LMAO...TRUE...I think they need something sooner..imo

NICE !!!!!!! As head of the Baghdad Chamber of Commerce, Amjad Nation on the success of the monetary policy followed by the central bank in controlling the exchange rate of the dinar against the dollar and counting ballots policy being maintained positions of trade losses which they are exposed by the monetary shocks.
.. He said: The Central Bank and the Ministry of Finance succeeded in supporting the national economy in their policy of monetary and fiscal .. . Promised to raise the value of the Iraqi dinar One of the results of these policies.
. Nation called for the private business sector relying on the national currency "Iraqi dinar" in business dealings, said: "The future of our national currency and the gradual policy of reducing the rate of the dinar to the dollar to maintain lead on the trade market from collapse.
. As called for the adoption of the policy of import limit the chaos that afflicts the commercial market represented dumping Basa commodity and especially poor and believes in the need for controls and standards for the import policy and to ensure control of the import and the responsibility of the Ministries of Finance, Trade relying on the representatives of chambers of commerce.
.. With regard to increasing or stable prices for commodities and goods despite the devaluation of the dinar to the dollar this situation where progress will be competition, which will balance supply with demand .. . Promise situation temporary and soon expire.
http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://www.iraqdirectory.com/DisplayNewsAr.aspx%3Fid%3D5482

Democrats really endorse these two friggin idiots? geez...Black versus whack...Republicans will win again....lmao

Is OPEC still in control?

--------------------------------------------------------------------------------

Although the Organization of Petroleum Exporting Countries (OPEC) head of States refused to discuss production level and how to curb rising crude oil prices in the international market at its November 17 meet in Riyadh , Saudi Arabia, this has become nightmare to many countries as they struggle to keep their economy alive.
Though the organization has pumped additional 500,000 barrels into the market with a new production ceiling of 27.2 million barrels a day from its previous quota of 25.8 million barrels a day since November, it has been no hold back as prices hovered close to $100 per barrels from $78 in August. Quite a number of reasons have been posited. At initial stage, it was attributed to OPEC indiscipline, and renewed geopolitical tensions; robust Asian demand and a weak US dollar have worked nicely for oil bulls. This was shifted to economical uncertainty and risks to oil demand brought on by the turmoil in financial markets. Whatever the cause may be open insisted that the world economic performance in 2007 is expected to remain relatively firms, and slightly lower than in 2006.
Can production meet demand?
In spite this OPEC’s 10 members’ production according to the United States based International Energy Agency (IEA) could increase by 1.2 million bbl/d by the fourth quarter of 2007 when compared with fourth quarter 2006 levels and also boost crude-oil to 31.4 million barrels a day in 2008.
“In 2008, EIA expects that OPEC will increase production slowly, to an average of 31.4 million bb/d, in order to manage inventories and maintain price,” the EIA said order to manage inventories and maintain prices,” the EIA said.
OPEC, excluding Iraq and Angola , pumped 26.39 million barrels a day in the second quarter of 2007, according to the EIA and with Iraq and Angola , produced 30.09 million barrels a day in the period.
According to EIA rising demand for OPEC crude is expected to keep pace with increases in oil production capacity, meaning that surplus capacity will probably stay in the range of 2 million – 3 million barrels a day Non-OPEC production is expected to grow by roughly 0.7 million bbl/d in 2007 and 0.8 million bbl/d in 2008 (this excluding OPEC non-crude oil production growth of about 160,000 bbl/d in 2007 and 260,000 bbl/d in 2008). Output growth from non-OPEC countries reflects strong gains from new projects in the Caspian Sea , Russia , Africa , Brazil , and the United States . Declining production from mature basins in the North Sea , the Middle East , Mexico , and Russia will limit the growth potential from the new projects.
EIA’s consumption and supply projections suggest commercial oil inventories in countries within the Organization for Economic Cooperation and Development (OECD) could decline by 1.0 million bbl/d in the first quarter (compared with an average inventory draw over the past 5 years of 0.3 million bbl/d). Even though new capacity increases are expected over the forecast period in OPEC – 10 countries (particularly in the Persian Gulf ), continued strong demand growth will limit OPEC’s spare capacity cushion. On balance, EIA expects OPEC spare capacity to average over 2 million bbl/d in 2007 and 2008 compared with an average spare capacity of 1.3 million barrels per day in 2006.
OPEC’s indiscipline
OPEC within the last two years has held series of meetings to ensure that its members’ interests are protected with rising crude oil prices in the international market. For instance, it held two meetings in Doha , Qatar , last year and then in Nigeria , two months later where their decision to withdraw a total of 1.7 million barrels per day of crude oil from the international market was made known. The first accord in Doha , which came into effect on November 1,2006 reduced the production ceiling by 1.2m b/d to 26.3m b/d, while the second agreement entailed a further cut of 500,000 b.d and came into force on February 1, 2007.
.The new production target set has effectively erases most of a prior agreements made late last year for those 10 nations to cut production by 1.7 million barrels a day, to 25.8 million barrels a day. The new target of 27.2 million barrels a day is for those same 10 members, which excludes Iraq and Angola .
Even with the ceiling many of its members have many a times cut over produced and hardly adhered to quota allocation.
Future reserves
OPEC countries are leading others in crude oil reserves. According to current estimates, more than three-quarters of the world oil reserves are located in OPEC countries. The bulk of OPEC reserves are located in the middle East with Saudi Arabia , Iran and Iraq contributing 56 per cent to the OPEC total.
Even with the big increases in reserves were led by Brazil and Kazakhstan in 2006, OPEC added over 99 billion barrels of reserves, substantially more than the reserves additions made by other crude oil producers in the world.
Though OPEC reserves are increasing experts, are of the view that the world is currently producing more oil annually than it is replacing with new reserves. According to survey, global oil reserves declining by almost 13 billion barrels, or 0.9 per cent, over the last two years to 1.459 trillion bbl at the end of 2006 on a “proved plus probably” basis. The main reason for the poor performance in growing reserves, analyst said is a lack of additions to reserves from new discoveries, which account for 20 per cent or less of additions in the last few years. The high oil prices and sharply increased upstream spending budgets of most oil companies have not yet provided any significant improvement in global additions to reserves. The 10 leading crude oil reserves countries are Saudi Arabia with 288.6 billion barrels, Canada 178.6 Iran 133.1, Russia 124.7, Iraq 99.2, Venezuela 89.5, US 79.7 UAE 58.8, Kuwait 55.8 and Kazakhstan 41.4.
Demand for oil
Global oil consumption is expected to increase by over 1.4 million bbl/d in 2007, compared with a growth rate of 1.2 million bbl/d in 2006. But OPEC in its estimate said oil demand will rise by 1.3 million barrels per day in 2007, less than 2006 expansion of 1.4 million bpd,. China accounts for about one-third of the project growth in world oil consumption. Consumption growth is projected to average 1.5 million barrels per day in 2008. OPEC forecasts world oil demand next year will average 85.9 million bpd. Its growth projection is lower than that of the International Energy Agency (IEA). IEA, in a report estimated global oil demand in 2007 will rise by 1.57 million bpd, up from 1.21 million bpd in 2006.
The slowdown in demand and a surge in supply will lower the need for OPEC’s oil next year. Demand for OPEC oil in 2007 will drop by 700,000 bpd to 28.3 million bpd, the report said.
Save as stakeholders mondilo

http://www.businessdayonline.com/energy/3172.html

$2.5 Billion Iraq Natural Gas Project

--------------------------------------------------------------------------------

I wonderd when this might start happening.

Royal Dutch Shell Plc may spend $2.5 billion on a natural gas plant in southern Iraq to meet energy demand in the Middle East, where economies are growing 5.9 percent a year, according to a person involved in the plan. Shell met with Iraqi officials in The Hague last week to propose building a pipeline that would link the Basrah region to a new facility on the country's coast, the person said. Shell would also build a facility that could freeze 16 million cubic meters of gas a day and ship it to Kuwait and the United Arab Emirates, the person said.
Gas demand in the Persian Gulf grew 28 percent from 2003 to 2006 as the United Arab Emirates and Saudi Arabia developed steel, aluminum and chemical industries to curb their reliance on crude oil exports. Shell, based in The Hague, needs new energy sources after oil and gas production fell 14 percent in four years.
``The Gulf Arab states need extra sources of gas one way or another,'' said David Butter, a London-based senior Middle East analyst at the Economist Intelligence unit. ``And you'd expect Shell to be looking very closely at Iraq as it has unique potential.''
Iraq had 3.17 trillion cubic meters of gas in reserves at the end of 2006, according to estimates by BP Plc. The proposed project's daily output would be enough to supply about 14 percent of the U.A.E.'s demand, the BP figures show. Abu Dhabi National Energy Co., a state-run utility in one of the country's seven sheikdoms, plans to expand its power capacity by 78 percent, to 16,000 megawatts, over five years.
Iraqi Contracts
Shell may complete its proposal in about a week, the person said. Representatives in Shell's press offices in The Hague and in London couldn't be reached for comment. Calls to the Iraqi Oil Ministry spokesman weren't answered.
Middle East gas consumption has grown faster in the past decade than in the U.S., Europe and Asia, according to BP. Use of the fuel in the region almost doubled to 289 billion cubic meters annually in the 10 years through 2006, BP said.
Prices for Algerian LNG tripled in the five years through Sept. 30, according to Gas Strategies Group Ltd. Producers have charged more amid rising construction costs and a shortage of equipment and contractors.
LNG is natural gas that's chilled to a liquid, shipped by tanker and then turned back into gaseous form at its destination.



http://www.bloomberg.com/apps/news?p...jcw&refer=home

Qatar Spreads The Wealth

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WSJ(1/28) World Economic Forum: Qatar Spreads The Wealth
Zawya Dow Jones Newswires


Monday, Jan 28, 2008

(From THE WALL STREET JOURNAL)

By Andrew Critchlow

DAVOS, Switzerland -- Leaders from the oil-rich sheikdoms of the Persian Gulf were in demand at this year's World Economic Forum here. None more so than Sheik Hamad bin Jassem Al Thani, the 49-year-old prime minister of Qatar, owner of the world's largest natural-gas field.

But Sheik Hamad hasn't always had things his own way. Back in 1998, when oil prices hovered at about $10 a barrel, Qatar was near bankruptcy, with its credit rating almost falling below investment grade.

Things are different these days as Sheik Hamad, who is also Qatar's foreign minister and chief executive of its $60 billion-$100 billion sovereign-wealth fund, holds court in his suite on the top floor of the Seehof Hotel in this Alpine resort.

Qatar's 800,000 nationals are now the world's wealthiest people, with a per capita income that the International Monetary Fund predicted would exceed $70,000 last year. According to HSBC Holdings PLC, the nation's economy has grown six-fold in the past decade.

Gas is at the forefront of this turnaround. The sheikdom will export almost 33 million tons of liquefied natural gas this year, making it the largest shipper of the fuel. By 2012, this will increase to 77 million tons a year. Added to its output of about 1.1 million barrels a day of oil, that makes Qatar one of the world's biggest energy producers.

"We have to save a good amount of money for our people, for the generation coming," says Sheik Hamad, remembering the time when Qatar would come to Davos to plead with Western bankers for funds to finance the development of its natural-gas resources. The sheik says those bankers are now lining up at his door with offers.

The Qatar Investment AuthorityQatar Investment AuthorityLoading..., or QIAQIA
Qatar Investment Authority
News | Profile | Officers
, established eight years ago, is central to ensuring the Persian Gulf monarchy doesn't squander its vast energy-derived wealth. The sovereign-wealth fund has a diverse stable of investments, with stakes in companies including London Stock Exchange Group PLC and Raffles Medical Group Ltd.

Delta Two Ltd., an investment arm of the QIAQIA
Qatar Investment Authority
News | Profile | Officers
, which in November scrapped a $20.7 billion takeover bid for the third-biggest British supermarket chain, J Sainsbury PLC after four months of negotiations, now directly owns a 25% stake in the company. It also owns nearly 10% of Nordic stock exchange operator OMX AB.

The fund was even approached by a third party, Sheik Hamad says, about helping to rescue U.K. mortgage lender Northern Rock PLC.

Sheik Hamad says these holdings are about to swell, as the fund plans to take advantage of a slide in financial stocks to invest between $10 billion and $15 billion buying stakes in a "basket" of between 10 and 12 blue-chip U.S. and European banks within the next month.

As foreign minister, Sheik Hamad -- part of an inner circle around the nation's emir along with oil minister Abdullah bin Hamad Al Attiyah and Crown Prince Tameem Bin Hamad Al-Thani -- has been among the Gulf's most active officials in the diplomatic arena.

Qatar's foreign policy under Sheik Hamad is best described as pragmatic. In Davos, Sheik Hamad said he met with Ehud Barak, Israel's defense minister, amid rising concern over a reoccupation of Gaza.

"We don't want another war in the region, and it's a tough time, yes. The way to solve this is through consultation," he said.

Qatari pragmatism has also brought it into conflict with its Gulf neighbors, most notably Saudi Arabia. Riyadh has repeatedly objected to the Doha-based al Jazeera satellite networkal Jazeera satellite network
Al Jazeera Network
News | Profile | Officers
» Research
and last year, a 30-year-old border dispute flared up when Saudi Arabia threatened to block the opening of a $3.5 billion gas pipeline project between the United Arab Emirates and Qatar.

Sheik Hamad shrugs off concerns over those tensions. With no sign of a slump in energy demand, or an end to the economic boom in the Gulf, he expects the line outside his door to only grow longer.

$2.5 Billion Iraq Natural Gas Project

--------------------------------------------------------------------------------

I wonderd when this might start happening.

Royal Dutch Shell Plc may spend $2.5 billion on a natural gas plant in southern Iraq to meet energy demand in the Middle East, where economies are growing 5.9 percent a year, according to a person involved in the plan. Shell met with Iraqi officials in The Hague last week to propose building a pipeline that would link the Basrah region to a new facility on the country's coast, the person said. Shell would also build a facility that could freeze 16 million cubic meters of gas a day and ship it to Kuwait and the United Arab Emirates, the person said.
Gas demand in the Persian Gulf grew 28 percent from 2003 to 2006 as the United Arab Emirates and Saudi Arabia developed steel, aluminum and chemical industries to curb their reliance on crude oil exports. Shell, based in The Hague, needs new energy sources after oil and gas production fell 14 percent in four years.
``The Gulf Arab states need extra sources of gas one way or another,'' said David Butter, a London-based senior Middle East analyst at the Economist Intelligence unit. ``And you'd expect Shell to be looking very closely at Iraq as it has unique potential.''
Iraq had 3.17 trillion cubic meters of gas in reserves at the end of 2006, according to estimates by BP Plc. The proposed project's daily output would be enough to supply about 14 percent of the U.A.E.'s demand, the BP figures show. Abu Dhabi National Energy Co., a state-run utility in one of the country's seven sheikdoms, plans to expand its power capacity by 78 percent, to 16,000 megawatts, over five years.
Iraqi Contracts
Shell may complete its proposal in about a week, the person said. Representatives in Shell's press offices in The Hague and in London couldn't be reached for comment. Calls to the Iraqi Oil Ministry spokesman weren't answered.
Middle East gas consumption has grown faster in the past decade than in the U.S., Europe and Asia, according to BP. Use of the fuel in the region almost doubled to 289 billion cubic meters annually in the 10 years through 2006, BP said.
Prices for Algerian LNG tripled in the five years through Sept. 30, according to Gas Strategies Group Ltd. Producers have charged more amid rising construction costs and a shortage of equipment and contractors.
LNG is natural gas that's chilled to a liquid, shipped by tanker and then turned back into gaseous form at its destination.



http://www.bloomberg.com/apps/news?p...jcw&refer=home
__________________

I LOVE THIS READING.....LOL OLD OR NOT

Coins are almost all back..I have sweaty palms..he he

I know it's old but not yet bogus till it's over. I thought the denoms were interesting.

Iraq May Revalue The Dinar

13 Aug, 2007 - Iraq: Kurdish newspaper, Lasso printed in Baghdad that the Iraqi government on changes to key Iraqi dinar currency. A source from the Presidency of the Council of Ministers of the Economic Commission reported that they are preparing systems for the removal of the three zeroes on the Iraqi dinar and thus return to the status quo ante, that is, before the second war in 1991. According to the source, the reason for this decision is the low level of inflation in the Iraqi economy, as indicated by the same source close to the implementation of changes to the dinar and the issuance of new currency that will appear in the Kurdish language writing and pictures of the historic Castle Irbil. Bringing 1000 dinars equal one Dinara one, and thus allowing the notes 5, 10 and 25 dinars to replace the 5000, 10000 and 25000, the 250 and 500 dinars, and restoring a quarter and a half dinars.

Translated from ForatNew.com.
1 month ago
Source(s):
http://www.nachthund.biz/CatalogUpdate/I...

America's agreement with Iraq....GOOD STUFFFFFFF
But the "long-term relationship of cooperation and friendship" outlined in November goes far beyond an ordinary status-of-forces agreement. It would include promises of debt forgiveness, economic and technical aid, facilitating "especially American investments" in Iraq - and the security commitments, according to Bush and Maliki's joint declaration last November.
http://www.investorsiraq.com/showthread.php?t=66273

looking to draw in investors then lop? NO WAY PEOPLE...

That should lighten up over time as they will no longer be the only game in town...BOA will chime in and just to get your account I bet they dump all that bs fee....jmho

Launching a second tanker in the port of Basra next Sunday

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Launching a second tanker in the port of Basra next Sunday

. Oil Ministry announced that it Zhangjiagang tanker in the new Iraqi port of Basra next Sunday to be the second carrier in the fleet of vehicles for the Iraqi oil company.
". He said ministry spokesman Assem Jihad "The total capacity of the tanker named but believed that $ 14 thousand tons and with the same specifications Tigris first tanker which was inaugurated in the eighteenth month of January last, which had a capacity of 15 thousand tons."
واضاف طن. He added that the carrier contracted with a Chinese company and the equipment and techniques, the second Swedish European tanker out of three had been contracted by the ministry with China is expected to reach the tanker third in the coming months and a capacity of 18 thousand and 600 tons
http://209.85.135.104/translate_c?hl...%3D13%26m%3D19

Low inflation and its impact on monetary policy of Iraq,

the rehabilitation of the Iraqi cement plants
اعداد و تقديم: ناظم ياسين Preparation and submission: Nazim Yasin
تتضمن هذه الحلقة الجديدة من برنامج (التقرير الاقتصادي) مقابلة مع مستشار البنك المركزي العراقي الدكتور مظهر محمد صالح حول انخفاض معدل التضخم وتأثيره في مسار السياسة النقدية خلال المرحلة المقبلة. These include the New Programme (Economic Report) Interview with the Iraqi Central Bank adviser Dr. Mohammad Saleh appearance on the low rate of inflation and its effect on the course of monetary policy during the coming stage.
كما نستمع إلى مقابلة مع وكيل وزارة الصناعة العراقية لشؤون التنمية والاستثمار عادل كريم عن خطةٍ لإعادة تأهيل وتشغيل مصانع الإسمنت الثلاثة الكبرى في العراق. As we listen to an interview with Undersecretary of the Iraqi Ministry of Industry for development and investment Adel Karim plan for the rehabilitation and operation of the three major cement factories in Iraq.

** *** ** ** ** ***
انخفاض التضخم وتأثيره في سياسة العراق النقدية Low inflation and its impact on monetary policy Iraq
أعلن البنك المركزي العراقي أخيراً أن معدل التضخم السنوي انخفض إلى 12% في شهر كانون الأول 2007 من 65% عما كان عليه في الشهر نفسه من العام 2006. Iraqi Central Bank announced recently that the annual inflation rate fell to 12% in December 2007 from 65% lower than it was in the same month of 2006.
وأوضحَ في بيانٍ أصدره في العشرين من كانون الثاني 2008 بشأن التطورات السنوية في المستوى العام للأسعار وحالة التضخم للعام 2007 أوضح أن العراق لم يشهد مثل هذا الاتجاه الإيجابي والمشجّع منذ سبعة عشر عاما، بحسب تعبيره. He explained in a statement issued on the twentieth of January 2008 on the annual developments in the general level of prices and the state of inflation in 2007 said that Iraq did not witness such a positive trend and encouraging since seventeen years, according to the source.
وذكر البنك أن هذا التحسن يشير في حالة استمراره إلى مسار جديد للسياسة النقدية أقل تشددا في الفترة المقبلة لكن بشرط الحفاظ على مستوى مرتفع من الانضباط في الإنفاق الحكومي. The Bank said that this improvement in the case of continued refers to the new course of monetary policy less stringent in the coming period, but only to maintain a high level of discipline in government spending.
وكنتيجةٍ مباشرة لهذا التحسن وما صاحبه من ارتفاع في القوة الشرائية للدينار العراقي، تقرر خفض نسبة الفائدة المعتمدة لدى البنك المركزي العراقي إلى 19% بدلا من 20% وذلك اعتباراً من شباط 2008. As a direct result of this improvement, coupled with the rise in the purchasing power of the Iraqi dinar, it was decided to reduce the interest rate accredited to the Central Bank of Iraq at 19% instead of 20% with effect from February 2008.
وفي تصريحاتٍ خاصة لبرنامج (التقرير الاقتصادي)، عزا مستشار البنك المركزي العراقي الدكتور مظهر محمد صالح انخفاض معدل التضخم بالدرجة الأولى إلى تحسّن قيمة الدينار العراقي. In special statements of the (economic report), attributed the Central Bank of Iraq adviser Dr Mazhar Mohamed Saleh low rate of inflation primarily to improve the value of the Iraqi dinar.
وفي المقابلة التالية التي أُجريَت عبر الهاتف، تحدث أيضاً عن قضايا اقتصادية أخرى بينها دور نسبة الفائدة في تنشيط الاقتصاد المحلي. In the following interview conducted by telephone, also talked about other economic issues including the role of the interest rate in the revitalization of the local economy.
(المقابلة مع مستشار البنك المركزي العراقي د. مظهر محمد صالح) (Interview with the Central Bank of Iraq adviser d. Appearance Mohamed Saleh)

** *** ** ** ** ***

إعادة تأهيل مصانع الأسمنت العراقية Rehabilitation of the Iraqi cement plants
في إطار الخطوات الرامية إلى تحديث المصانع التابعة للقطاع العام، تعاقدت وزارة الصناعة العراقية أخيراً مع عدد من الشركات المدعومة برؤوس أموال عربية وأجنبية لإعادة تأهيل وتشغيل أكبر ثلاثة مصانع للإسمنت في البلاد. In the framework of steps to modernize factories belonging to the public sector, was hired by the Iraqi Ministry of Industry recently with a number of companies, venture-backed Arab and foreign funds for the rehabilitation and operation of the three largest cement plants in the country.
وفي تصريحاتٍ خاصة لبرنامج (التقرير الاقتصادي)، أوضح وكيل وزارة الصناعة لشؤون التنمية والاستثمار عادل كريم أن خطة إعادة تأهيل مصانع الإسمنت في القائم وكركوك والمثنى سوف تستغرق ثلاث سنوات وأن الشركات التي تم التعاقد معها وافقت على شروط المشاركة في الإنتاج مع الحكومة العراقية بنسبةٍ تراوح بين ثلاثين إلى خمسة وأربعين في المائة من إنتاج المصانع الثلاثة. In special statements of the (economic report), the Undersecretary of the Ministry of Industry for development and investment that just Karim rehabilitation plan in the existing cement plants, Kirkuk and Muthanna will take three years and the companies that have been contracted and agreed to the terms of participation in production with the Iraqi government by fluctuating between Thirty to forty-five per cent of the production of three factories.
وفيما يأتي نستمع إلى المقابلة التي أجرتها معه مراسلة إذاعة العراق الحر في عمان فائقة رسول سرحان بعد مراسم التوقيع على العقود مع الشركات العراقية الثلاث. With comes listen to the interview with him conducted by Radio Free Iraq's correspondent in Amman super Rasul Sarhan after the signing ceremony of contracts with Iraqi companies three.
(المقابلة مع وكيل وزارة الصناعة العراقية لشؤون التنمية والاستثمار عادل كريم) (Interview with Undersecretary of the Iraqi Ministry of Industry on development and investment Adel Karim)
الأرشيف

Demand for dollar up, exchange rate stable at daily auction

Baghdad - Voices of Iraq
Thursday , 24 /01 /2008 Time 10:03:21




Baghdad, Jan 24, (VOI) - Demand for the dollar was higher in the Iraqi Central Bank’s auction on Thursday, reaching $91.395 million compared to $55.245 million on Wednesday.
"The demand hit $13.095 million in cash and $78.300 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,213 Iraqi dinars per dollar, unchanged for the third session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).
The 15 banks participating in the auction offered to sell one million dollars, which the bank bought at an exchange rate of 1,211 Iraqi dinars per dollar.
In statements to VOI, Ali al-Yasseri, a trader, said, "the overall size of demand increased as yesterday's session was not attended by many traders due to the rainy weather leading them to make more bids in today's session."
Al-Yasseri added "the hike in demand for dollars in cash was due to that Thursday is the last day of the week in Iraq and traders usually need to pay their financial commitments cash in dollar."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Japan's experience, from the yen's revaluation to the collapse of its bubble economy, leaves deep lessons for other countries.

The first lesson is that a country should discreetly calculate chances, scope and affordability when deciding on a revaluation of its currency.

For a long time into the future, the US dollar will remain the main currency for foreign exchange reserves, trade settlements and circulation. Thus, only the United States can afford, in accordance with its domestic demands, to adjust the US dollar's exchange rate.

The outbreak of an economic crisis in Mexico and Southeast Asia demonstrates that developing countries, without strong economic and financial strength and the capacity to handle financial fluctuations, should be prudent in making decisions concerning appreciating or devaluing their currencies. Otherwise, serious consequences may occur.

The second lesson is that a country should take measures to prevent major foreign trade and investment risks.

Japan's substantial trade surplus with the United States since 1964, which stood at US$60.99 billion in 2002, has prompted the United States to adopt various ways to exert pressure upon Japan to appreciate the yen.

The purchase craze Japan started overseas in the late 1980s left a great risk for the country's economy.

At that time, Japan began all-out investment overseas. When its transnational companies began a mass retreat from overseas markets in the 1990s, heavy losses ensued.

It is said that Japan lost its trade surplus over the United States after its bubble economy collapsed.

LOL STRONG posted at same time....great!

things that make ya go HMMMMMMMMMM....

Revaluation of Japanese Yen, a historical lesson to draw: analysis
Recently some Japanese politicians have been busily engaged in activities here and there, with an intention to reach an agreement similar to the 1985 "Plaza Agreement", which resulted in forcing the Japanese yen to revalue, in order likewise to corner the Renminbi (RMB) yuan to revalue now.

Recently some Japanese politicians have been busily engaged in activities here and there, with an intention to reach an agreement similar to the 1985 "Plaza Agreement", which resulted in forcing the Japanese yen to revalue, in order likewise to corner the Renminbi (RMB) yuan to revalue now. However, we must ask, under what backdrop, and through whose hands the 1985 "Plaza Agreement" was reached? What did the forced revaluation of the yen bring to Japan? And why the Japanese government stuck tenaciously to its "low yen" policy, for which it has never hesitated to hurt its neighbors?


The US forced Japanese yen to revalue
After the collapse of the Bretton Woods system in the 1970s, Japan began to adopt the managed floating exchange rates. By September 1985, when the "Plaza Agreement" was signed, the rates of yen against US dollars had risen from its original fixed lowest point 360:1 to 240: 1. But the big rise didn't satisfy the American government, as it believed that it was just the extremely low value of yen, which strengthened the competitiveness of Japanese products against the Americans and resulted in the huge trade deficit of America to Japan. The deficit, having appeared in the middle of the 1960s, had expanded and reached 33.08 billion US dollars by 1984, a figure 1.23 times that of America's export volume to Japan.

Intending to solve the problem of "twin deficits" (financial deficit and trade deficit), the Reagan Administration in the second terms of office discussed the adjustment of current exchange rates by entrusting its finance minister Baker to call a meeting of G-5 finance ministers (France, West Germany, Japan, the UK and US). The meeting was held on September 22, 1985 at the Plaza Hotel of New York, at which the "Plaza Agreement" was signed with the US taking the lead. Its content at the kernel was, through common interference in foreign currency markets, to force the currencies of the other four countries, especially the Japanese yen and German mark, to revalue.

Under US pressure, the Japanese government and banks "honestly" carried out the "Plaza Agreement", starting to interfere the yen exchange market on a large scale together with the US. As a result the exchange rate of yen against US dollars skyrocketed, exceeding 200:1 by the end of 1985, going beyond 150:1 at the beginning of 1987 and nearing 120:1 in early 1988. This means that the Japanese yen had doubled its value against US dollars in less than two years and a half!


From yen revaluation depression to economic recession
We all know that the rapid growth of Japanese economy after the WWII was to a large extent driven by its fast expanding foreign trade based largely on the low exchange rate of yen. Therefore, the sharp yen revaluation enforced by the "Plaza Agreement" hit badly and directly the country's foreign trade, throwing readily Japan's economy, which depended heavily on foreign resources, into a "yen revaluation depression", (that is, depression brought about by the yen revaluation). In 1986, Japan saw its total export volume shrank by 15.4 percent, real GDP growth dropped by 1 percentage point; the industrial and mining production index decreased by 0.2 percentage point and the unemployment rate broke the highest record after the war.

To shake off the depression the Japanese government and banks adopted a series of stern policies and measures. One of them was the unprecedented "financial relaxation" policy, in which Japanese banks cut interest rate for five successive times and finally fixed it at the extremely low level of 2.5 percent. Under the prevailing financial liberalization and reduced capital demand for entity economy, the large amounts of abundant funds instigated by the extremely-low interest rate swarmed to stock and real estate markets, resulting in sharp expansion of economic bubbles with stock and land prices to soar up at the core. By the end of 1989 the Nikkei average stock price had climbed to 389,000 yen, expanding two times in four years! While during 1998 alone the land price around Japan's three major metropolitans rose by 43.8 percent, the Tokyo Rim rising even by 65.3 percent.

In early 1990s, the economic bubbles created by the yen revaluation suddenly blew up, plunging the nation into an unprecedented recession, from which the country has been trying to struggle out till today. During the recession lasting longer than a decade, almost all the important economic indexes registered the worst post-war record. By then Japan had completely lost its long-term advantageous position held in the after-war pattern of western economic growth, especially that over the US. To some degree we should say, after years of efforts as set out at the "Plaza Agreement", America finally has defeated its biggest rival in the field of international trade.


Japanese government sticks to "low yen" policy
The forced yen revaluation, which at first brought depression, then recession with blown up bubbles, is a bitter pill for Japan to taste. Upon deep reflection of the lesson, Japan has been deepening taking "low yen" policy as the guidance of the nation's exchange rate policy, even trying to make it the core of its whole foreign policy and macro-control system. For those defenses Japan would not hesitate to harm other nations' interests when inducing yen devaluation and preventing its revaluation. A typical example happened before and after the 1997 Asian financial crisis, when the exchange rate of yen against dollars, under official influence and manipulation, dropped sharply from 79:1 of 1995 to 147:1 in 1998, directly triggering and worsening the crisis. Currently the main official means of Japan to prevent yen revaluation is to put large amounts of yen into foreign currency market and buy in US dollars. According to the latest statistics released by the Ministry of Finance, during the last seven months Japan had officially put in more than 9 trillion yen into exchange market, refreshing its historical record of 7.6 trillion yen in 1999, in an effort to keep the rate against dollars below 115:1, a bottom-line acceptable to Japanese enterprises.

What is more important is that, as a key link of the "low yen" strategy, related departments of the Japanese government even went so far as to force RMB yuan to revalue. When G-7 finance ministers and central bank presidents met in last February, Japan tried to pass an agreement similar with the "Plaza Agreement" to force RMB to revalue. After that, at the Asia Europe Economic Ministers' Meeting in last July Japan declared that the excessive low exchange rate of RMB was "the main reason of global deflation", and tried to be hand in glove with the US to force RMB to revalue. But the question is, even if the yuan yields under pressure and China's economy is badly hit as was the Japan's, it is quite unlikely that Japan could get the benefits it has been seeking for.



This is an article on the seventh page of People's Daily, September 23, by Pro. Jiang Ruiping, Chairman of the Department of International Economics, Foreign Affairs College, Beijing; translated by PD Online staff member Li Heng.

GCC countries facing battle to control inflation says economist
Agencies
Published: January 24, 2008, 08:53

Davos: GCC countries are facing a huge battle to control inflation with more interest rate cuts predicted in the US, a leading economist has said.

Howard Handy, chief economist at Saudi bank Samba Financial Group said GCC central banks' decisions to peg the value of their currencies to the dollar had tied policymakers' hands.

Speaking at the World Economic Forum in Davos, he said: "This is an issue that is going to become harder to deal with, with further interest rate reductions on the part of the
U.S. yesterday and more likely.

“As long as they adhere to their established policy of holding the peg, then they have to look to other options to control inflation," he added.

http://www.gulfnews.com/business/Economy/10184398.html



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Gulf rate cuts could accelerate inflation

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There's only one way to fix inflation rate if you can't raise interest rates, raise the exchange rate. Their hand is being forced to reval. if dollar peg is maintained. IMO

Gulf rate cuts could accelerate inflation

By Babu Das Augustine, Banking Editor
Published: January 24, 2008, 00:06

Dubai: Gulf central banks' decision to cut interest rates following a similar move by the US Federal Reserve is expected to aggravate the already high inflation in the region and renew calls for currency revaluation.

The Fed, citing a weakening economic outlook and increased downside risks to growth, slashed rates by an aggressive 75 basis points (bps) on Tuesday.

Data out of the US has been weak recently, especially on the employment front, and the fall in stock markets has the potential to further dampen confidence, and reduce private consumption and investment.

"Real interest rates in the GCC were already negative and today's rate cuts will place them further into negative territory," said Monica Malik, an econ-omist with EFG Hermes.

Given the GCC currency pegs to the dollar, Gulf countries had to track US interest rate moves, although the differential between US and GCC interest rates has varied historically. The UAE Central Bank matched the Fed by cutting the repurchase (repo) rate by 75 bps to 3.5 per cent yesterday.

Higher risk

"With real rates sinking deeper into negative territory and the Middle East still recording strong domestic-led growth, increasingly lower rates run the risk of pushing inflation higher," Deutsche Bank said in a note.

Kuwait reduced rates by a lesser 50 bps, bringing its discount rate to 5.75 per cent and the repo rate to four per cent. Although Kuwaiti dinar is pegged to a basket of currencies, Kuwait indicated that it has cut lending rates to keep them in line with market rates and to avoid any systemic risk linked with the higher central bank lending rate.

Central Bank Governor Shaikh Salem Abdul Aziz Al Sabah admitted that it was a difficult decision, but said the gap between the dinar yields and interest rates on deposits in other currencies, including the dollar, had grown too wide.

"The aim is to reduce any negative effects that could result from the unjustifiably high margins Kuwaiti dinar deposits offer versus the main currencies," Shaikh Salem said in a statement carried by the official news agency KUNA.

Saudi Arabia, Bahrain and Qatar cut deposit rates by 50 basis points each. Saudi Arabia, Bahrain and Qatar continued their policy of reducing the reverse repurchase (deposit) rate, while keeping the repurchase (lending) rate on hold. The Saudi Arabian Monetary Agency (SAMA) also cut the reverse repo rate by a lesser 50 basis points to 3.5 per cent while keeping the repurchase rate at 5.5 per cent. In addition, SAMA raised the commercial banks' reserve requirement with SAMA to 10 per cent of deposits from nine per cent.

"The fact that a number of GCC countries reduced rates by a lower amount and/or kept lending rates on hold highlights that following the US' aggressive cuts are painful and that local central banks are trying to reduce the degree of monetary loosening," said Malik

With the GCC economic fundamentals remaining strong and economies booming, the interest rates are too low. The level of economic activity on the ground and credit growth and liquidity in the banking sector will remain strong in the GCC. These factors will continue to add to inflationary pressures.

Limited impact

Although some GCC central banks have been keeping lending rates on hold in an attempt to reduce the monetary stimulus of the interest rate cut, this policy will have only a limited impact on stemming credit growth. Firstly, given the strong level of liquidity in the banking sector, borrowing from the central banks is limited. Secondly, interbank rates are lower than central bank lending rates. That will also reduce the incentive for commercial banks to borrow from the central banks.

Based on the weakening economic data the Fed clearly hinted that further rate cuts are likely to come, which will result in similar moves in the Gulf.

"The committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks," the Fed in a statement after the rate cut on Tuesday.

"We think the Fed will maintain that easing bias for the next few meetings at least. Inflation risks do not appear high on the Fed's list of things to worry about at this point," Standard Chartered Bank said in a statement.

http://www3.gulfnews.com/business/Economy/10184313.html

Judging by that read they know what's up..it's good imo

Thx...It's true that Iraq is a rich in oil country but to just lop off zeros would not make basic commodities any more affordable for an average Iraqi citizen which is the situation at hand...

In arabonics..but I think it means that lopping in Turkey did not help the people and it WILL NOT help the people of Iraq..It's reval or bust...imho

http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://www.taakhinews.org/pages/ecnome.htm

Finance show of zeroes to reassure the consumer and the individual Iraqi re-awakening the Iraqi dinar is critical because they evaluate factors economy is not lifting the zeroes, in Turkey rose six zeroes did not affect the Turkish economy there in the absence of economic policy, and the weakness in performance Economic generally there is no culture of banking in State control on prices as well as the industrial and agricultural sector and the infrastructure is shattered, how low commodity prices!!

skip the big read...go to paragraph 13 baby!!!!

نجم بحري Nautical star
من خلال العديد من التصريحات الرسمية بين حين واخر تتكشف كثير من الخفايا والاسرار الكامنة.. Through several official statements from time to time to unfold many secrets and secrets inherent .. ومن ردود الفعل يمكن لنا معرفة الحقائق برمتها.. It is the reactions we can know the facts entire .. ومن هذه الزاوية سنضع تلك التصريحات التي تصدر عن مسؤولي الدولة ومن خلال مواقفهم الرسمية موضع الجد كي يكون الشعب العراقي على بينة من ذلك.. From this angle we store these statements issued by officials of the State and through the official position was seriously for the Iraqi people to be aware of that ..
لقد اكد الدكتور السوداني وزير التجارة العراقي بان وزارته تتحمل مسؤولية كبيرة في تأمين سلة غذاء ثلاثين مليون مواطن عراقي.. The Dr. Sudanese and Iraqi Trade Minister that his ministry bears a heavy responsibility in ensuring food basket thirty million Iraqi citizens .. فضلا عن تفعيل علاقات العراق مع العالم الخارجي. As well as the activation of Iraq's relations with the outside world.
واضاف الدكتور وزير التجارة قوله، من خلال ندوة اعلامية اقامها المكتب الاعلامي في الوزارة بان الوزارة بحاجة الى الاعلام والاعلام الموجه لان عملنا ليس مثاليا بل يحتاج الى رصد وتوجيه ووضع الامور في نصابها الصحيح من خلال الدور الذي تلعبه وسائل الاعلام في رصد المخالفات والتنبيه الى مكان الخلل بغية المعالجة وليس التشهير او القذف. He added Dr. Trade Minister saying, through an information seminar brought by the Media Office at the Ministry that the ministry needs to media and information-oriented, because our work is not ideal but needs to monitor and guide and set things straight through the role played by the media in the monitoring of violations and warned the imbalance order processing and not slander or libel. واردف قوله بان الاعلام يتحمل مسؤولية مخاطبة الناس وعرض الحقائق بطريقة منظمة والتنبيه الى الشائعات ونحتاج بذلك الى تدريب وفهم طرق الاعلام لنقل افكارنا الى المواطن بطريقة سليمة بغية اعطاء الصور الحقيقية لعمل مؤسسات الدولة. He said that the media has the responsibility to address the people and presentation of the facts in an orderly, alert to rumors and so we need to be trained and understand the ways to transfer information to our citizens proper way to give real images of the work of state institutions. واشار السيد الوزير الى ان وزارته تتحمل مسؤولية كبيرة في تأمين سلة غذاء الناس وتوفيرها الى ثلاثين مليون عراقي وهذا يحتاج الى مناقلات ضخمة وتعاقدات معقدة. The Minister pointed out that his ministry bears a heavy responsibility in ensuring food basket provided to the people and thirty million Iraqis and the need to transfer large and complex contracts.
واكد الوزير حول الحاجة الى مراكز بحث علمي وميداني مستمرة بوضع الدراسات التخصصية لمعالجة الامور السلبية ووضع الاليات والبرامج التي تهدف الى رفع كفاءة الموظفين واعطائهم الفرص الكافية للاطلاع على اخر المعلومات الحديثة. The minister stressed on the need for scientific research centres and field continuously develop specialized studies to address the negative things and to develop mechanisms and programmes aimed at raising the efficiency of the staff and give them adequate opportunities for the latest information technologies.
هذا وقد ترأس الدكتور في اجتماع استثنائي قبل مدة للملاكات الداخلية في الوزارة بحث فيه معالجات عدة تتفاوت في الخزين الستراتيجي في مخازن المحافظات واجراء المناقلات بين هذه المخازن لغرض معالجة النقص الحاصل في بعض المحافظات جراء اخطاء في خطط التسويق التي لا بد ان ترتبط بالحاجة المطلوبة فعلا. This was led by Dr. extraordinary meeting in advance of the tables in the Interior Ministry at which several treatments vary in stockpiling hinterland provinces in stores and transfers between these stores for the purpose of addressing the shortfall in some provinces due to errors in marketing plans, which must be linked to the need actually required.
واكد السوداني بان وزارته وبعد استقرار نسبي في الوضع الامني العام بانها ستتحمل المسؤولية ايضا في استقرار الامن الغذائي الذي يرتبط اساسا بالامن السياسي وقال السيد الوزير بانه تعاقد لتوريد اكثر من (525) الف طن من الرز من مناشء عالمية مختلفة وستصل هذه المواد الغذائية خلال الفترة القريبة.. He stressed that the Sudanese ministry After relative stability in the overall security situation that would bear responsibility also to the stability of food security which is essentially political and security minister said that the contract for the supply of more than (525) tons of rice from different origins and global reach of these food items during the period near .. واشار كذلك الى ان الوزارة ستعالج عشوائية التسويق من خلال خطة فيها برنامج واضح. He also pointed out that the ministry will deal with Random marketing plan through which a clear programme.
هكذا نجد ان التصريحات الصادرة عن المسؤولين في انشطة الدولة انما تعتبر وثيقة اساسية وورقة عمل قابلة للتنفيذ.. Thus, we find that the statements issued by officials in the activities of the state but is a core document and a working paper can be implemented .. فكيف تسعى وزارة التجارة بما صرح به السيد الوزير واهتمامه بالمواطن العراقي لاشباع حاجاته المعاشية.. How The Ministry of Trade, including the statement by Mr. Minister, and concern for the Iraqi citizens to satisfy the pension needs .. في الوقت الذي نجد ان الاعلام يطلق ما يراه مخالفاً لتلك التصريحات من ان وزارة التجارة ستلغي (البطاقة التموينية).. While we find that the media called it deems contrary to these statements, the Ministry of Trade will be cancelled (ration card) ..

على المسؤولين عن تخطيط المشاريع في مدن الجنوب ان يقوموا بزيارات ميدانية الى اقليم كوردستان Responsible for project planning in the cities of the south to do field visits to the territory of Kurdistan

فريق عبد الرحمن دوسكي Abdul Rahman fled team
ما تحقق في اقليم كوردستان من بناء واعمار وخلال مدة وجيزة امدها 4 سنوات اغرب من الخيال، هذه الحقيقة شواخصها معالم الحضارة والمد الحضري والبناء الشامخ الذي يعكس الامكانات العالية في التخطيط والاختيار الامثل للمشاريع العمرانية. What has been achieved in the territory of Kurdistan building and reconstruction During his brief period of 4 years stranger than fiction, this fact Coa_khasha features and the tide of urban civilization and construction Shamikh, which reflects the high potential in the planning and selection of optimum architectural projects.
ليس هناك شيء ادل على حقيقة ما تحقق في الاقليم من تهافت (5) الاف شركة عالمية عربية واجنبية، عرضت رغبتها للاستثمار في كوردستان ومنها ما حظيت بذلك والباقي بانتظار الحصول على فرص.. There is nothing better evidence of what is actually achieved in the province of frequenting (5) Thousands of international companies that Arab and foreign countries, the desire for investment in Kurdistan, including what was so and the rest are waiting for opportunities .. ابرز المزايا التي وجهت عناية هذه الشركات صوب الاقليم توفر الامن والاستقرار السياسي والاقتصادي ووحدة القرار وصفاء النيات والذي يزور مدن اربيل والسليمانية ودهوك يشاهد ما تحقق من تطور اضفى على المدن جمالا وتنظيما ورونقا وجعلها في مصاف المدن العالمية ودول الجوار. Highlighted the advantages that drew the attention of these companies towards the region to provide security and political and economic stability and the unity of the resolution and clarity of intentions, which will visit the cities of Irbil, Dohuk and Sulaymaniyah watched what has been given to the evolution of cities, organized and beautiful candle and make it among international cities and the neighboring countries.
ولعل من اهم الاسباب وراء تحقيق هذه النتائج الباهرة تمتع الاقليم بقانون استثمار ناضج وقوي ومرن يتمتع بمزايا جاذبة لرأس المال الاجنبي حيث البيئة الاستثمارية المشجعة رافقها قانون ذو بنود مشجعة ومطمئنة وحافظة لاموال المستثمر الاجنبي والمحلي على حد سواء. Perhaps the most important reasons behind these results impressive Territory law that investment mature, strong and flexible to enjoy the benefits of attracting foreign capital investment environment, where the law is encouraging concomitant items encouraging and reassuring and portfolio funds to foreign and local investors alike.
من مزايا القانون السماح للمستثمر الاجنبي امتلاك الارض والمشروع وحرية التصرف في نقل رأسماله وايداعه في بنوك عالمية او محلية، والتامين على المشاريع، كما ضمن القانون للايدي العاملة المحلية فرص عمل وكذا الحال للقطاع الخاص في الحصول على امتيازات الشراكة والتنفيذ المباشر والاعفاءات الضريبية، توفر المعايير الحدودية ووجود مطاري اربيل والسليمانية يسهم ايضا في توسيع علاقات التبادل التجاري وسرعة تنقل رجال الاعمال واصحاب الشركات بين بلدانهم والاقليم الذي زينته مشاريع البناء والاعمار واضفت عليه رونقا وجمالاً وحضارة، هذه التجربة الفريدة في العراق لو كتب لها الانتقال الى مدن عراقية تتوفر فيها بيئة استثمارية ناجحة وتتمتع بمزايا الاستقرار الامني لامكن تحقيق تطور لطالما انتظرته تلك المدن سنينا طوالاً. Advantages law allowing foreign investors to own land and the project and latitude in the transfer of capital deposited in international banks or local, and insurance projects, and within the law of the hands of the local labour jobs, as well as the case of the private sector in access to the privileges of partnership and implementation of direct tax exemptions, provides criteria border and the existence of the airports in Irbil and Sulaymaniyah also contribute to the expansion of trade relations and the rapid movement of businessmen and company owners between their countries and territory bigger construction projects, reconstruction and gave it elegance and beauty and civilization, this unique experience in Iraq if it wrote the transition to Iraqi cities where investment environment successful and enjoy the benefits of Stability security for possible development, as long as those cities waiting for him for many years.
في جنوب العراق مثلا هناك عوامل جاذبة عديدة للاستثمار وها قد اقر قانون الاستثمار الاجنبي وما مطلوب الان المبادرة الى استثماره واطلاق المشاريع ودعوة الشركات كي تنهض وتحث الخطى صوب الحضارة والمدنية. In southern Iraq, for example there are many attractive investment here has approved foreign investment law and is now the initiative to invest and launch projects and invite companies to promote and urges the pace towards civilization and civil rights. من المفيد قيام هيئات الاعمار والبناء والقائمين على تخطيط المشاريع في مدن الجنوب القيام بزيارات ميدانية الى اقليم كوردستان وعقد مؤتمر هناك للاستماع الى الاليات والسبل التي مكنت الاقليم من تحقيق هذه النتائج المبهرة. Be helpful for the bodies of reconstruction and their project planning in the cities of the south field visits to the territory of Kurdistan and a conference there to listen to the mechanisms and ways that enabled the region to achieve these impressive results.
والان وبعد ان اطلقت التخصيصات لتنمية الاقليم نرى من المفيد ان تسرع مدنه في الافادة من تجربة كوردستان في جذب الاستثمارات العالمية كي تلحق بالركب الحضاري المتحقق والمتصاعد تدريجيا ًوبات على مدن الجنوب ترك الخلافات بهذا الشان والتعاون على البناء بما يوازي ما تحقق في كوردستان كي نقول حقا ان العراق باشر فعلا بعملية الاعمار والبناء. Now that PROFILE launched for the development of the region believe it is useful to accelerate its cities to benefit from the experience of Kurdistan in attracting international investments to inflict made up of civilization and gradually rising and the southern cities has left the differences in this regard and cooperation to build the equivalent of what has been achieved in Kurdistan to truly say that Iraq already started the process of reconstruction.

نقطة ضوء Point of view
دور المؤسسات الدولية في تفعيل اعمار الاقليم The role of international institutions in activating the reconstruction of the region

ميثاق طارق رشيد Charter Tariq Rasheed
بعد ان تهيأت الارضية المناخية لطبيعة الاوضاع السياسية في اقليم كوردستان العراق الفدرالي التعددي وتمت قيادة الزعيم (مسعود البارزاني) منذ اواخر العام 1991 حيث تشكلت اولى لبنات هذه الارضية الجديدة ذات معايير قانونية ولاول مرة في هذا الاقليم (حكومة نموذجية) اخذت على عاتقها احياء مخلفات الحروب المدمرة العاصفة بشعب كوردستان الابي الوديع... After the terrestrial climate favorable to the nature of the political situation in the territory of Kurdistan pluralistic and federal Iraq was Command leader (Massoud Barzani) since late 1991, formed the first building blocks for such new ground with legal standards for the first time in this region (the government model) took it upon themselves to revive the remnants of war the devastating storm the people of Kurdistan proud Depositary ... وتعتبر حكومة الاقليم نقطة ضوء امام شعب كوردستان اذ تتحمل المسؤولية التاريخية من حيث الاعمار ونقل الشعب الكوردي الى حالة التطور والتقدم... The Government of the Territory point of view of the people of Kurdistan as bear the historical responsibility in terms of reconstruction and the transfer of the case to the people supplying progress and development ...
ولذلك تترى على الاقليم مؤسسات عديدة وشركات كثيرة فاعلة من اجل النهوض بالاقليم اقتصاديا واجتماعيا. Thus ended the territorial many institutions and many companies actors for the advancement of the region economically and socially.
وفي ضوء تصريحات (د. ديندار زيباري) منسق حكومة الاقليم في الامم المتحدة في مؤتمر صحفي له مع منظمة اليونسكو اكد على ضوء تطبيق المادة (1770) الذي صدرعن مجلس الامن الدولي متضمناً العملية السياسية والاعمار في المجالات الانسانية في العراق الجديد لا سيما اقليم كوردستان الذي يتمتع بالثقة من لدن الشعب الكوردي خصوصا والشعب العراقي عموما.. In the light of statements (d. Dindar Zebari) coordinator of the Government of the Territory of the United Nations in a press conference with UNESCO stressed the light of the application of Article (1770), which Sdran the UN Security Council, including the political process and reconstruction in humanitarian areas in the new Iraq in particular Kurdistan province, which enjoy the confidence of the Kurdish people born in particular and the Iraqi people in general ..
واكد ديندار من خلال اللقاء الصحفي هذا بان في اقليم كوردستان اكثرمن تسع منظمات عالمية ذات طابع انساني واجتماعي تعمل ضمن اطار المساعدات الانسانية للاعمار والتطور. The Dindar of the press during the meeting that in the territory of Kurdistan Aktrmen nine organizations of a global humanitarian and social work within the framework of humanitarian assistance to reconstruction and development.
ان اعادة اعمار الاقليم يعتبر بداية للنهوض والتقدم لشعب ضاقت به المشكلات والويلات جراء الدكتاتورية من اكثر من ثلاثة عقود غابرة... The reconstruction of the region is a springboard for the advancement and progress of the people of the problems and narrowed by the scourges of dictatorship for more than three decades forgotten ... وله الحق في اعادة حياته من جديد وفق القرارات والاولويات التي نصت عليها المواد الثابتة في الدستور العراقي.. Has the right to life of the new resolutions and in accordance with priorities established by the articles in the Iraqi Constitution Fixed .. وبذلك فان تفعيل البنى التحتية للاقليم سيساعد على بناء مد الجسور مع باقي العراق الفدرالي التعددي وسيشعر العراقيون عموما ان الرخاء والتطور ينبعث من هذا الموقع الجغرافي الحساس في العراق.. Thus, the activation of the infrastructure of the region will help to build bridges with the rest of the D federal pluralistic Iraq and Iraqis generally feel that the prosperity and development resurrected from this sensitive geographical location in Iraq .. وان شعب كوردستان الذي يحتظن العراقيين في اشد الازمات السياسية انما سيكون الباب المفتوح لكل العراقيين الامناء على حرصهم ووفائهم للعراق الجديد. The people of Kurdistan who Ihtzn Iraqis in the worst political crises but would open the door for all Iraqis Trustees to keen and loyalty to the new Iraq.



معنى الائتمان المصرفي On bank credit

محمد فاضل حمادي * Mohammed Fadil Hammadi *
الحلقة الاولى The first
الائتمان المصرفي هو علاقة اجتماعية واقتصادية تقوم على اساس الثقة بين المؤسسات المصرفية والاطراف الاخرى من افراد وشركات ومنشآت في مختلف القطاعات (خاص ومختلط واشتراكي) لذلك فهو يعتبر من اهم الاستثمارات التي تعتمد المصارف عليها.. Bank credit is a social and economic relationship based on trust between the banking institutions and other parties from individuals, companies and establishments in various sectors (private and mixed and socialist) that it is one of the most important investments that rely upon banks ..
)لذلك فان المصارف تسعى لتوظيف ما يزيد من اموالها في مجالات الاقراض والاستثمار المختلفة) ان الائتمان المصرفي والتسهيلات المصرفية من اهم الاعمال او الخدمات التي يقدمها المصرف لزبائنه كما يعتبر من اهم الاستثمارات التي تعتمد المصارف عليها كونها احد المرتكزات الاساسية لمالها من مردود مالي عال وكذلك لتطوير وتنمية اقتصاد البلد وهو من اكثر اعمال المصرف ربحية بسبب ما يحصل عليه من فوائد اكثر من اعماله الاخرى وتمنح التسهيلات المصرفية لكل الانشطة الاقتصادية ذات المردود الاقتصادي العالي والتي تسهم في تنمية الاقتصاد العراقي لغرض تحقيق اهداف اقتصادية واجتماعية.. ), The bank is seeking to recruit more of their funds in the areas of lending and investment different) to bank credit and banking facilities of the most important items or services provided by the bank to its customers as one of the most important investments that banks rely on it as it was one of the fundamental cornerstones of their high financial returns, as well as to develop and the development of the country's economy, one of the bank's business more profitable because of the benefits it receives more than its other banking facilities granted to all economic activities with economic returns higher and contributing to the development of the Iraqi economy for the purpose of achieving the objectives of economic and social .. الخ. Etc..
مع الاخذ بنظر الاعتبار الضمانات المقدمة من قبل الزبائن وتقديراتهم المالية والكيفية التي يستطيع من ادارة اعماله لغرض خلق الربحية وبالتالي تفادي المخاطر التي يقع فيها الزبون اي (عدم مقدرته على السداد) والتي ستؤثر سلبا على المصرف. Taking into account the guarantees provided by the clients and their evaluations of financial and how they can work from the Department for the purpose of creating profitability and thus avoid the risk that in which any customer (no ability to pay), which will adversely affect the bank.
ان البنك المركزي العراقي يعتبر المسؤول الاول في تحديد السياسات المالية في البلد لذا يكون تخطيط الائتمان سنويا يقع ضمن اختصاصه والذي يقوم بتحديد السقوف الائتمانية للمصارف وحسب القطاعات الاقتصادية وفي حالة تجاوز المصارف على هذه السقوف تقوم باستحصال الموافقة من البنك المركزي العراقي لغرض زيادتها. The Central Bank of Iraq is responsible in the determination of financial policies in the country therefore be planning credit annually fall within the competence, which would identify the credit ceilings for banks and economic sectors as in the case of banks to overcome these ceilings are procuring approval from the Central Bank of Iraq for the purpose increased.
اما في حالة منح الائتمان مبالغ كبيرة في قطاعات الدولة المختلفة ومنها المنشآت الانتاجية والخدمية والتي تحتاج الى سيولة نقدية عالية تصدر لغرض تنفيذ خططها المستقبلية فالموافقة يجب ان تكون من قبل وزارة المالية وبفائدة محددة لغرض رفع السقف الائتماني من قبل البنك المركزي العراقي الذي صدر من قبل وزارة المالية. In the case of credit granting large sums in the country's economy, including production and service enterprises, which need high liquidity issued for the purpose of implementing future plans must be approval by the Ministry of Finance and interest rate specified for the purpose of lifting the ceiling credit by the Central Bank of Iraq, issued by the Ministry of Finance.
اما الموافقة على منح الائتمان فيجب ان تصدر من وزارة المالية مع تحديد المصرف الذي يقوم بالمنح على ان يستحصل المصرف موافقة البنك المركزي العراقي لغرض زيادة السقف الائتماني له. The approval of the granting of credit must be issued by the Ministry of Finance with the bank determine which grants that getting bank approval Central Bank of Iraq for the purpose of increasing the ceiling of credit to him.
ان الاساس ليس فقط توسيع قنوات الاستثمار لمختلف شرائح المجتمع لتلبية احتياجاتهم في تمويل نشاطاتهم الاقتصادية بعد دراسة المركز المالي والادبي بل في الكيفية التي يتم فيه استرداد القرض الذي سيتم منحه لذلك فان عملية الاستعلام عن الزبون السليمة والصحيحة التي تؤدي الى تقليل المخاطر. The foundation not only expand investment channels for the various strata of society to meet their needs in financing their economic livelihood after studying the financial position and the moral, but in how it is recovering the loan will be granted, the process of query on the customer sound and correct that lead to risk reduction.
* مدير مصرف الرافدين/ العطيفية * Director of the Rafidain Bank / Attiver

الحقيبة الاقتصادية Economic bag

ايرادات النفط تتجاوز 7 مليارات دولار Oil revenues exceeding $ 7 billion
قالت مصادر رسمية ان ايرادات العراق النفطية بلغت اكثر من (9) مليار دولار واضاف المصدر الرسمي انها اودعت مبلغ قدره (9.28) مليار دولار في صندوقها لتنمية العراق. Official sources said that Iraq's oil revenues amounted to more than (9) billion dollars, the official source added that it deposited the amount of (9.28) billion dollars in the fund for the development of Iraq.
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تسعة مليارات دولار احتياجات القطاع الزراعي Nine billion dollars needs of the agricultural sector
اكد خبراء زراعيون ان تنمية القطاع الزراعي وتفعيل اليات العمل فيه تحتل اولوية الغذاء للبلاد ان رصد هذا المبلغ سيساعد على النهوض بالقطاع الزراعي العراقي نحو الاكتفاء الذاتي للعديد من المحاصيل الزراعية. The agricultural experts that the development of the agricultural sector and activate the mechanisms of action when food is a priority for the country to monitor this amount will help boost agricultural towards Iraqi self-sufficiency of many agricultural crops.
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مشاريع تنموية في اقليم كوردستان Development projects in the territory of Kurdistan
ضمن اطر تحديث الواقع الاجتماعي الاقتصادي في اقليم كوردستان التقى السيد عماد احمد وزير الاعمار والاسكان مع ممثلي شركتي خور والتقني وكومفوس اليونانية وذلك لاستثمار رؤوس الاموال في خدمة التنمية الاقتصادية والتطور. Within the frameworks modernize the socio-economic realities in the territory of Kurdistan met Mr. Emad Ahmed, Minister of Construction and Housing with representatives of the two Khor, technical and Komvus Greek and for capital investment in the service of economic development and evolution.
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تخفيض اسعار النفط المحلي العراقي Reduce Iraqi domestic oil prices
في تصريح لمدير اعلام وزارة النفط/ هيئة الفرات الاوسط بان الوزارة قررت تخفيض سعر النفط العراقي في الداخل من 750 دينار الى 300 دينار للبيع المباشر. In a statement to the Director of Information and the Ministry of Oil / East of the Euphrates that the ministry decided to reduce the price of Iraqi oil in the interior of 750 dinars to 300 dinars for sale direct.
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حملات ترشيد استهلاك الكهرباء Campaigns rationalize electricity consumption
قامت مديرية انتاج الطاقة الكهربائية في محافظة ذي قار بحملة توعية كبيرة من اجل ترشيد استهلاك الكهرباء في المدينة وضواحيها وذلك كخطوة اولى من اجل التوعية الوطنية وسلامة الاستهلاك العام. The Directorate of electricity production in Dhi Qar large awareness campaign to rationalize consumption of electricity in the city and its suburbs as a first step to raise awareness of national integrity and public consumption.
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الدولار بين المد والجزر في سوق المال Dollar between tides in the capital market
ارتفاع معدل سعر بيع الدولار في البنك المركزي العراقي خلال الفترة الراهنة دليل على اقبال المواطنين على شرائه بينما يصعد الدينار العراقي وتكون السيولة النقدية قائمة في الاسواق المحلية والبورصة. High rate of the dollar selling price in the Central Bank of Iraq during the current evidence Iqbal citizens to buy while he and the Iraqi dinar cash list in the domestic market and the stock market.
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وزارة التجارة تسعى لشراء سلع سورية مستوردة The Ministry of Trade is seeking to buy imported goods Syria
اعلن وزير التجارة العراقي استعداد العراق لشراء السلع والبضائع السورية وتوزيعها على البطاقة التموينية للمواطن.. Iraq's Minister for Trade Iraq's willingness to buy goods and Syrian goods and distribution of the ration card of the citizen .. وهذه الخطوة جديرة بالذكر لتخفيف تأمين المواد الغذائية للشعب العراقي. These noteworthy step to alleviate secure food for the Iraqi people.

التضخم كارثة انسانية.. Inflation humanitarian catastrophe ..
استمرار ارتفاع اسعار السلع والخدمات بالرغم من هبوط سعر الدولار Continuing high prices of goods and services despite the weakness of the dollar

باسم الزبيدي On behalf Zubaidi
ان ظاهرة الارتفاع المستمر في اسعار السلع والخدمات تنشأ عن عدة اسباب: The phenomenon of the continuing rise in the prices of goods and services arising from the several reasons:
1- زيادة حجم الانفاق (الطلب) على السلع الاستهلاكية والانتاجية زيادة شاملة تفوق قدرة الاقتصاد القومي على انتاج السلع والخدمات مما يؤدي الى ارتفاع الاسعار بصورة مستمرة وهذا ما يسمى بتضخم الطلب وغالبا ما يسود في الدول النامية بسبب ضعف مرونة الجهاز الانتاجي. 1 - increase the volume of expenditure (demand) on consumer goods, productivity overall increase beyond the capacity of the national economy to produce goods and services, leading to higher prices continuously and this is what is called inflation and demand often prevail in developing countries because of the weakness of flexible production system.
بما ان الجهاز الانتاجي في العراق دمر اثناء الحروب التي افتعلها النظام السابق فضلا عن التخريب والدمار الذي حصل اثناء التغيير ادى الى تحطيم الجهاز الانتاجي العام والمختلط وحتى الخاص مما سبب ارتفاعاً في اسعار السلع لعدم وجود ضوابط في السوق من قبل الحكومة. Since the production system in Iraq was destroyed during the wars that created by the former regime as well as vandalism and destruction that occurred during the change led to the destruction of the productive apparatus and the mixed public and even private causing a rise in commodity prices to the absence of controls on the market by the Government.
2- ان الاستهلاك البذخي للفرد العراقي بسبب التعطش للسلع الاستهلاكية والانتاجية احد اسباب استمرار ارتفاع السلع خاصة بعد التغيير الذي حصل في العراق. 2 - that the extravagant consumption of the individual because of the Iraqi thirst for consumer goods and productive one of the reasons for continuing high commodity, especially after the change that happened in Iraq.
3- ان الارتفاع المستمر في الاجور النقدية يؤدي الى ارتفاع نفقات الانتاج وبالتالي ارتفاع اسعار السلع والخدمات المنتجة، لان الزيادة بالتكاليف تدفع الاسعار نحو الارتفاع وهذا ما يسمى بتضخم التكلفة. 3 - that the steady increase in cash wages lead to higher production costs and therefore higher prices for goods and services produced, because the costs increase pay rates upward and this is called the inflation cost.
4- ان عدم الاستقرار في الامن يدفع اصحاب الشاحنات اي ناقلي السلع الاستهلاكية والانتاجية الى وضع السلع في الاماكن التي تؤمن على حمايتهم او حياتهم، هذا يؤدي الى نقلها مرة اخرى الى مواقع السوق المحلية مما يؤدي الى ارتفاع اسعار السلع لان كلفة النقل سيتحملها المستهلك. 4 - that instability in the security truck owners pay any carriers of consumer goods and production goods to put in place that will ensure their protection or their lives, this leads to transfer again to the sites of the local market, leading to higher prices for goods because transportation costs borne by the consumer.
5- ان ارتفاع اثمان المحروقات وخاصة البنزين والكاز اثر على ارتفاع اسعار السلع لان (النفط) سلعة محورية تؤدي بشكل فعلي الى ارتفاع اسعار السلع والخدمات. 5 - The high prices of fuels, especially gasoline, kerosine impact on the prices of commodities because the (oil) a central effectively lead to higher prices for goods and services.
6- ان الانخفاض الكبير في قيمة الدولار في السوق العالمي له تأثير على ارتفاع اسعار السلع الاستهلاكية والانتاجية في الداخل لان اكثر السلع تشترى بالدولار. 6 - The dramatic decline in the value of the dollar on the world market have an impact on the prices of consumer goods and production at home because the dollar buys more goods.
7- ان الدعوة لاعادة هيكلية الاقتصاد وخصخصته لاعتبارات سياسية وضغوط خارجية بهذه السرعة عملية مرفوضة ويعد تدخلا في الشؤون الداخلية فضلا عن ان القانون الدولي لا يجيز لادارة الاحتلال ان يغير من واقع البلد الخاضع لها. 7 - The call to re-structure the economy and privatization of political considerations and external pressures that quickly process is unacceptable interference in the internal affairs as well as the international law does not allow for the management of the occupation to change the reality of the country under them. لان هناك سلعاً ومشاريع عديدة مدعومة من قبل الدولة بحالة خصخصة تلك المشاريع سوف تؤدي الى كارثة اقتصادية ومردودها السلبي سيقع على كاهل المواطنين ذوي الدخول المحدودة لا محال وسوف ترتفع اسعار السلع بسبب تقليص دور الدولة الاقتصادي. Because there are many goods and projects supported by the situation of privatization of state enterprises that will lead to economic disaster and the negative repercussions would burden on citizens with limited income will inevitably increase the prices of goods because of a diminishing role for the state economy.
المفروض لصندوق النقد الدولي محاسبة الحكومة وتوجيه القضاء لمحاسبة ومحاربة الفساد، هناك اموال بالمليارات اختفت خلال الاعوام (2004-2005-2006) اذا كان الهدف هو الاصلاح من قبل الصندوق عليه التحقيق باختفائها. Imposed IMF questioning the government and the judiciary to guide accounting and the fight against corruption, there are funds billions disappeared during the years (2004-2005-2006) if the objective is to reform by the IMF in the investigation they will disappear.
8- ان حالة الاحتكار للسلع من قبل التجار العراقيين اسهمت بشكل كيفي في ارتفاع السلع لان الاحتكار يحمي مصالح التجار من الخسارة مهما خفض سعر الدولار علما انهم لا يدفعون من الضرائب الكمركية سوى (5% -10%). 8 - that the state monopoly of goods by Iraqi traders made a qualitative rise in the goods because the monopoly protects the interests of traders to reduce the rate of loss Whatever dollar note that they do not pay taxes only customs (5% -10%).
9- السياسة الاقتصادية في العراق غائبة في سوق منفلت وبلا رقابة اقتصادية من قبل الحكومة، ولا توجد منافسة حقيقية بين التجار التي تعد هي الاساس في خفض سعر السلعة لذا فقدت السياسة الاقتصادية اهم اهدافها السامية في تحسين الاحوال والظروف التي يعيش فيها المجتمع والنهوض بالتنمية الاقتصادية والاستقرار الاقتصادي وحماية الاقتصاد الوطني. 9 - economic policy in Iraq absent in the market path, and without economic control by the government, and no real competition among traders, which is the basis for the reduction in the price of the commodity, therefore the most important economic policy has lost its lofty goals to improve the conditions and circumstances where society and the promotion of economic development and stability Economic and protection of the national economy.
10- للحفاظ على اسعار السلع يجب ان يكون التدفق النقدي متوازناً مع التدفق السلعي بعيدا عن الاحتكار وتحت رقابة الدولة لان التضخم سوف يمتص الارتفاع في النقود المهم الكمية السلعية التي يمكن الحصول عليها من قبل الفرد. 10 - to maintain the prices of goods must be balanced with cash flow flow away from commodity monopolies and under state control because inflation will absorb the rise in the quantity of money important commodity that can be obtained by the individual.
11- طبع الاوراق النقدية قبل التغيير الذي حصل في العراق اثر على تدهور وخفض قيمة النقود مما اثر على ارتفاع اسعار السلع والخدمات. 11 - printed banknotes before the change that happened in Iraq due to the deterioration of the value of money and thereby reduce the impact on the prices of goods and services.
12- تصريح وزارة التجارة (سوف ترفع خمس مفردات من البطاقة التموينية) جاءت متزامنة مع ارتفاع اسعار السلع والخدمات في العراق. 12 - statement by the Ministry of Commerce (five items will be lifted from the ration card) came simultaneously with the rise in prices of goods and services in Iraq.
13- الاساليب الترقيمية التي تسهم بها وزارة المالية برفع الاصفار لتطمين المستهلك والفرد العراقي باعادة صحوة الدينار العراقي عبارة عن وهم نقدي لان عوامل تقويم الاقتصاد ليست برفع الاصفار، في تركيا رفعت ستة اصفار ولم تؤثر على الاقتصاد التركي هناك غياب في السياسة الاقتصادية، وضعف في الاداء الاقتصادي بشكل عام لا توجد ثقافة مصرفية ولا رقابة الدولة على الاسعار فضلا عن ان القطاع الصناعي والزراعي والبنى الارتكازية محطمة فكيف يتم انخفاض اسعار السلع!! 13 - methods Altrgimih contributed by the Ministry of Finance show of zeroes to reassure the consumer and the individual Iraqi re-awakening the Iraqi dinar is critical because they evaluate factors economy is not lifting the zeroes, in Turkey rose six zeroes did not affect the Turkish economy there in the absence of economic policy, and the weakness in performance Economic generally there is no culture of banking in State control on prices as well as the industrial and agricultural sector and the infrastructure is shattered, how low commodity prices!!

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IRAQES جميع الحقوق محفوظة لدار التاخي تم التصميم من قبل All rights reserved IRAQES House fraternity by Design

way too much...let him end up with 100.00 saying "I wish"

wow....That was a good laugh !!!!! roflmfao

cool...thx

Negotiations between the Governments of the region and the Centre on continuing contr

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http://64.233.179.104/translate_c?hl...language_tools



Negotiations between the Governments of the region and the Centre on continuing contracts

(صوت العراق) - 23-01-2008 (Voice of Iraq) - 23-01-2008
mailto:?subject=News%20from%20Sotaliraq.com&body=h ttp://www.sotaliraq.com/iraq-news.php?id=8536

Negotiations between the Governments of the region and the Centre on an ongoing oil contracts

PUKmedia corpses essence 18:06:03 2008-01-23


A source in Baghdad for a special site that the meetings were still going on in Baghdad between the delegations of Kurdistan Regional Government and the Federal Government on the law of oil and gas and oil contracts, pointing out that the two sides did not reach so far into concrete results but there is optimism to reach a solution to the disagreements between the two sides.

The source added that the meetings continued for several days between the two sides did not receive any progress in the ongoing negotiations between the two parties.

ه. This wish Americans resolve existing differences between the two sides and not deferral

from Sept. 2006....

The Iraqi Dinar between the illusion of zeros and the game of economy
A lot have been said lately on the phenomenon of amending Iraqi Dinar. The word “Amendment” implies several aspects including improvement first. When this procedure was first stated by one of senior officials directly concerned with this subject, it was merely a general statement.

Later, this suggestion turned out to be the removal of three zeros from right side of the figure; thus ( 5.000.000) five million I.D. will be ( 5.000 ) five thousand I.D. many saw great good in this procedure but it is necessary to explain it scientifically.

The value of the currency affects many aspects which are linked to the National Economy like its strength and how much resource it has. It also, reflects the firmness of association when range and size of deficit to GDP represent how much that deficit is taking from size of GDP of a country; in other words, this ratio represent the size of the ( corrosion ) taking place in the GDP because of this shortfalls in the balances. Hence the economic imbalance which affects the structure of economy resulting this contradictory combination that finally leads to economic problems reflected on the economic process in this country affecting all joints of life and it is revealed even move the ordinary individual because it is directly attached to his average level of living.

Thus the existence of the deficit in the balance requires to filled by the state, and then there is the increasing demand for the foreign exchange to fill that deficit, that demand grows whenever the deficit does, and the size of the financial obligations of a certain country grows too, especially when these obligations means the increase in its foreign debts.

The high demand for the foreign exchange leads to the rise of the prices of the foreign currency which is subjected to the mechanism of the supply and demand and the requirements of the international or local market. This will lead to the devaluation of the local currency of that country and will be reflected on the living situation. In other words, the ratio of inflation in the economy which is obvious to the observer is actually in the increasing zeros added to the currency. This shows clearly in the Iraqi economy and the economies of such countries like Turkey, Italy, Iran, Israel and others.

Another important point is that the currency is issued and its value is determined according to a law issued by the state through the mechanisms and the institutes in charge of the financial policy in that state. So it is certainly not a viewpoint of a certain person nor just on opinion of this matter.

To recall some experience, Turkey, which has suffered from severe inflation after accepting the World Bank and the International Monetary Fund concerning the economic reform programs? , which led to progress in economic performance, but the price of this performance was paid by the middle class in society. This economical progress did not prevent the existence of a high inflation ratio that seemed to be obvious to the ordinary none-specialized observant to economy, like when you learn that the price of a loaf of bread is one million Turkish liras. It was then, the value of the currency was improved by removing zeros, and the price of the loaf became one thousand Turkish liras. But this was not done by re-constructing the Currency Law, nor by its Gold and Cash re-evaluation. It was by an internal procedure aiming at absorbing the fear, despair and frustration caused by the high ratio of inflation and so, the zeros were removed without a real change in the true value of the currency which represent the true value of the individual income; meaning, the amount of goods and services an individual could get. Thus, the removal of the zeros was no more than a ( monetary illusion ). So it is not a fundamental but rather a formal change that affects the mentality of those who deals with the currency more it affects the size of the economic transactions.

A reporter of one of the Arabic newspapers asked me about the impact of this decision, if applied in Iraq? My answer was that it would not exceed the ( monetary illusion ) and there would not be any real changed in the true value of the currency nor any re-evaluation to it, because such actions would require a re-construction of the whole Iraqi economy and the re-arrangement of the Iraqi economic papers affecting its bound with the Paris Club and its obligation to the conditions of the World Bank and the International Monetary Fund. This will not happen ; what will happen is an attempt to absorb the anxiety and frustration on the Iraqi currency dealer. We can not change the value of the Iraqi currency into a better state of value and pricing as long as there are still unpaid external debts and until we find the best way to deal with these debts.

Some dealers in the currency markets in the neighboring countries feared from the Iraqi Government taking such actions. This fear would have been normal during the reign of the fallen regime because of the unavailable freedom for the circulation of foreign exchange, the existence of the central market and the dictatorial philosophy then. But now, the freedom to deal with and circulate foreign exchange is available in Iraq because of the economical openness and the circulation of currency became free in and outside Iraq; but it is also subjected to the factor of supply and demand. There is also, the political stability which greatly affects directing the rates of the supply and demand and its management in and outside Iraq.

Any observer can sense this more clearly in the money markets in neighboring countries.

Finally, we have a long way to go on the way of the economic reform and reconstruction in order to improve the price of the Iraqi Dinar and its raise its value or as some would like to call it ( when the Iraqi Dinar gets its health back ). This is not impossible and tomorrow is not too far.
http://www.iraqdirectory.com/DisplayNews.aspx?id=2045

save this form....hope we need it....lol
http://msb.gov/pdf/fin104_ctr.pdf

Gulf slashes rates to keep pace with US
by Daliah Merzaban on Wednesday, 23 January 2008
RATES SLASHED: Gulf states cut interest rates to keep pace with the US. (Getty Images)Kuwait cut its benchmark interest rate for the first time in 18 months on Wednesday as Gulf Arab central banks moved to prevent tumbling US borrowing costs from putting pressure on currencies linked to the dollar.

Saudi Arabia, Bahrain and the UAE also lowered rates on Wednesday to match Tuesday's cut in US rates and Qatar was expected to follow suit, ignoring surging inflation across the region, analysts said.

Kuwait's 50 basis point cut came as a surprise. Unlike its neighbours which maintain a fixed dollar pegs, the country tracks a currency basket dominated by the dollar.

The basket gives Kuwait more flexibility on interest rates and the central bank has left the benchmark discount rate steady since July 2006, fearing lower borrowing costs would stoke inflation which hit a record high of 6.2% in September.

The central bank had lowered the repo rate by 100 basis points since September 12 to ensure investors betting on an appreciation of the dinar would not profit from better returns than they would get on US bank deposits.

On Wednesday it cut the benchmark to 5.75% from 6.25% and the repo, which guides interbank lending, by 50 basis points to 4%.

"The discount rate is the central bank's signalling mechanism. Lending rates should follow," said Giyas Gokkent, head of research at National Bank of Abu Dhabi (NBAD).

"This will encourage credit growth. Banks had been lowering their deposit rates but not their lending rates," he said.

Central Bank governor Sheikh Salem Abdul-Aziz Al-Sabah acknowledged it was a difficult decision, but said the gap between the dinar yields and interest rates on deposits in other currencies including the dollar has grown too wide.

"The aim is to reduce any negative effects that could result from the unjustifiably high margins Kuwaiti dinar deposits offer versus the main currencies," Sheikh Salem said in a statement carried by the official news agency Kuna.

Other Gulf central banks have avoided reducing lending rates at a time when record revenues from oil and gas exports are flooding banks with cash. The Saudi central bank cut its reverse repo, which guides bank deposit rates, to 3.5% from 4%. It left the main lending rate, the benchmark repurchase rate, at 5.5%.

The central bank of the world's largest oil exporter also raised the reserve requirement for banks to 10% of deposits from 9%, forcing lenders to keep more money in their vaults so that lower interest rates would not fuel inflation. Saudi inflation hit a 16-year high of 6.5% in December.

"With real rates sinking deeper into negative territory and the Middle East still recording strong domestic-led growth, increasingly lower rates run the risk of pushing inflation higher," Deutsche Bank said in a note.

The UAE reduced its repurchase rate by 75 basis points to 3.5% on Wednesday. Inflation in the UAE hit a 19-year high of 9.3% in 2006, the latest available figure.

Bahrain cut its benchmark one-week deposit rate by 50 basis points and left its lending rates on hold.

The US Federal Reserve slashed its benchmark rate by three-quarters of a percentage point on Tuesday in an emergency move to help a US economy reeling from a mortgage crisis.

Rate cuts add to inflation, currency pressure
Interest rate cuts heap pressure on central banks to revalue dollar-pegged currencies, analysts say.

copy frm anthr room* The Future Importance of Iraqi Oil in The International Oil Market

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Interesting read! Has some very nice underlying benefits to us!

http://www.iraqupdates.com/p_articles.php/article/26514

The following article was written for MEES by Dr Hussain, Oil Consultant and former OPEC Officer [ahussain@eim.ae].
In the future, Iraqi oil can play a very important role in the oil market to the extent that its production, and hence exports, may prove to have a positive impact on the global economy. This will happen provided that the Iraqi oil industry is developed efficiently and the authorities adopt the right and effective policies. In order for the Iraqi oil industry to develop rapidly and oil production to increase substantially this industry must go through two important phases simultaneously, namely rehabilitation and expansion.
A. Rehabilitation
During the last few decades the Iraqi oil industry faced substantial difficulties and severe problems. Before March 2003 these issues included: negligence, lack of maintenance and repair, UN sanctions, lack of investments, war damages, etc. After March 2003 these issues included: corruption, smuggling, sabotage, lack of sufficient investments, etc.
The rehabilitation of the Iraqi oil industry is required in both upstream and downstream operations. This includes drilling and development of oil fields, storage tanks, pipelines, refineries, pumping stations, oil terminals as well as training of staff and labor. Such rehabilitation can be implemented by the present South Oil Company in Basra and the North Oil Company in Kirkuk, and by the Iraqi National Oil Company (INOC) in the future as proposed by the draft Iraqi Oil Law.
Rehabilitation will help Iraqi oil production to increase from its present 2.5mn b/d to the pre-1979 level of 3.5mn b/d. According to some reports Iraq will have to invest at least $35bn to achieve this goal.
B. Expansion
With its huge proven oil reserves of at least 225bn barrels, according to some reports, Iraq can increase its oil production in the next 10 years to 10-15mn b/d. This increase can be achieved in two ways: through national and international investments.
1. National Investment
Through its present oil companies or in the future through the proposed INOC, Iraq can expand its oil production from the currently operating and producing oil fields, using its own financial resources. These fields such as Rumaila South and Rumaila North in the south, Kirkuk in the north etc, still contain large oil reserves. It must be mentioned here that whilst at present Iraq is earning annually between $30-40bn from oil exports, it will still have a limited ability to provide enough domestic investments for its oil industry. This follows as the Iraqi economy and its infrastructure are still in ruins, and to develop the infrastructure alone is estimated to require investment of at least $200bn in the next 10 years. Therefore in the next few years national investment may help Iraq to reach a maximum of 3.5mn b/d.
Domestic efforts to expand the oil sector are facing and will continue to face in the coming years the following problems:
a. Shortage of qualified and experienced staff, engineers and skilled labor, as many personnel have already fled the country.
b. Corruption.
c. Lack of efficient domestic private sector to provide the necessary goods and services.
d. Shortage of capital to invest in the oil sector.
e. It will take a long time to make the proposed INOC carry out its key duties and be in a position to function properly like ADNOC in the UAE and Aramco in Saudi Arabia. For example, these two companies with their vast experience can make use of foreign service contracts to develop their oil industries, while it will take INOC some time to reach their high levels of project implementation.
Therefore to say, as some argue, that service contracts are at present sufficient to develop the Iraqi oil industry is completely false. For example, during the last four years the Iraqi Ministry of Oil drastically failed to fully implement its budgets. Consequently Iraqi oil production remained below its pre-2003 level. It is therefore obvious from the above-mentioned problems that allocating all operating as well as discovered oil fields only to INOC, as some suggest, would be a very big mistake.
2. International Investment
For Iraq to expand its oil industry rapidly and be able to generate enough income to develop its economy it will have to rely to some extent on foreign investments.
It should be noted that the oil industry is a capital intensive industry, requiring large amounts of investments. For example, according to Citigroup, global upstream spending in 2008 will reach $354.6bn, compared with $324.4bn in 2007. For Iraq to increase its oil production rapidly to 10-15mn b/d will require several billion dollars worth of investments. This is due to the recent big global increase in the international costs of developing the oil industry for both upstream and downstream operations. Therefore Iraq is not in a position to provide the necessary capital to expand its oil production to very high levels. Its security and infrastructure expenditure alone will absorb most of its oil revenues. Thus domestic finance, as mentioned earlier, cannot help to increase Iraqi oil production beyond 3.5mn b/d.
Under the present circumstances, Iraq has no choice but to rely on foreign investment to raise its oil production to high levels. However, such investment must not exploit the Iraqi oil industry to the sole benefit of international oil companies (IOCs). Iraqi interests must come first to maximize Iraqi benefits from its oil operations. Iraq can do that by formulating international contracts including production-sharing agreements (PSAs) that will safeguard Iraqi interests.
It is absolutely unacceptable to exclude any kind of contracts including PSAs. The Iraqi authorities must choose those contracts most suitable to develop the oil industry and benefit the country to the maximum. The terms and conditions of such contracts can be stipulated by the Iraqi authorities and issued as tenders to make IOCs compete for them. To secure maximum benefits from such contracts Iraq can formulate them with the help of international consulting companies. Furthermore, there are now many oil producing countries using PSAs, which started in Indonesia and have since been adopted by Libya, Angola, Egypt, etc.
With the present international oil market conditions of high oil prices and limited surplus production capacity within OPEC countries, Iraq is in a very strong position to impose its terms and conditions on the IOCs wishing to invest in Iraq. Conditions can include the period of the contracts and the percentage of profitability which these companies can get. In addition, Iraq can include in these conditions a preference for oil companies prepared to invest in Iraq's downstream operations, ie to construct refineries and petrochemical industries to produce refined products and petrochemicals not only for domestic consumption but also for exports. In this way Iraq will not only increase its crude oil production but also expand its industrial base and add value to its oil operations.
Iraqis must realize that oil underground is worth nothing. At the same time, to keep the majority of the Iraqi people in poverty without exploiting the oil sector properly and sufficiently with the help of foreign investments can not be tolerated any more. We have to ignore all empty slogans against foreign investment as long as such investment is in the interests of the Iraqi oil industry. We must not be emotional when it comes to foreign investments in the oil sector. We must be realistic and try our best to use such investment to raise oil production and exports, and hence oil revenues, which can be invested to raise living standards of Iraqis which are at present among the lowest in the world.
It must also be mentioned that foreign investment in Iraq can be allowed for a certain period of time until it is able to develop its oil industry by itself through generating enough income to invest in its oil sector. Furthermore, in signing international contracts Iraq must be selective in allocating its oil fields and allow oil production to increase gradually without negatively affecting international oil prices. Thus oil production policies in Iraq must be studied and adopted carefully and wisely.
The Future Role Of Iraqi Oil Production In The World Oil Market
The Iraqi oil industry has many positive features, among them:
1. Large oil and gas reserves.
2. Low cost of oil production ($1-2/B).
3. Oil fields are located across Iraq.
4. Iraqi oil export routes are many and can go through several directions such as the Gulf, Turkey, Syria, Saudi Arabia, Iran, Jordan and Kuwait.
Given these advantages, Iraq can expand its oil production rapidly and supply the international oil market with substantial amounts of oil exports that may reach more than 10mn b/d. Considering the above possibilities Iraq can make use and benefit from the future development of the international oil market and especially the future rapid increase in the global demand for oil. The IEA estimates that world demand will increase from the present level of 85mn b/d to 116mn b/d in 2030. In other words, in the next 23 years the global demand for oil will increase by about 30mn b/d. How will this increase be met and by whom?
Most of the world oil reserves (1,200bn barrels) are located in OPEC countries with its share reaching 76%. The Gulf countries’ share (Iraq, Iran and GCC states) is 62%.Therefore, there is a concentration of global oil reserves in a few countries, namely in the Gulf region including Iraq.
With its present oil production policies, it is doubtful that output in the Gulf countries will increase sharply to meet the rapid expected increase in global demand. For example, Saudi Arabia, with the largest oil reserves in the world, intends to increase production during the next few years by only 1.5mn b/d. Similar increases are expected in Kuwait, the UAE and Iran. In total, these four major oil producing countries may only increase output in the coming few years by 6mn b/d. So who can help to fill the gap and be able to meet some of the future increase in the world demand for oil? The answer is very simple: Iraq.
Hence, if the IEA prediction materializes, then Iraq will certainly play a very important role in supplying the international oil market with a large quantity of oil to meet the expected increase in global demand, particularly if it increases production to 10-15mnm b/d.
To support the above possibility is the fact that global oil will, sooner or later, reach its peak simply because oil underground is limited in quantity. Peak oil means that global oil production will reach a peak and then start to fall. This has already happened in the US since the late 1960s. It is happening now in the UK, North Sea and Indonesia. It is expected to happen in five years in Mexico and perhaps in other major oil producing countries. Thus it is evident that the increase in Iraqi oil production in the future will play a vital role in the international oil market to meet increasing world oil demand and act as an engine of growth for the world economy.
It is time Iraqi policy makers, oil officials and experts realized this fact. In pursuing its own interests Iraq must also understand and recognize its global obligation. Iraq can combine maximizing benefits from its oil industry while playing a positive role in the growth of the world economy. With the right policies regarding national and international investment, Iraq can achieve these goals.
__________________

good morning....dinarheads

good nite all....time to dippppp

lol...I just serf alot here at work...thx