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Yeah I hear ya....saw the whole thing from ihub jail lol but I didn't believe it till this guy told me today that it is a fact that they are being used. Hopefully it is a sign of a reval...would help alot of people that are in need.
got email from hototc on SPNG..HMMMMMM
got email from hototc on SPNG..HMMMMMM
I know I can get em but for what? lol I'd rather have the bigger denoms. Dealers can get em too but where to put them and what if they are going to a new currency...won't matter...gltu2
Deputy calls independent Iraqi government to change its economic policy before starting reconstruction projects
Published 7.5.2008, 21:23 Published 7.5.2008, 21:23
نيوزماتيك/ بغداد Uzmatik / Baghdad
قال عضو لجنة الاقتصاد والأعمار والإستثمار في مجلس النواب العراقي النائب المستقل مهدي الحافظ، إن "خطة الحكومة العراقية لتخصيص ميزانية إضافية قدرها خمسة مليارات دولار لمشاريع الإعمار في البلاد "لن تنجح إذا استمر البنك المركزي في رفع أسعار الفائدة المعمول بها حاليا". A member of the Committee on the economy, reconstruction and investment in the Chamber of Deputies independent Iraqi deputy Mahdi Al-Hafiz, said "the Iraqi government's plan to allocate an extra budget of five billion dollars for reconstruction projects in the country" will not succeed if the central bank to raise interest rates currently in force. "
ولفت الحافظ في حديث لـ"نيوزماتيك" إلى وجود "تناقض واضح بين هدف الحكومة العراقية من تخصيص المبالغ الجديدة الرامية لتحريك الإقتصاد الوطني وتسريع عمليات الإعمار، وبين السياسية المالية للبنك المركزي التي تعرقل مثل هذا التوجه" حسب تعبيره. He noted in an interview with Al-Hafiz, "Uzmatik" and a "clear contradiction between the goal of the Iraqi government to allocate the new amounts to activate the national economy and accelerate the reconstruction operations, and between political finance the Central Bank of impeding such a move" as he put it.
ودعا الحافظ إلى ضرورة تخصيص الميزانية الإضافية للقطاع الخاص "لكي يزدهر ويصبح له دورا أساسيا في الاقتصاد الوطني"، مشيرا إلى أن هذا الأمر سيسهم أيضا في إعادة الطبقة الوسطى في المجتمع العراقي "التي اختفت بسبب الظروف التي مرت بالعراق خلال العقود الثلاثة الماضية". He called Al-Hafiz, the need to allocate additional budget for the private sector "in order to flourish and become an essential role in the national economy," noting that this matter will also contribute to the re-middle class in Iraqi society, "which disappeared because of circumstances through which Iraq over the past three decades."
عضو لجنة الاقتصاد والأعمار والإستثمار في البرلمان أكد أن القطاع الخاص يعاني من عراقيل حكومية لتوسيع نشاطه أهمها ارتفاع أسعار الفائدة على القروض والتي لا تتيح أي مجال حيوي لتحريك هذا القطاع في مجال الإعمار والإستثمار. Member of the Committee of the economy, reconstruction and investment in the parliament confirmed that the private sector suffers from governmental obstacles to expanding its activities mainly higher interest rates on loans, which do not allow any room to move this vital sector in the area of reconstruction and investment.
وشدد على ضرورة أن تعالج الخطة الحكومية مشكلة البطالة من خلال "خلق فرص عمل حقيقية وليس إيجاد وظائف حكومية تؤدي إلى زيادة الترهل في دوائر الدولة وإعادة إنتاج البطالة بشكل جديد" حسب تعبيره. He stressed the need for the government's plan to address the unemployment problem through a "real job creation, not create jobs government to increase slack in government departments and re-production of new unemployment" as he put it.
وطالب الحافظ الحكومة العراقية بأن تركز في ميزانيتها التكميلية على المشاريع الإنتاجية التي يحتاجها الإقتصاد العراقي في الظروف الحالية. He asked Hafiz Iraqi government to focus on the supplementary budget for capital projects needed by the Iraqi economy in the current circumstances.
يذكر أن الحكومة العراقية أعلنت في مناسبات عدة عن وجود فائض مالي لديها يقدر بخمسة مليارات دولار حيث اقترحت تخصيصه لبناء مشاريع البنية التحتية مثل المدارس والمستشفيات والمساكن، بينما دعا عدد من أعضاء مجلس النواب العراقي إلى ضرورة أن تخصص الأموال الفائضة لحل مشكلة المهجرين في داخل وخارج العراق وتحسين مواد البطاقة التموينية. It is noteworthy that the Iraqi government announced on several occasions about the presence of a financial surplus has estimated five billion dollars in proposed allocation for the construction of infrastructure projects such as schools, hospitals and housing, while the number of members of the Iraqi parliament to the need to allocate excess funds to solve the problem of displaced people inside and outside Iraq And improving the ration card materials.
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تذكرني Remember me
well, thats not what some currency guys are telling me. I didn't believe it either but I do now. These guys have nooo reason to lie to me..it isn't about pumping the Dinar I assure you..it is in use as currency. I can buy it but for what?
Saudi Arabia clinging too tightly to the dollar? For how long?
http://www.rgemonitor.com/setser-mon...th-oil-at-120/
Brad Setser | May 6, 2008
Oil is trading above $120.
Saudi Arabia exports more oil than anyone else. It isn’t unrealistic to think the Saudis oil export revenue could approach $400 billion a year if oil stays above $120.
Saudi economic development has lagged the Gulf boom towns of Doha, Dubai and Abu Dhabi. Paul Murphy, quoting Goldman’s Ahmet Akarli:
the Saudi economy has lagged badly behind its peers in the Gulf region in terms of both per capita income and overall living standards – in particular, it lags the rapidly diversifying and prosperous economies of the UAE, Kuwait and Qatar.
The right policy course: a bit of austerity. Yep, spending cuts. Or least slower spending increases.
That at least is what the Saudi central bank governor suggests. The FT reports:
Saudi Arabia’s central bank governor on Tuesday called on the government to fight inflation by curbing public expenditure, warning that economic policies in the kingdom faced “a critical situation” ….
“The Saudi Arabian Monetary Agency [the central bank] has taken steps to reduce domestic liquidity by raising the statutory reserve requirement several times. Given the dominance of fiscal policies on the economy, it is necessary to reprioritise spending and programme it to fit the absorptive capacity of the national economy,” Mr Sayari added.
The IMF – which has been arguing for maintaining the dollar peg and limiting inflation with spending cuts – presumably approves. The IMF’s advice to Oman is presumably not that different from its advice to the Saudis. Not that the IMF’s views matter. The US, which is rumored to have put pressure on the Saudis to maintain their peg to the dollar, presumably does too.
Basically, SAMA and the IMF want the Saudis and the Gulf to spend more on global financial assets – as the fiscal contraction only will fight inflation if the oil revenue is sequestered abroad – and less at home.
All just to maintain a peg to a currency that isn’t a good fit for an oil-exporting region.
A currency that rises and falls with oil makes a lot more sense for an oil exporting economy than a currency that falls when oil rises and rises when oil falls.
Right now, the Saudis are trying to cut spending in the face of a (positive) oil shock in order to squeeze the Saudi economy into a depreciated currency.
They should be allowing a stronger currency to create more economic space to enjoy the oil boom. Or at least room to spread the benefits of the oil boom a bit more widely.
A stronger riyal – assuming the rise in riyal was real not cosmetic -- would make more domestic spending and investment consistent with lower levels of inflation.
In the 1990s, the Saudis had to cut back because they weren’t getting enough revenue from the oil. The rising dollar added to strong deflationary pressures. Real rates rose. Now, the Saudis face pressure to cut back even as oil soars at least in part because they have pegged their currency to the depreciating dollar.
I rather suspect the current policy won’t work. The Saudis cannot cut spending enough to really bring about a real depreciation of the riyal. Not with rising public expectations and tons of petrocash.
Goldman’s Akarli expects Saudi inflation to soon reach 15%. I suspect he is right. And there is a real risk that the resulting period of negative real interest rates will only add to the Gulf’s history of following big booms with big busts.
Iraq March Oil Revenue Up 12% On Month At $5.644 Billion - Ministry
AMMAN -(Dow Jones)- Revenues from Iraq's oil sales rose 12% in March despite Iraq exporting more crude oil in February, oil ministry figures seen by Dow Jones Newswires Wednesday show.
Iraq's oil revenues in March totaled $5.644 billion, compared with $5.037 billion in February, the ministry said.
Iraq exported 59.4 million barrels in March, or 1.92 barrels a day, compared with 56.1 million barrels, or 1.93 million barrels a day, in February, it said.
The increase in revenues is attributed to soaring world crude oil prices which opened above $120 a barrel Tuesday, rising in recent trading to $121.85, or 1.6% above Monday's close.
A U.S. government report to be released Wednesday projected Iraq's oil revenue to top a record $70 billion this year. The report, from Special Inspector General for Iraq Reconstruction Stuart Bowen, said Iraq earned more than $18 billion from oil sales in the first quarter 2008.
-By Hassan Hafidh, Dow Jones Newswires; + 962 799 831831; hassan.hafidh@ dowjones.com
Iraq's Industry minister opens door to reimbursing US
WASHINGTON - Iraq's industry minister opened the door Wednesday to reimbursing the United States for at least some of the billions of dollars spent for reconstructing the country.
Industry minister Fawzi Hariri also spoke hopefully of more than doubling Iraqi oil production within two to three years.
Hariri said current production is 2 million to 2.4 million barrels a day, and it should reach 3 million by the end of the year and 5 million barrels in another two to three years — depending on the extent of foreign technology from abroad.
Iraqis themselves "don't have the know-how" to expand production that much, he said at a joint news conference with Paul Brinkley, the undersecretary of Defense for Business Transformation in Iraq.
With Iraq expected to reap some $70 billion in oil revenue this year because of worldwide record-high fuel prices, some House Democrats have proposed a ban on providing U.S. aid to rebuild towns or equip security forces unless Iraq matches every dollar spent by the United States.
Bush administration-backed legislation calls for devoting about $3 billion to reconstruction and relief programs, half of which would go toward training and equipping Iraqi security.
Asked what he thought of the Democratic proposal, Hariri said Iraq has been able to control its own finances only since 2006 and "the government of Iraq is doing as much as it can to support industry and housing reconstruction."
"We are hoping for help from our friends. We are not looking for handouts," he said, adding, "Iraq can pay the money back."
What the United States spends is for security and completely a U.S. decision, he said.
"The Iraqi government is not involved in any way," the minister said. But "money can be returnable," he said. "We can get to an arrangement to deal with that."
http://news.yahoo.com/s/ap/20080507...LwwVmyB5X6GM A
good news...heard some IR guys hired...hope it's true
Up-to-the-minute market in Basra city
Basra - Voices of Iraq
Wednesday , 07 /05 /2008 Time 2:58:10 </B>
Basra, May 7, (VOI) – A modern market with several shops and commercial annexes has been inaugurated in the Iraqi southern province of Basra, the head of the city's reconstruction committee said.
"The market which was opened on Tuesday in Basra's downtown al-Khaleej neighborhood includes 32 shops, a pharmacy, gardens and a parking lot," Ghali Najm, the committee's head, told Aswat al-Iraq, Voices of Iraq, (VOI).
The project was carried out by an Iraqi company, under the supervision of the provincial council, Najm noted.
"Five other similar markets will be set up in Basra, al-Kaziza, al-Zubeir and Abi al-Khaseeb," he added.
Meanwhile, the deputy chairman of the Basra provincial council, Naseef al-Abadi, said during a press conference held with the British consular general in Basra that the market provides further evidence of the cooperation between the local government and the British side.
The modern market project, which was launched on Tuesday, is the first step on the way to establishing five other projects in the province. "The project was completed in a record period of 170 days at a cost of $1 million (nearly 1.2 billion Iraqi dinars) from donor countries," al-Abadi explained.
"I am pleased to open the Jameat Market, which is an excellent example of the many projects contributing to the re-building of Iraq,” said British Consular General Nigel Haywood, Britain's most senior representative in southern Iraq.
"The achievement is the result of huge cooperation between the local government, the British side and the Multi-National Force (MNF) reconstruction teams…," Haywood said.
The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.
http://66.111.34.180/look/english/ar...=2&NrSection=2
EU eyes progress on gas pipelines from Iraq, Egypt
The European Union said on Monday it was progressing with efforts to secure gas supplies from Egypt and Iraq as part of the bloc's efforts to reduce its heavy dependence on Russian oil and gas.
Energy Commissioner Andris Piebalgs said 7 billion cubic metres (bcm) of gas had been secured, and progress had been made on developing gas pipelines during a meeting with senior officials from Syria, Egypt, Iraq, Jordan, Lebanon and Turkey. "Seven billion cubic metres (bcm) from new sources to the European market is not bad from this part of the world," Piebalgs told reporters.
He said 5 bcm of gas was expected to come from Iraq's Akkas field in two or three years -- as announced in April -- while a further 2 bcm is expected to be piped from Egypt from 2010. The EU hopes to import Iraqi gas via the planned Nabucco pipeline across Turkey to central Europe as it diversifies gas supplies away from Russia which provides a quarter of its needs.
Officials attending Monday's meeting agreed to forge ahead with the Arab Gas Pipeline which runs from Egypt to Syria and with connections to Iraq, Turkey and the EU by 2009. "We're also looking in other directions," added Piebalgs. "Azerbaijan and Turkmenistan are not less important for also directly delivering gas to the European Union." The European Commission said last month it had secured a guarantee of 10 billion cubic metres a year of natural gas from Turkmenistan from 2009 as part of the drive to ensure sufficient supplies to make Nabucco commercially viable.
The pipeline is seen as a rival to the Kremlin-backed South Stream project due eventually to take some 30 billion cubic metres of Russian gas a year to southern Europe. "Too many people still think we only look north and east when we think of our energy security, but we also of course look south too," said European Commissioner for External Relations Benita Ferrero-Waldner. "On a bilateral level, I've already signed a joint declaration on energy cooperation with Jordan and we're close to signing an MoU with Egypt on energy and we are also working on another with Iraq," she added.
Ferrero-Waldner is set to launch on Tuesday the EU's Neighbourhood Investment Facility, which will provide over 700 million euros of funding for energy and transport infrastructure between the EU and neighbouring states between 2007 and 2013. The EU expects the facility to encourage a further 5-6 billion euros of lending for infrastructure projects.
Ok so I was wrong...I think..lol Rumor has it that there has been a one Dinar note out for some time now and it is being used in the Kurdish north. I didn't believe it but I confirmed it with a verrry reliable source. Figured it would've gotten alot of press by now..hmmmm
Rumor has it that there has been a one Dinar note out for some time now and it is being used in the Kurdish north. I didn't believe it but I confirmed it with a verrry reliable source. Figured it would've gotten alot of press by now..hmmmm
Baghdad Coming To Life
by Dave Price
The “protect the population” benefits of the surge tactics continue to be felt by ordinary Iraqis:
Baghdad - There is big excitement on al-Marifah Street. City workers are installing a new transformer to bring power to a part of the southern Baghdad neighborhood of Saidiyah that hasn’t been on the city’s electrical grid for more than a year. “A year ago, dead bodies lay on this street for days; no one dared to pick them up. But now we are getting lights and shops have opened back up,” says Mahdi Jabbar Falah, a 40-year resident who has just moved himself and his family of nine back to their house.
….
“Last year, this was a ghost town,” he says, “but now I feel we are alive again.”
…
“You can’t say there’s perfect safety here now, but it’s much better than before when you didn’t dare go out on the street,” says Ali Latif, a young Shiite who returned to Saidiyah in January after leaving for six months. “There are still terrorists here, but now they stay more hidden,”
…
Back on al-Marifah Street, grocery merchant Ibrahim says the people – and the Iraqi Army – are not ready for the Americans to go. “The Americans are testing the Iraqi troops, and our sense of security is still very new so the people would be very nervous if the Americans left,” he says. “No, their presence is still 100 percent necessary.”
I hope Obama is listening. It would be a tragic irony if he was the second Hussein to ruin Iraq.
DINOFARTS--Iraq sets new May 18 deadline for gas field bids
Iraq's oil ministry said Tuesday it has postponed the deadline for bids to develop the Akkas gas field, a prized natural gas field in western Iraq, until May 18.
The announcement came two weeks after the previous deadline expired. Authorities did not provide a reason for the postponement on Tuesday.
But the oil ministry last week said in a report that Iraq has been unable to lure enough bids from foreign or local companies for oil and gas projects due to lack of security.
The Akkas field, which has estimated reserves of more than 2.15 trillion cubic feet, is located in the former Sunni insurgent stronghold of Anbar province. Development of the Akkas field could boost the economy in Sunni areas, where support for the government remains tenuous.
Early this year, the ministry said it was negotiating with Royal Dutch Shell PLC to conduct output tests for the field, which has five wells that are ready to be interconnected.
It could produce up to 50 million cubic feet a day as a first stage. That could be increased to 500 million cubic feet a day, which could be pumped through Syria and Turkey to consumers in Europe.
The ministry on Tuesday also postponed until May 18 bids for a separate tender to help construct two oil pipelines to link the Basra oil fields in southern Iraq with Iran's Abadan refinery. The project's aim is to export crude oil and import refined petroleum products through Shatt-al-Arab waterway.
Iraq has the world's third-largest oil reserves with an estimated 115 billion barrels, and it also sits on an estimated 112 trillion cubic feet of natural gas reserves.
Most of the country's vast petroleum wealth is located in the Kurdish north and the Shiite south.
07.05.2008
AP Baghdad
well, it worked...lol thx
t/y much appreciated
Announcement No.(1160)
D.G. of Foreign Exchange Control
The 1160 daily currency auction was held in the Central Bank of Iraq day Wednesday 2008/5/7 so the results were as follows :
Details Notes
Number of banks12-----
Auction price selling dinar / US $1201-----
Auction price buying dinar / US $-----------
Amount sold at auction price (US $)54.635.000-----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $)54.635.000-----
Total offers for selling (US $)-----------
At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
This comment I posted before ties in directly with what they mean....FOREX is coming fast...
Anything else wouldn't make sense because the dinar at it's current value would drag down the monetary stability of a very rich gulf nation jmho
thanks man
lOOKS LIKE WE ARE ALMOST THERE...they took in a bunch of cash now they are ready for international or true value of Dinar ...sweeeeeeeeet they are ready for GCC and reval imo
good read here from auction comments....NICE
and it cancels its floatation idea and reinforces the hope for putting stable international value till now its fulfillment of all of the conditions as by the Gulf currencies ".
Decline in demand for buying the dollar at an auction Iraqi Central
BAGHDAD - Iraq votes 07 / 05 / 2008 at 13:50:34
Decreased demand for buying the dollar at an auction the Central Bank of Iraq on the sale and purchase of the dollar at its meeting Wednesday, recording total volume of demand reached 54 million and 635 thousand dollars against 127 million and 170 thousand dollars in the previous meeting.
The auction showed special bulletin the Central Bank of Iraq for the sale and purchase of the U.S. dollar today that the request be distributed at 5 million and 705 thousand dollars in cash and 48 million and 930 thousand dollars in the form of remittances outside the country covered by the bank in full at a rate of 1201 dinars.
Did not make any of the 12 participating banks to auction offers to sell the dollar to the auction.
He said the Yasiri, one dealing with the auction of the Independent News Agency (Voices of Iraq) that "the demand witnessed a decline in the days of being depleted of peak demand yesterday, and yesterday I was led to a decline in demand to below the overall levels of demand during the current year."
Another translation of above:
"The request witnessed the decrease of being it mobilized in the request peak days in yesterday and the day before yesterday what led to a retreat in the demand size to extending the general levels for the request through current year".
Yasiri pointed out that "demand the retreat, both cash and money orders both however, the sale of auction bids were absent for the second time in a row in the meetings of the auction for the current week after it disappeared at a meeting last Monday," expected to rise tomorrow demand that the cash tomorrow, Thursday is the date for accounting Traders Iraqis what generates growing demand for the dollar to pay dues payments.
Another translation of above:
"The demand retreated by its parts the cash and the moneys order equally, nevertheless the selling presentations to the auction disappeared for the second time in succession in the auction sessions to the week after they disappeared in the session last Monday," expected that tomorrow the cash request rises being tomorrow Thursday he is the reckoning date to the Iraqi merchants what causes an increasing request on the dollar for the repayment of their payments dues.
For his part, the economic expert and industrial Sadiq Abdul Razzaq told (Voices of Iraq) that "the fluctuation and variation in demand for purchase offers a positive sign that the auction survival depended on one of the decline or rise leads to the emergence of the crisis."
Another translation of above:
"The vibration and the difference in the presentations of the demand are on the purchase a positive sign it formed keeping the auction uniformly from the decrease or the rise that leads to an appearance of a crisis ".
He continued that "the disparity in the demand reflects the dynamic performance of the market on one hand and the auction is still free and cover a large cash to meet all purchase orders, which increases the confidence in Iraqi currency and eliminate the idea could float them develop and enhance the value of hope after an international firm to meet the requirements of each currency like the Gulf."
Another translation of above:
"The difference in the request reflects the market performance dynamism from an authority and that the auction is still free and with a big cash cover it answers all purchase requests, and it is what exceeds the confidence in the Iraqi currency and it cancels its floatation idea and reinforces the hope for putting stable international value till now its fulfillment of all of the conditions as by the Gulf currencies ".
So, the economic expert, Dr. Abbas Aluj that "although inflation indices to fall but they are no longer now because of the increased money supply and other reasons stand behind the fact that the auction absorbed too much of the money supply despite the rise in the volume of recycled and return to the market through staff salaries And government spending."
Another translation of above:
"The inflation indications are despite their decrease nevertheless they returned not now because of the increase of the cash block and that other reasons stand behind them being the auction absorbed a big amount of the cash block despite the rise of a size round from it and the returning to the market through the employee salaries and the government spendings".
He told Aluj (Voices of Iraq) that "economic reform at the present time must go developmental trend that receded after the need for a policy to encourage savings, especially after having established in most of the local currency dealers with the impression that it is the store money to the Iraqi capital", calling for Ease credit restrictions to take advantage of increasing returns for Iraqi oil in the development of a strong private sector able to compete with imported and revitalizing the Iraqi market.
Another translation of above:
"The economic reform at the present time should move by the development trend after the need for the saving encouragement policy receded especially after it is established to most of the dealers with the local currency the impression that she be the money store of the Iraqi capitals ", calling for lightening the credit restrictions for the benefit from the increasing revenues of the Iraqi oil in the development of a strong private sector capable of the competition with the importer and the activation of the Iraqi market.
Uday also pointed Shabib Rustum's banking office that "the U.S. dollar exchange rate Stock Exchange amounted to 1221.4
With the purchase price Exchange 1218, and selling price offices 1225 and 1215 dinars purchase price increase or decrease with five points as the policy office. "
He told Shabib (Voices of Iraq) that "the struggle Stock Exchange have seen demand decline in average demand in the bourses and Kazimiya Harthiya."
http://translate.google.com/translat...language_tools
ONEBIGG, is there any reason my pics in ibox were suddenly not viewable? they all have x's now
Iraq in advanced talks on sixth oil deal:
Wed May 7, 2008 5:56am EDT ? ?
DUBAI (Reuters) - Iraq is in advanced talks for an oil service contract with a consortium of Vitol, Anadarko (APC.N: Quote, Profile, Research) and Dome to boost output by 100,000 barrels per day at its Luhais oilfield, industry sources said on Wednesday.
The contract is the sixth in a batch of short-term oil service contracts worth around $500 million each that Iraq wants to sign with international oil companies in June.
Baghdad aims to increase oil output by around 600,000 bpd with the deals, boosting by over a quarter Iraq's current output of around 2.25 million bpd.
"A final round of meetings is expected to be held with the consortium, and all of the companies negotiating these contracts, at the end of this month," said an industry source. "All companies involved are finalizing paperwork to initial the agreements in early June."
The consortium of European oil trader Vitol, U.S. independent oil and gas company Anadarko and Dubai-based Dome has already taken part in two rounds of talks with Iraqi officials in Jordan's capital of Amman for the contract. The Luhais oilfield is in southern Iraq and pumps around 50,000 bpd.
Iraqi Oil Minister Hussain al-Shahristani said last month he wanted the oil service deals the country was negotiating with international oil giants to be signed in June, or Baghdad may drop the deals.
BP (BP.L: Quote, Profile, Research), Royal Dutch Shell (RDSa.L: Quote, Profile, Research) and Exxon Mobil (XOM.N: Quote, Profile, Research) were negotiating a deal each. Shell is negotiating another deal with BHP Billiton (BHP.AX: Quote, Profile, Research), while Chevron (CVX.N: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) together are working on a fifth deal.
The service contracts form part of stopgap measures to boost oil production in the absence of a vital oil law. Legislation to set the terms and extent of foreign investment in the country has been stalled in parliament for more than a year.
(Reporting by Simon Webb)
Skinner: Iraqi government is planning to many investment projects in different areas of Baghdad
07/05/2008
Dr. Skinner said the spokesman, the Iraqi government that his government has still discussing many of the reconstruction plans and investment
في مناطق مختلفة من العاصمة بغداد بالإضافة الى المحافظات الاخرى. In different areas of Baghdad in addition to other governorates.
الدباغ أوضح بأن تلك المناطق تشمل معسكر الرشيد الذي تم الإنتهاء من وضع خطة لبناء مدينة سكنية مع خدمات متكاملة على أراضيه، كما تشمل ايضا المنطقة الدولية حيث إتفقت الحكومة العراقية مع مستثمرين محليين وأجانب على اقامة مشاريع سكنية وتجارية فيها. Skinner explained that these areas include Rasheed Camp, which was finalizing a plan to build a residential town with integrated services in its territory, and also include the international zone, where the Iraqi government agreed with local and foreign investors to build residential and commercial projects there. هذا بالاضافة الى خطط تجري دراستها حاليا لتطوير واستثمار مناطق اخرى في عموم البلد. This is in addition to plans currently being studied for development and investment elsewhere in the country.
وأكد الدباغ على عدم دقة التقارير الإخبارية التي تم تداولها مؤخرا والتي حصرت خطط الإستثمار بالمنطقة الدولية او المساحة المحيطة بمواقع السفارات الاجنبية، مشيرا الى أن أولويات الحكومة في مجال الإعمار والإستثمار توضع إستنادا الى مدى إنتفاع المواطن العراقي والإقتصاد العراقي منها بالدرجة الأساس. Skinner emphasized the inaccuracy of news reports that were circulated recently that surround the area of international investment plans or the area surrounding the location of foreign embassies, pointing out that the Government's priorities in the field of reconstruction and investment are based on the use of Iraqi citizens and Iraqi economy, including class basis.
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most important paragraph....
At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
Samaha met Mr. Amar al-Hakim Tuesday 6/5/2008 Dr. Sinan Alshabibi Iraqi Central Bank Governor
.
وتم في اللقاء تدارس الاوضاع المالية والمصرفية في البلاد والآفاق الرحبة لتطورهما بما يسهم في رفاهية وانتعاش القدرة الشرائية لأبناء الشعب ويدعم مكانة العراق الدولية . At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
كما تم في اللقاء تبادل الاراء والتأكيد على اهمية أستيعاب وتنمية الطاقات الشبابية لما في ذلك من تأثير ايجابي على الوضع المصرفي والاقتصادي في البلاد . As in the meeting to exchange views and to stress the importance of absorption capacity and the development of youth because of the positive impact on the banking and economic situation in the country.
من جانبه أكد سماحته على ضرورة بذل الجهود من اجل الارتقاء بالواقع المالي والمصرفي خدمة للمصلحة الوطنية وتحسين الظروف المعاشية للمواطنين . For his part, the discourse on the need to make efforts to upgrade our financial and banking service for the national interest and improve the pension conditions for citizens.
Al-Maliki during his reception of clans in Karbala: Iraq can not be free
05/05/2008م - 9:51 ص | مرات القراءة: 81 05/05/2008 m - 9:51 AM | times reading: 81
". Prime Minister Nuri al-Maliki: "Iraq can only be free, strong and sovereign would not be a follower of one with its world heritage and history."
واضاف خلال إستقباله اليوم وفدا يمثل وجهاء وشيوخ عشائر محافظة كربلاء:"إن وجود عراق قوي مستقر شرط لإستقرار المنطقة ، وإن مبادئ حسن الجوار وعدم التدخل لابد منها لمن يريد بناء علاقات دائمة مع دول الجوار،ولابد من طي صفحة الماضي وتخليص العراق من ديون الحرب الباطلة التي لم تدخل في بناء جسر اومدرسة اومستشفى وأضرت الشعب العراقي كما أضرت دول الجوار". He added during his meeting today with a delegation representing notables and tribal elders governorate of Karbala: "The presence of a strong Iraq stable condition for the stability of the region, and the principles of good neighbourliness and non-interference must for whoever wants them build lasting relationships with neighboring countries, must turn the page on the past and rid Iraq of the debt of war ballots Not interfere in the construction of a bridge Aomadrsh Oomschwi and harmed the Iraqi people and affected neighboring countries. "
واوضح المالكي:"اننا بدأنا مسيرة البناء الحقيقي للدولة حين فرضنا سلطة القانون واصبحت لدينا دولة لاتميز بين المواطنين الا على اساس عطائهم للعراق،وقطعنا شوطا طويلا في عملية بناء الدولة من خلال التعامل بواقعية مع القرارات الدولية لأجل تحقيق عراق مستقل ذو سيادة كاملة". The al-Maliki: "We started building the real march to the State, while imposing the rule of law and we have a balance between citizens solely on the basis of tenders for Iraq, and have come a long way in state-building process by dealing realistically with the international resolutions in order to achieve the independent Iraq with full sovereignty."
وأكد:"ان بناء دولة القانون هو اهم مانورثه للاجيال المقبلة ، وإذا كنا شركاء في فرض الأمن وحفظ هيبة الدولة فسنكون شركاء في عملية البناء والاعمار التي انطلقت عبر الكثير من العقود التي أبرمناها في جميع المجالات،ولابد للشعب العراقي أن يحقق طموحاته ويستفيد من ثرواته ويعيش بمستوى أفضل". He stressed: "The building of a state of law is the most important bequeath to future generations, if we are partners in security, we will be keeping the prestige of the state partners in the process of construction and reconstruction, which started across much of the contracts we have concluded in all areas, should the Iraqi people to achieve their aspirations and benefit from the wealth and living Level best. "[/B]
وأشاد المالكي:"بدور علماء الدين ورجال العشائر والكتل السياسية الذين قالوا كلمتهم الشجاعة وتوحدوا ضد الخارجين عن القانون الى جانب الحكومة التي نجحت في حفظ هيبة الدولة وبسط القانون". He praised al-Maliki: "the role of religious scholars and men of the tribes and political blocs who have said their word courage and unity against lawless along with the government, which succeeded in preserving the prestige of the state and the extension of the law."
وتابع:"إن الذين يريدون العودة بالعراق الى عهد الدكتاتورية والارهاب لن يتمكنوا ومن يريد ان يحكم لابد ان يدخل من بوابة الدستور والانتخابات ولن يحكم العراق بعد اليوم من قبل شخص او و حزب او طائفة". He continued: "Those who want to return Iraq to the era of dictatorship and terror will not be able to govern and those who must enter the Gate of the Constitution and elections will govern Iraq after the day by a person, or party or sect."
واشار المالكي الى:"أن العراق سيخرج منتصرا وسنتمكن من مواجهة العصابات المجرمة ،وإن المهمة التي كانت صعبة أصبحت قابلة للتحقيق في بناء دولة قوية ذات سيادة يحترم فيها القانون والدستور ويتساوى فيها الجميع في الحقوق والواجبات" He pointed to al-Maliki: "Iraq will emerge victorious and we will be able to face the criminal gangs, and that the task had become difficult are achievable in building a strong country with respect for the rule of law and the Constitution and where everyone is equal in rights and duties"
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Mr. Amar al-Hakim receives Iraqi Central Bank Governor
07/05/2008م - 9:54 ص | مرات القراءة: 43 07/05/2008 m - 9:54 AM | times reading: 43
Samaha met Mr. Amar al-Hakim Tuesday 6/5/2008 Dr. Sinan Alshabibi Iraqi Central Bank Governor
.
وتم في اللقاء تدارس الاوضاع المالية والمصرفية في البلاد والآفاق الرحبة لتطورهما بما يسهم في رفاهية وانتعاش القدرة الشرائية لأبناء الشعب ويدعم مكانة العراق الدولية . At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
كما تم في اللقاء تبادل الاراء والتأكيد على اهمية أستيعاب وتنمية الطاقات الشبابية لما في ذلك من تأثير ايجابي على الوضع المصرفي والاقتصادي في البلاد . As in the meeting to exchange views and to stress the importance of absorption capacity and the development of youth because of the positive impact on the banking and economic situation in the country.
من جانبه أكد سماحته على ضرورة بذل الجهود من اجل الارتقاء بالواقع المالي والمصرفي خدمة للمصلحة الوطنية وتحسين الظروف المعاشية للمواطنين . For his part, the discourse on the need to make efforts to upgrade our financial and banking service for the national interest and improve the pension conditions for citizens.
TRANSPARENCY? Banks eligibility demanding release of the Central Bank the value of bank credits
بم 2003 . Banks appealed to the civil Iraqi government the Iraqi Central Bank by opening the value of their financial allocations and not identified as a certain amount of world countries in order to allow them to move according to market economics and modern to serve the economic transformation plans adopted by the government since 2003.
ة. They asked the Central Bank of Iraq not to determine the ceiling material to their financial allocations, since it represents a hindrance to the expansion of infrastructure bank has successively and thus freezing business dealings, whether external Awaldakhalih.
وال. In this context, the Commissioner said Deputy Director of the Bank Alorca of investment and finance, Mohamed Hassan Said in an interview with "Sabah" that the banks need the support of civil government representative of the Iraqi Central Bank through the opening credits without adherence to a certain ceiling and submitted it to revitalize the national economy, taking into consideration The efficiency of the bank and the package of services provided by the bank and the development processes of restructuring as well as lifting his head like those achieved by the bank to introduce Sovietizing the banking dealings to facilitate services to customers for the first time in Iraq as well as put up a new interest rate on deposits of three types and amount to 12 percent for three months And 13 percent for six months and 14 percent for one year.
. He added that the bank grants in the same context, the smart card serve its customers and ATM and the issuance of guarantees and opening credits low through the Internet service bank "e-bank" and using a password containing the account number and name.
http://www.google.com/translate?u=ht...&hl=en&ie=UTF8
Yep yep agree...pr continues I think so thats good news too...
Think emma started it in strongtowers room....bad rumor...we don't see an RV till ALL economic ducks are in a row and quacking....it could come soon but they need to get their turbin-head act together
Oh geeez here we go again with the fantasy pump money....lmfao..stop already...OLD MONEY!!!
http://www.investorsiraq.com/showthread.php?t=77507
The parallel exchange rate to official exchange rates
06-05-2008
The parallel exchange rate to official exchange rates and one of the indicators of economic and financial mouthpiece of the robustness of the economy of any state, whether from developed countries or developing countries, affected by exchange rate factors, political and economic multi Among these economic factors, inflation rates, interest rates prevailing in the market, Which reflected the impact of the exchange rate of the national currency on the parallel market exchange rate for the official national, and this research focuses on the impact of inflation and interest rates in the parallel exchange rates and for the period from (1992 2001) in Iraq and some neighboring countries, has triggered several research findings and recommendations, namely. .
First: inflation and its economic impact:
A definition of inflation:
Inflation is known that the increasingly high prices of consumer goods. This is the simplest definition of the types of tariffs for inflation. Where there are other definitions, but this definition is more visible from the viewpoint of consumers, inflation has been accompanied by full operation compared to a decline in unemployment to push prices higher proportion of the operation of the unemployed
B types of inflation:
1 - inflation afternoon: achieved this kind of inflation rate does not offset the increase in aggregate demand an increase in production rates, which reflected the impact of high prices.
2 - inflation creeping: This type of slow inflation rise in prices.
3 - the repressed inflation: a situation in which to prevent prices from rising through policies is to establish controls and restrictions prevented agreement holistic and high prices.
4 - hyperinflation: a situation that high inflation is associated with high rates of speed in handling cash in the market and lead this kind of inflation to the collapse of the national currency, as happened in each of Germany during the years 1921 and 1923 in Hungary in 1945 after the Second World War
C reasons for the emergence of inflation:
Inflation arises due to economic factors different Prominent among these reasons:
1 - inflation resulting from the costs: arises this type of inflation due to high operating costs in industrial companies or other industrial companies as departments in raising the salaries and wages are affiliates of workers, especially those working in production sites, which comes because of a claim workers lift wages.
2 - inflation resulting from the application: arises from this kind of inflation as increased demand cash, which is accompanied by fixed width of goods and services, as rising aggregate demand is offset by an increase in production. Which leads to higher prices.
3 - the sum of inflation changes in the composition of the Faculty of aggregate demand in the economy even if the request is excessive or not there is an economic focus as the price be high and not low despite the drop in demand
4 - inflation resulting from the exercise of the economic blockade against other countries, exercised by outside forces, as is happening to Iraq, Cuba and therefore no import and export in the event of total blockade which leads to high rates of inflation and consequently lower the value of national currency and high prices unreasonable rates.
D economic effects of inflation:
The effects of inflation economic powerhouse in the march of economic and social development and highlighted these effects are:
1 - high prices and money supply in circulation: Aliartvaa consequent rise in inflation in the prices of consumer and the first groups affected by this rise are the owners of limited income, as well as a large bloc of cash in circulation in the market may be limited bloc in the hands of a small group are not only a Very little of the population, reflecting the negative economic effects on the pension levels of the population.
2 - increasing rates of inflation lead to a reduction in the purchasing value of cash, leading to increased demand for capital to finance the proposed projects and increased demand for capital leads to a rise in interest rates.
3 - affected the economic life of the projects (investment) and their inflation rates and this value is calculated in accordance with the following equation, after taking into consideration the inflation rate:
F (T) =-C + e-(l + g) T [(1 - T) F (T) egT + TC]
WHEREAS:
(Brenner & venzia, 1998, p. 1521)
The value of investment [T] = F
Inflation rate g =
The cost of investment-C
Gradient e-(I + g) =
Nominal value of the assets egt f (t)
1 - reduction of exports to international markets:
The increase in inflation meant to lower the competitiveness of domestic products in international markets and this causes an increase payments for low income hence the trade balance deficit.
2 - inflation leads to increased interest rates and, accordingly, more established business profits, these profits go down, down interest rates, which are funded assets to issue bonds indebtedness. While these characteristics do not apply in a number of industrial projects in economies with low inflation. But this would happen in economies with high rates of inflation, which causes high inflation rise in revenues and rates of lead. They are not real rates if treated and returned to fixed prices.
(Damodaran, 1999, p. 327)
3 - action to reduce inflation: inflation can be reduced, particularly in developed countries to implement procedures fiscal and monetary policies:
A. Fiscal policy:
First: The Ministry of Finance of fiscal policy ((fiscal policy of the state and which is determined by income sources and uses of the excess (surplus) in the budget (Buelget) leads to reduce the volume of liquidity available. And therefore this will reduce the rate of inflation.
Second: the Ministry of Finance to sell the volume of public debt to the public and thus withdraw cash available in the market and lead to limit the supply of cash.
Third: increase taxes on luxury goods, which handled a few people from high-income earners.
Fourth: reduce government spending: Government spending is one of the reasons leading to the increase of cash rolling in the market, and thus reduce expenditure and this curtailment will reduce money in circulation in the market
B - monetary policy:
The central bank (central bank) in various countries develop and implement monetary policy to adopt a set of qualitative and quantitative tools:
First: quantitative tools:
1. Rediscount rate increase: It is normal activities undertaken by commercial banks: discount securities business for individuals in other cases re-chargeable with the CBE in this case the central bank raised the price of rediscount view to influencing the ability of banks belonging to reduce the volume of liquidity in circulation Market and this procedure is one of the measures to combat inflation.
2. The entry of banks (central bank) market sells securities in order to withdraw the sanction of the liquidity circulating in the market. Or what is called to enter the open market.
3. Increase the legal reserve ratio. Retain a portion of the commercial bank deposits with central banks and the higher the ratio decreased capacity as belonging to the banks. If the deposits, for example, (300) billion dinars, the proportion of reserve amount (25%) mean retention (75) billion, although the Central Bank lifted this ratio to (50%) mean reducing the ability of banks by affiliation (75) billion dinars will be no Legal reserve (150) billion, instead of (75) billion, and certainly affect the liquidity in circulation and thus reduce the rate of inflation.
Second: quality tools:
The quality tools, it is a way to persuade managers of commercial banks and officials from the banking association, state policy aimed at reducing liquidity in circulation in the market, and this policy is effective in developing the state more than in other countries.
Third: interest rates: (Interest rates)
Often accompanies interest rates borrowed funding sources, whether these sources, short or medium or long term, since capital is allocated in the framework of financial theory through interest rates, these rates vary according to varying terms of borrowing, interest on short-term loans are lower in When interest rates on loans while the long-term high interest rates on medium-term loans are between the two rates of exchange and increase interest rates when increased demand Capital from the current economic boom, has been available investment opportunities encourages investors to exploit the investment opportunities. And the expectations of investors a clear impact in increasing the demand for capital, as their expectations are that the economic situation is improving and that will lead to a boom economically provide investment opportunities available to investors and therefore increasing demand for capital and in the form of short-term loans which leads to increased short-term interest rates More than interest rates on long-term loans in contrast to rule which says that the interest rates on loans of more long-term interest rates on short-term loans, interest rates are affected by several factors consequent effects of these factors can ask the lender (creditor) bonuses added to real interest rates are Foremost among these factors:
1. Inflation rate (Inflation):
Affect inflation rates in industrial production costs for businesses generally, and there has been increased demand for capital to cover these costs. As noted previously, the decline in the purchasing power of money caused the increased need for funding. On the assumption that the estimates of a business, she pointed out that the cost of production line within a proposed annual plan for the coming year amounted to (10) million dinars, and when to implement a production line shows that this amount is not enough to cover the costs of setting up such a production line, but (15) Million dinars, the increase resulting from the increasing rate of inflation and devaluation of national currency, which has led to increased demand for capital and the increasing demand, leading to increased interest rates to finance the borrower, if the affected financial decisions for the installation work is not limited influence on interest rates but affects Inflation in the exchange rate of the national currency against other currencies, and adjust interest rates with inflation rates. In Germany, interest rates were less than their counterparts in the United States of America and is due to the rate of inflation in Germany was lower than in the latter State.
(Weston, et.al, 1996, p 774)
The inflation rates in the countries of South America between (10% 20%), which led to a rise in interest rates in the southern African states decreased compared to other States where inflation rates, and this is consistent with the theory Afshari (Fisher effect) over the difference between official interest rates in the country And another should be equal to the difference between the rates of inflation (mud ura, 2000, p. 232). This discrepancy explained the differences in the presentation of funds from the hand and saved the other hand, in the interest rates and a number of reasons for example, Japan's prominent role in the Japanese people to maintain high savings rates.
(H enning, et.al 1988, p. 427)
Because of inflation required lenders (creditors) as well as well known as inflation (Risk premium) added to the real interest rate, if the real interest-free risk (Kx) as well as the addition of inflation (IP) becomes the interest required as follows: K = Kx + IP
Weston & Brighan, 1993, P. 13 0))
Some lenders may be asked allowances for liquidity and liquidity meant the ability of any asset to be converted into cash quickly and without loss, and thus a measure of the degree of liquidity of the investment policy instruments, bonds and cash is in addition (LP) as well as calls by some credit risk (DRP) and the addition entitlement (MRP) and therefore become the equation Interest required by the lender are:
K = Kx + IP + DRP + MRP
2. Supply and demand:
Increasing demand for borrowed funds in cases where the national economy of the state in case of recovery and boom, to provide investment opportunities for investors and different levels of risk and return potential of any investment opportunity, to be selected, and the attendant increase in demand for funds increase in interest rates, while increasing Show laundering leads to lower interest rates.
3. Exchange rate (Exchange rates)
A. The exchange rate relationship between the currency conversion, depending on supply and demand relations between the two currencies, the foreign exchange rate, is the rate of a currency unit with a currency unit to another interview, and is expressed in the process of national Iraqi dinar against the dollar or dinar Jordanian or Syrian lira or the French franc against the deutsche mark, which reflects the foreign exchange rate (Foreign Exchange Rate). On the quantity of units from one of the two currencies are traded one unit of currency other, and there are two kinds of exchange rates are fixed exchange rates (Fixed Exchange rate) and the free exchange rate (Free Exchange Rates).
1. Fixed exchange rates: Fixed exchange rates determined in light of some of the foundations set by the administration official in the State to determine the fixed exchange rate does not change this relationship between the two currencies only within very limited margins
2. Free exchange rates: changing the exchange rate of the national currency against other currencies based on the relationship between supply and demand for the currency in the foreign exchange market, and this change is being freely in the exchange rate free
B factors influencing exchange rates:
The exchange rates are affected by several factors, notably:
1. The high exchange rates of foreign currencies which leads to the devaluation of national currency against these currencies.
2. Decline of exports or lower prices affect the volume of cash flows into the country
3. Wars and natural disasters affecting the national economies of the countries affected, since the imbalance in the national economy which leads to the devaluation of national currency against other currencies.
4. Inflation rate: high inflation rate in national economies to the depreciation of the national currency against other currencies, and thus affected the exchange rate leading to an increase in the number of units of the national currency to be exchanged one unit of foreign currency to meet them.
5. External debt and debt service: The external debt burden is one of the burdens of the national economy as well as debt servicing of the annual premiums benefits some countries may resort to reschedule its debt with creditors in return for the benefits of high, which makes these countries benefits not paid the premiums and original this means disruption The national currency against other currencies.
6. Interest rates: Interest rates affect the exchange rate in an indirect, Falling interest rates with the availability of investment opportunities, leading to increased demand for capital investment of view, and realized investment and stimulate the national economy and investment to achieve double the strength of the national economy, leading to an improvement in the value of national currency Against other currencies. While such high interest rates to avoid the trend towards borrowing by investors and result in declining investment and low economic growth leading to counterproductive results lessen the strength of the national economy and reflected the value of national currency against other currencies.
The exchange rate does not accurately reflect the nature of reality or exchange rates against other currencies since this had been officially fixed price, the parallel exchange rate is a clear indication of the national currency. However, the overall situation in Iraq and because of the blockade imposed since mid in 1990 where no export or import only limits the memorandum of understanding quite different exchange rates and excessive, as the U.S. dollar exchange rate against the dinar exceeded (2000%) up and down, has got higher The value of Iraqi dinar against the dollar in 1996 due to the oil for food agreement and therefore the U.S. dollar exchange rate fell to 50% from the previous exchange rate sometimes less than that except that the continuation of the general situation of the blockade led to a decline in the exchange rate of the dinar against the dollar once again, where is Decline to become a U.S. dollar exchange rate beyond 2000%.
Despite the lifting of economic sanctions on Iraq after the occupation of Iraq Anglo American occupation forces to pump millions of dollars into the market through the salaries of employees in state organs which had been expected to lead to a rise in the value of Iraqi dinar against the dollar which has actually happened since the exchange rate is 1200 Dinar against the dollar, but the continued absence of power back to this price to rise again to become currently exceed 1800 dinars to the dollar since the market mechanism is subject to the wishes of speculators and traders of war, is due to inflation resulting from the blockade destruction. The interest rates are the prices at which the update of borrowers and banks were firm throughout the duration versus low interest rates granted to depositors for deposits Generally speaking, interest rates were not moving at variable rates of inflation and for reasons that the most prominent of the three countries and Muslim countries that deal did not benefit and common He found a limited deal.
IV: Conclusions and Recommendations:
A. Conclusions: The conclusions are highlighted as follows:
1. High or low rate of inflation will lead to higher rates of interest rates.
2. Higher interest rates reduce demand by investors and businessmen on the assumption, while pared encourage assumption and investment, which would double the investment and follow-up to the national economy and improve the value of national currency.
3. Affected by exchange rate inflation rates, high inflation leads to the depreciation of the national currency and, accordingly, changed the exchange rate.
4. Stability of exchange rates in some countries and this is not consistent with changing economic conditions.
B. Recommendations: researcher recommends the following:
1. Reduced government spending in all its forms and raise the tax rate on the profitability of activities that do not reflect the positive effects on the national economy.
2. Activating the role of central banks (central banks) in the practice of monetary policy to influence the direction of liquidity circulating in the market.
3. Activating the role of the Ministry of Finance in the exercise of fiscal policy to influence the liquidity circulating in the market as well.
4. Make data available to researchers on inflation and interest rates and exchange rates, the official and parallel specific.
5. Revitalizing the role of productive enterprises to increase production and improve performance.
http://alfuratuniv.net/forums/index.php?showtopic=3459
Report: Iraq windfall soars along with oil pricesStory Highlights
Iraq is expected to see $70 billion windfall as oil prices rise, U.S. military says
Official says oil production is still low, but price has nearly doubled since 2003
Congress has OK'd $47 billion for reconstruction since war began, report says
Iraq has spent $50 billion on reconstruction projects, inspector-general says
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WASHINGTON (CNN) -- Iraq's government is expected to reap a $70 billion windfall from soaring oil prices, about double the previous projections, the U.S. military's reconstruction watchdog reported Wednesday.
Before the U.S.-led invasion in 2003, Iraq was producing up to 2.5 million barrels of oil a day.
Although Iraq's oil production remains below its pre-war peak of 2.5 million barrels per day, the price per barrel has more than doubled since the U.S.-led invasion in 2003, said Stuart Bowen, the special inspector-general for Iraq reconstruction, in his quarterly report to Congress.
The issue has become a sore spot for some U.S. lawmakers as the war enters its sixth year, with both Republicans and Democrats raising complaints that U.S. taxpayers are footing the bill for reconstruction work in the now-flush nation.
Congress has approved about $47 billion in reconstruction funding since the invasion. About $30 million of that has been spent, the inspector-general's report found, and the country's U.S.-backed government was paying about half the cost of reconstruction projects by the end of 2007, the report states.
But further progress will depend on Iraq's ability to spend what it has budgeted and to keep a lid on a pervasive culture of corruption, which Bowen's office has described as a "second insurgency." Iraqi officials have said they plan to issue a supplemental budget to manage the additional money, according to Wednesday's report.
"This supplemental budget presents an extraordinary opportunity for Iraq to expand its infrastructure investment, but it also heightens concerns about corruption," the report states.
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And even when projects have been completed, other problems have prevented them from being fully effective: A $277 million U.S.-funded water-treatment plant in the southern city of Nasiriya, about 200 miles south of Baghdad, was running at about 20 percent capacity because it lacked a reliable power source and trained employees, Wednesday's report stated.
A report this week found that 112 contracts were canceled due to poor performance or delays, and others were scaled back after problems emerged, effectively breaking the deal "without the need to terminate for convenience or default." Scaling back those projects is "an appropriate process," the report found, "but does mask problem projects to the extent they occur."
The reports were released as crude oil futures neared $120 a barrel, driving higher gas prices among an American public already unhappy with the war.
Defense Secretary Robert Gates told the Senate Armed Services Committee that he heard lawmakers "loud and clear" during hearings this month and would cut $171 million that had been slated to build police stations in Iraq.
"We will seek full funding from the government of Iraq for this purpose," he wrote in a letter released Tuesday by the committee's chairman, Michigan Democrat Carl Levin.
Iraq has spent about $50 billion on reconstruction projects, with international aid adding another $16 billion to the total, Bowen's office reported. Though the amount Gates trimmed Tuesday is a small fraction of what U.S. taxpayers have committed, Levin called it an "important first step."
"It's a significant message to the Iraqis that there is a lot of pressure from the American people, from the Congress, to stop spending a lot of money in Iraq for things the Iraqis can pay," he said.
When President Bush launched the invasion of Iraq in 2003, administration officials told Congress that Iraq could finance its own reconstruction with oil revenues. E-mail to a friend
CNN's Lisa Desjardins and Ted Barrett contributed to this report.
Good, bad and ugly of Iraq
By Mayada Al Askari, Staff Writer
Published: May 05, 2008, 00:28
When we look at Iraq today, we see two contrasting images. The bright side is represented by the conference that was held in Kuwait recently, where Iraq's neighbours and world powers hailed the Iraqi government in Baghdad for cracking down on militias.
The darker side is the breakdown in the command structure of Al Mahdi army, wherein several groups called the "special forces" do not abide by Moqtada Al Sadr's orders, which in turn has created a law and order situation in Basra.
On several occasions, Prime Minister Nouri Al Maliki has emphasised on his non-sectarian speech, which was embodied in his Sawlat Al Fursan (Charge of the Knights) operation that was launched to rein in Al Mahdi Army.
This move in itself amazed Iraqis, for it was inconceivable that a Shiite leader, such as Al Maliki, would raise a finger against a Shiite militant group, let alone lead a full fledged armed operation against them.
It might be easy for many to dismiss the operation as bloody and unnecessary, but Iraq's southern capital, Basra, was in dire straits and controlled by unruly militiamen. A large percentage of Basra's lawlessness was the result of illegal and criminal acts carried out by these forces and other illegal militias as well.
The current showdown between militiamen and Al Maliki's government has turned Al Sadr City into a prized possession for both sides. Each needs control of the district, on the outskirts of Baghdad, which was carved out in the 1950s for workers coming from the provinces.
Al Mahdi's "Special Forces" use the location to launch their 120 and 240 mm shells to hit the International Zone, and Al Maliki to enforce his newfound determination to enforce the "rule of law".
Cramped houses
In the 8-square-mile zone of Al Sadr City, where Shiites live in cramped houses that are packed along narrow alleyways, people are being killed indiscriminately. Needless to say, the innocent civilians are held by militiamen as human shields which is something Iraqis have become accustomed to since the days of Saddam Hussain.
The stalemate will continue for a while and the innocent will continue to be killed. Al Maliki refuses to negotiate with any party or group. He repeated on several occasions that the Iraqi government would neither talk nor deal with armed outlaws.
When I spoke to the Iraqi Prime Minister's Press Officer a few days ago, he said: "No, he will not negotiate with any group, as he is not targeting the Sadrists or any other group. The operation is targeting illegal militiamen, regardless of their affiliation. Al Maliki's sole purpose is for the rule of law to preside and for Iraq to enjoy stability, security and peace. This is his decision and he will never back down."
On the other hand, the Sadrists have contacted several senior Iraqi officials to be able to reach a deal for military operations against Al Sadr city to stop.
Even if they do, it will be futile, for two reasons, the first is the government says it's not targeting the Sadrists in particular, as its aim is to disarm all illegal armed groups.
The other reason is, the "Special Forces" responsible for all the unruliness in major parts of Baghdad and southern governorates do not obey Al Sadr, or any other Iraqi authority.
With the situation in a flux, the civilians suffer the most, which reminds us of the wild west of a hundred or more years ago.
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More finds retrieved by Antiquities Department
Azzaman, May 6, 2008
The Antiquities Department has acquired 463 artifacts uncovered illegally from ancient sites in the country.
The finds were delivered to the Iraq Museum by ordinary Iraqi citizens who said they had purchased them from smugglers and illegal diggers.
“All the pieces were unearthed illegally from archaeological sites in the country,” the department said in a statement.
Iraqis delivering finds to the museum are rewarded financially. The department asks no questions on how they came into their possession and presses no charges.
The statement said some of the artifacts were damaged and would be passed to the department’s repair and maintenance section to have them repaired.
Excavation is an extremely delicate and demanding business and digging requires long experience and considerable expertise and skill, the qualities no illegal digger can have or even care about.
The treasures, according to the statement, represented cylinder seals, pots, cups and other utensils some of them of high quality.
The statement did not say how much the department had to pay for their retrieval.
But the high number of artifacts – all archaeologically significant – shows that illegal digging is widely practiced in Iraq where thousands of mounds belonging to different ancient civilizations now lie unprotected.