in line with the price of the region's dominant export would allow the real exchange rate to achieve equilibrium and would also decouple oil exporters' monetary policies from those of oil importers," it said.
"Its detractors note that the price of oil is not truly exogenous, since the oil production policies of the GCC countries themselves influence the price. The volatility of oil prices would also present problems, forcing potentially sharp day-to-day swings in the exchange rate, making planning difficult."
Pressure To Unpeg
In 2008, GCC countries resisted pressure to unpeg or appreciate their currencies against the US dollar after inflation rates soared to double digit levels in most members because of the weakening greenback and other factors. Their decision prompted a massive withdrawal of speculative funds deposited by international institutions in anticipation of a revaluation.
"We should acknowledge the firm position adopted by the GCC monetary authorities when they refused to end the peg or appreciate their currencies against the US dollar," said Henry Azzam, Chief Executive Officer of Deutsche Bank in the Middle East and North Africa
"They have firmly resisted speculation campaigns which have jolted the Gulf currency markets during the past 10 months… had they bowed to these pressures, Gulf states could have encouraged more speculations in the future and fueled expectation and speculation that local currencies could be depreciated after the US dollar starts to recover."
Azzam, author of several books on regional economies and other subjects, said GCC states had succeeded in maintaining a stable exchange rate for their currencies over the past 23 years by keeping them pegged to the dollar.
"This success has largely lessened exchange rate risks that could have discouraged local and foreign investors. The policy has also encouraged capital inflow and strengthened the credibility of GCC monetary authorities. As a result, speculations have largely receded and this will contribute to reasonable growth in the monetary aggregates in member states," he said.
http://www.business24-7.ae/Articles/...ad93c1dd9.aspx
KURDISTAN REGIONAL GOVERNMENT IS READY TO SETTLE THE DISPUTE WITH BAGHDAD
Hawrami: Kurdistan Regional Government is ready to settle the dispute with Baghdad شريط الاخبار 19-01-2010 Bar News 19/01/2010
اربيل/ اور نيوز Erbil / Orr News
قال وزير النفط في حكومة اقليم كردستان العراق آشتي هورامي إن حكومته عازمة على البدء في "حوار جدي" مع الحكومة العراقية بشأن تقاسم عائدات النفط بحيث يمكنها استئناف تصدير النفط الخام والعمل على زيادة الكميات. Oil Minister of the Government of Iraq's Kurdistan region drastically that his government is determined to start "serious dialogue" with the Iraqi government on sharing oil revenues so that they can resume the export of crude oil and increase the quantities.
ونقل بيان لحكومة الاقليم عن هورامي قوله ان "الحكومة مستعدة لدخول حوار جدي والاستعداد التام لاستئناف عملية تصدير النفط الخام بكميات لا تقل عن مئة الف برميل يومياً والعمل على زيادتها الى اكثر من مئتي الف في غضون العام الحالي". A statement of the Government of the region from Hawrami as saying that "the government is ready to enter serious dialogue and full readiness to resume the export of crude oil in quantities not less than one hundred thousand barrels per day and to increase this to more than two hundred thousand within the year."
واوضح انه "على رغم وجود وجهات نظر مختلفة، الا ان الامر الواقع يفرض علينا التعامل مع احدى نقاط الخلاف المتعلقة بنسبة الربح المخصصة للمقاولين ونرتإي بأن نستأنف عملية التصدير حالا على أن تخصص نسبة معينة من النفط المنتج والمصدر للمقاولين المعنيين في الاقليم لتغطية مصاريفهم الفعلية". He said that "despite the existence of different points of view, but this fact requires us to deal with one of the points of disagreement on the proportion of profit allocated to contractors and Nrtii to resume the export process immediately to allocate a certain percentage of oil producer and exporter of contractors involved in the region to cover the actual expenses."
وكان رئيس الوزراء نوري المالكي اعلن قبل اسبوعين ان "الوقت قد حان لفتح ملف العقود النفطية مع الاقليم وحسمه بمرونة وواقعية تحفظ الحقوق والمصالح في هذه العقود" موضحاً ان عائدات النفط ستوزع على "جميع العراقيين بالتساوي". Prime Minister Nuri al-Maliki announced two weeks ago that "the time has come to open a file that oil contracts with the Territory and settled flexible and realistic reservation rights and interests in these contracts," adding that oil revenues will be distributed to "all Iraqis equally."
واضاف هورامي ان "الجو ملائم وايجابي للبدء في اقرب فرصة ممكنة مناقشة القضايا العالقة الاخرى واستيعاب اطار العقود المبرمة من قبل الاقليم وخصوصاً كيفية ومقدار تخصيص الربح للمقاولين". Hawrami said that "an appropriate and positive atmosphere to start at the earliest opportunity to discuss other outstanding issues and the absorption of part of contracts signed by the province and in particular how the amount of allocation of profit for the contractors."
وكان هورامي اعلن منتصف تشرين الاول الماضي وقف تصدير النفط من حقول الاقليم إثر تجدد الخلافات مع حكومة بغداد حول آلية دفع الاموال للشركات الاجنبية العاملة هناك. Hawrami was announced mid-October last stop exporting oil from the region following the renewal of the differences with the government in Baghdad on the mechanism of paying money to foreign companies operating there.
وقد بدأت حكومة الاقليم في الاول من حزيران الماضي تصدير النفط للمرة الاولى على رغم عدم اعتراف بغداد بالعقود التي وقعتها اربيل مع الشركات الاجنبية. The provincial government began the first of June, export of oil for the first time despite non-recognition of Baghdad contracts signed with foreign companies in Arbil.
وشمل التصدير في بداياته حوالى تسعين الف برميل يومياً عبر خط انابيب كركوك باتجاه مرفأ جيهان التركي على البحر المتوسط. This included export in the offing, about ninety thousand barrels per day through the Kirkuk pipeline towards the Turkish port of Ceyhan on the Mediterranean. وكانت الحكومة العراقية حضت حكومة الاقليم الكردي على الامتناع عن توقيع عقود الى حين اقرار مشروع قانون النفط والغاز الذي لم يقره مجلس النواب بسبب الخلافات العميقة بين الكتل السياسية. The Iraqi government urged the Kurdish regional government to refrain from signing contracts until the approval of the draft law of oil and gas, which has been adopted by the House of Representatives due to deep differences between the political blocs.
وكانت وزارة النفط في حكومة الاقليم أعلنت ان استثمارات كل من شركة "دي ان او" النروجية و"غينيل انيرجي" التركية بلغت حوالى 500 مليون دولار. The Ministry of Oil in the region's government announced that the investments of the company "DNA or" Norwegian and "Ginel Energy" Turkish amounted to about $ 500 million.
وتعمل "غينيل اينرجي" في حقل طقطق الواقع وسط منطقة جدباء في محافظة اربيل (350 كلم شمال بغداد) في حين تعمل "دي ان او" النروجية مع "غينيل اينرجي" في حقل طاوكي قرب زاخو. Works "Ginel Energy" in the field of patter in the center of the barren in Erbil (350 km) north of Baghdad while working "DNA or" Norwegian with "Ginel Energy" in the Tawke field near Zakho.
http://translate.googleusercontent.c...bqYDW53rQhAIuQ
اربيل/ اور نيوز Erbil / Orr News
قال وزير النفط في حكومة اقليم كردستان العراق آشتي هورامي إن حكومته عازمة على البدء في "حوار جدي" مع الحكومة العراقية بشأن تقاسم عائدات النفط بحيث يمكنها استئناف تصدير النفط الخام والعمل على زيادة الكميات. Oil Minister of the Government of Iraq's Kurdistan region drastically that his government is determined to start "serious dialogue" with the Iraqi government on sharing oil revenues so that they can resume the export of crude oil and increase the quantities.
ونقل بيان لحكومة الاقليم عن هورامي قوله ان "الحكومة مستعدة لدخول حوار جدي والاستعداد التام لاستئناف عملية تصدير النفط الخام بكميات لا تقل عن مئة الف برميل يومياً والعمل على زيادتها الى اكثر من مئتي الف في غضون العام الحالي". A statement of the Government of the region from Hawrami as saying that "the government is ready to enter serious dialogue and full readiness to resume the export of crude oil in quantities not less than one hundred thousand barrels per day and to increase this to more than two hundred thousand within the year."
واوضح انه "على رغم وجود وجهات نظر مختلفة، الا ان الامر الواقع يفرض علينا التعامل مع احدى نقاط الخلاف المتعلقة بنسبة الربح المخصصة للمقاولين ونرتإي بأن نستأنف عملية التصدير حالا على أن تخصص نسبة معينة من النفط المنتج والمصدر للمقاولين المعنيين في الاقليم لتغطية مصاريفهم الفعلية". He said that "despite the existence of different points of view, but this fact requires us to deal with one of the points of disagreement on the proportion of profit allocated to contractors and Nrtii to resume the export process immediately to allocate a certain percentage of oil producer and exporter of contractors involved in the region to cover the actual expenses."
وكان رئيس الوزراء نوري المالكي اعلن قبل اسبوعين ان "الوقت قد حان لفتح ملف العقود النفطية مع الاقليم وحسمه بمرونة وواقعية تحفظ الحقوق والمصالح في هذه العقود" موضحاً ان عائدات النفط ستوزع على "جميع العراقيين بالتساوي". Prime Minister Nuri al-Maliki announced two weeks ago that "the time has come to open a file that oil contracts with the Territory and settled flexible and realistic reservation rights and interests in these contracts," adding that oil revenues will be distributed to "all Iraqis equally."
واضاف هورامي ان "الجو ملائم وايجابي للبدء في اقرب فرصة ممكنة مناقشة القضايا العالقة الاخرى واستيعاب اطار العقود المبرمة من قبل الاقليم وخصوصاً كيفية ومقدار تخصيص الربح للمقاولين". Hawrami said that "an appropriate and positive atmosphere to start at the earliest opportunity to discuss other outstanding issues and the absorption of part of contracts signed by the province and in particular how the amount of allocation of profit for the contractors."
وكان هورامي اعلن منتصف تشرين الاول الماضي وقف تصدير النفط من حقول الاقليم إثر تجدد الخلافات مع حكومة بغداد حول آلية دفع الاموال للشركات الاجنبية العاملة هناك. Hawrami was announced mid-October last stop exporting oil from the region following the renewal of the differences with the government in Baghdad on the mechanism of paying money to foreign companies operating there.
وقد بدأت حكومة الاقليم في الاول من حزيران الماضي تصدير النفط للمرة الاولى على رغم عدم اعتراف بغداد بالعقود التي وقعتها اربيل مع الشركات الاجنبية. The provincial government began the first of June, export of oil for the first time despite non-recognition of Baghdad contracts signed with foreign companies in Arbil.
وشمل التصدير في بداياته حوالى تسعين الف برميل يومياً عبر خط انابيب كركوك باتجاه مرفأ جيهان التركي على البحر المتوسط. This included export in the offing, about ninety thousand barrels per day through the Kirkuk pipeline towards the Turkish port of Ceyhan on the Mediterranean. وكانت الحكومة العراقية حضت حكومة الاقليم الكردي على الامتناع عن توقيع عقود الى حين اقرار مشروع قانون النفط والغاز الذي لم يقره مجلس النواب بسبب الخلافات العميقة بين الكتل السياسية. The Iraqi government urged the Kurdish regional government to refrain from signing contracts until the approval of the draft law of oil and gas, which has been adopted by the House of Representatives due to deep differences between the political blocs.
وكانت وزارة النفط في حكومة الاقليم أعلنت ان استثمارات كل من شركة "دي ان او" النروجية و"غينيل انيرجي" التركية بلغت حوالى 500 مليون دولار. The Ministry of Oil in the region's government announced that the investments of the company "DNA or" Norwegian and "Ginel Energy" Turkish amounted to about $ 500 million.
وتعمل "غينيل اينرجي" في حقل طقطق الواقع وسط منطقة جدباء في محافظة اربيل (350 كلم شمال بغداد) في حين تعمل "دي ان او" النروجية مع "غينيل اينرجي" في حقل طاوكي قرب زاخو. Works "Ginel Energy" in the field of patter in the center of the barren in Erbil (350 km) north of Baghdad while working "DNA or" Norwegian with "Ginel Energy" in the Tawke field near Zakho.
http://translate.googleusercontent.c...bqYDW53rQhAIuQ
HASHIMI & BARZANI WILL TRAVEL TO WASHINGTON LATER THIS MONTH
(Voice of Iraq) - 19/01/2010
PNA-Vice President of Federal Republic of Iraq, Tariq al-Hashemi told a news conference on Monday with the head of the Muslim Council of Ammar al-Hakim, said he would travel to the United States at the official invitation addressed to him, according to a presidential statement.
The statement quoted Hashemi as saying "I will be visiting the United States later this month at the official invitation addressed to me," adding "I will meet with Dr. Adel Abdul-Mahdi to discuss the files that are returned by the updated in order to move on to address many of the outstanding issues." It is said that Vice President Adel Abdul-Mahdi had gone at the beginning of this month to Washington to discuss some issues, also sent a formal invitation from the United States to the President of Kurdistan Region Masoud Barzani to visit Washington these days, too.
http://translate.googleusercontent.com/translate_c?hl=en&sl=ar&tl=en&u=http://www.sotaliraq.com/iraqnews.php%3Fid%3D56193&rurl=translate.google.com&usg=ALkJrhiLlXfy09qRzD5TZ4Y1zy-aOaOArg
PNA-Vice President of Federal Republic of Iraq, Tariq al-Hashemi told a news conference on Monday with the head of the Muslim Council of Ammar al-Hakim, said he would travel to the United States at the official invitation addressed to him, according to a presidential statement.
The statement quoted Hashemi as saying "I will be visiting the United States later this month at the official invitation addressed to me," adding "I will meet with Dr. Adel Abdul-Mahdi to discuss the files that are returned by the updated in order to move on to address many of the outstanding issues." It is said that Vice President Adel Abdul-Mahdi had gone at the beginning of this month to Washington to discuss some issues, also sent a formal invitation from the United States to the President of Kurdistan Region Masoud Barzani to visit Washington these days, too.
http://translate.googleusercontent.com/translate_c?hl=en&sl=ar&tl=en&u=http://www.sotaliraq.com/iraqnews.php%3Fid%3D56193&rurl=translate.google.com&usg=ALkJrhiLlXfy09qRzD5TZ4Y1zy-aOaOArg
UNKNOWN CHAT - 10/19/10 @ 4am PST
******: A COUPLE THINGS BOTHERED ME ABOUT THE BUDGET
******: ESPECIALLY THE 20 TRILLION IQD DEFICEIT
******: THEY ARE SUPPOSE TO HAVE A BALANCED BUDGET
******: THEY ARE PROJECTING ONLY ENOUGH REVENUES TO
COVER 75% OF THE BUDGET
******: AND I THINK THAT IS A STRETCH
******: NOW I WAS TOLD ONLY TWO THINGS CAN COVER IT
******: 1) PUTTING THE IQD ON THE INTERNATIONAL MARKET
AND RV'ING
******: 2) THE EXTENSIVE SALE OF TBILLS AND CBI BILLS OVER
THE COURSE OF THE YEAR TO COVER THE DEFECEIT
******: THAT IS IT
******: NOW IF YOU READ THE FORUMS, GAZETTE AND OTHER
NEWS OUTLETS
******: YOU WILL NOTICE THAT THE CAMPAIGNING IS HEATING UP
******: MALIKI IS TAKING THE OFFENSIVE ON HIS BID FOR A 2ND
TERM AS PM
******: THIS MAY BE THE TIME HE WILL ASK CBI TO PULL THE
TRIGGER OR IN THE NEXT 26 DAYS
******: FOR IT TO DO HIM THE MOST GOOD
******: FOR ANY OF THE PLANS TO GO FORWARD
******: THEY NEED A TRADEABLE CURRENCY
******: I JUST CAN'T FIGURE OUT WHY THEY DON'T KNOW IT
******: WHAT AM I MISSING
******: WHAT IS THE MECHANISM FOR THE RV TO HAPPEN
******: IS IT THE BUDGET
******: IS IT PRESSURE FROM THE US
******: IS IT GOING TO BE THE PEOPLE OF IRAQ
******: IS IT THE IMF AND WORLD BANK LOANS
******: OR IS IT JUST SHABIBI IS NOT READY
******: EVERY BIT OF INFORMATION FROM EMPLOYEES AT CBI,
ECONOMISTS, THE ADVISOR TO CBI
******: POINT TO THEM WANTING AN RV
******: SO WHY IS IT NOT OUT
******: OK ALL DONE RUNNING MY THOUGHTS
******: THANKS
******: ESPECIALLY THE 20 TRILLION IQD DEFICEIT
******: THEY ARE SUPPOSE TO HAVE A BALANCED BUDGET
******: THEY ARE PROJECTING ONLY ENOUGH REVENUES TO
COVER 75% OF THE BUDGET
******: AND I THINK THAT IS A STRETCH
******: NOW I WAS TOLD ONLY TWO THINGS CAN COVER IT
******: 1) PUTTING THE IQD ON THE INTERNATIONAL MARKET
AND RV'ING
******: 2) THE EXTENSIVE SALE OF TBILLS AND CBI BILLS OVER
THE COURSE OF THE YEAR TO COVER THE DEFECEIT
******: THAT IS IT
******: NOW IF YOU READ THE FORUMS, GAZETTE AND OTHER
NEWS OUTLETS
******: YOU WILL NOTICE THAT THE CAMPAIGNING IS HEATING UP
******: MALIKI IS TAKING THE OFFENSIVE ON HIS BID FOR A 2ND
TERM AS PM
******: THIS MAY BE THE TIME HE WILL ASK CBI TO PULL THE
TRIGGER OR IN THE NEXT 26 DAYS
******: FOR IT TO DO HIM THE MOST GOOD
******: FOR ANY OF THE PLANS TO GO FORWARD
******: THEY NEED A TRADEABLE CURRENCY
******: I JUST CAN'T FIGURE OUT WHY THEY DON'T KNOW IT
******: WHAT AM I MISSING
******: WHAT IS THE MECHANISM FOR THE RV TO HAPPEN
******: IS IT THE BUDGET
******: IS IT PRESSURE FROM THE US
******: IS IT GOING TO BE THE PEOPLE OF IRAQ
******: IS IT THE IMF AND WORLD BANK LOANS
******: OR IS IT JUST SHABIBI IS NOT READY
******: EVERY BIT OF INFORMATION FROM EMPLOYEES AT CBI,
ECONOMISTS, THE ADVISOR TO CBI
******: POINT TO THEM WANTING AN RV
******: SO WHY IS IT NOT OUT
******: OK ALL DONE RUNNING MY THOUGHTS
******: THANKS
FRANK26 POST - KTF MIssions 1/19/10 @ 2:05am EST
FAMILY ..............TY YOU KINDLY FOR YOUR PRAYERS .......... TRULY YOU ARE PRAYER WARRIORS! I AM SO PROUD OF YOU ! OUR INTEL SAYS THAT MAYBE THE REQUIREMENTS OF CH7 HAVE BEEN MET. IF SO THEN IT WILL BE LIFTED VERY SOON. WITH THE NEW RATE BEHIND IT. THIS INTEL IS TOO GREEN ............. MAY WE CONTINUE TO PRAY. GOOD NITE FAMILY .........PLEASE REST ............. I WILL STAY WITH THIS . MY CHRISTIAN LOVE................ FOREVER!
KTF,
Frank
KTF,
Frank
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