You would have $1,000,000 USD. eom

By changing the value the M0 does not change.

The M0 in fact will be reduced because they will be removing the larger denominations from the M0.

So all of the 25,000 the 10,000 the 5,000 and the 1000 IQD notes world wide will be removed from the M0.

Do not mistake M0 for M1 or M3.

It is only the M0 which is the actual amount of physical currency and that number (the M0) is classified it appears.

I have been watching all of this talk of 34 trillion dinar +


in circulation and all of the false assumptions being made on this subject so I felt the need to respond.

I think what we are about to see is a novel event and a “hybrid re denomination” if you will.

I think we will see this combined with a revaluation.

So they will revalue the IQD at the same time as the removal of the zero notes and we will see a combination of a massive revaluation hand in hand with the re denomination done by having the lower denominations placed into circulation at the same time and over a short time remove the higher denoms.

Also people have attempted to back engineer this event with incorrect or missing data. It seems time and time again people confuse the actual currency in circulation (the M0) with the M2 and you will even see lengthy rants on the M2 of Iraq.

Well the M2 is NOT the amount of physical currency in circulation but a combination of physical currency and electronic digits and deposits and not the true physical currency amount.

The actual physical currency amount of any nation is the M0 and NOT the M2 so most negative commentary on the future exchange rate of the Iraqi Dinar is based upon the wrong data set, the M2 and being so is flawed from the onset and therefore impossible to be true.

There has never been published anywhere that there was more than 9 trillion IQD ever printed.

And that 9 trillion was reported to be 14 denominations and of those 14 denominations, 5 have never been seen (lower denoms) and when they exchanged the old for the new only 4.5 trillion were placed into circulation.

The CBI Governor. said last fall in an interview that there was less than 4.5 trillion in circulation (M0) and that they were removing currency from circulation on a regular basis at that time.

So all of the talk of 35 trillion physical dinar in circulation is impossible.

But if we are talking about M2 then yes those high numbers are real but only as M2 and not M0 (physical currency).

There has never been any articles ever printed saying more dinar was ever printed above the first printing of 9 trillion of which a little over half of that amount was placed into circulation.

The true fact is that many of those false high numbers came for published M2 numbers. But what few know is that the M2 of any nations is not the physical currency in circulation. The M2 is a combination of physical and digital.

The true amount of currency in circulation is the M0 or (M Zero) and NOT the M2. So the number needed to back any accurate attempt as many have done is the M-0 (zero) and not the M-2.

Now here is the other problem, The actual M-0 (zero) of Iraq is classified and the evidence of it being classified can be found on the CBI site itself. The evidence of this is not an admission of this fact but the “omission” of facts.

You see there are no current and accurate accounting facts for the CBI that are open to the public as the only most recent accounting data is from 2008.

If you go to the CBI you will see only the M2 and M1 listed and the M0 (true phycical currency) is missing.

So all of the hard work by many has been falsely based upon incorrect or missing data. The reason for this missing data and hiding of facts is done as an attempt to stem speculation and confuse those who try in vain as many have to reverse engineer the data to come to any useable conclusion which as you can now see is not only futile but impossible.

So most all talk of these high numbers of IQD have all been based upon incomplete or missing data and also on the wrong data set (M2 instead of M0) and therefore cannot be correct in any way.

For your understanding:

M0 = A measure of the money supply which combines any liquid or cash assets held within a central bank and the amount of physical currency circulating in the economy.

M1 = The M1 is a very liquid measure of the money supply, as it contains cash and assets that can quickly be converted to currency.

M2 = A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds 401Ks, etc.

Assets:
In financial accounting, assets are economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one’s debts is considered an asset. Simplistically stated, assets are things of value that can be readily converted into cash (although cash itself is also considered an asset).[1] The balance sheet of a firm records the monetary[2] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. [3] Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[4] Current assets include inventory, while fixed assets include such items as buildings and equipment.[5] Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs,[5] and financial assets, including such items as accounts receivable, bonds and stocks.




Hope that helps.

ema-266

Let me repost something from someone who reads arabic on this very subject:


Quote: "February 21st, 2010 9:47 am

Often times I hate making statements because of the erroneous translations that many infer due to their own negative outlook. I have lived abroad for a number of years and I do not need to tout my educational background.

However, I will state that I speak 5 languages. fluently and the simple translation of dropping zeroes that everyone is so concerned means removed from day to day currency transactions. Arabic like most languages do not translate in the same words that we use in English.

February 21st, 2010 10:19 am

Now that’s interesting… “dropping 3 zeroes” means “remove them from day-to-day currency transactions”.

So, what you’re implying here is that they will be “dropping” the notes with 3 zeroes in them the same way I’d “drop” a bad habit… do away with it… take the currency out of circulation.

You are saying it has NOTHING to do with the mathematical discussion that has surrounded the LOP vs. RV discussion, but a literal dropping of the currency with 3 zeroes.

This is as clear as a bell to me, and makes perfect sense. Thank you for sharing." End quote.

Seeing a lot of rumors out there.

Some are saying we will see the lower denominations (the new currency) come out this week.

I read one chat with a rumor saying this.

So there is a lot of chatter that seems to back up the news and what we are seeing.

But the rumors are just that...rumor.

But going by all of the news and all of the missing information from recent meetings (UNSC) it looks like some of these rumors may have legs.

I guess we will see soon enough but man o man....I think we are right on this and will see this all come to a head any time now.

I still think this will be done before March 1st but I have been wrong before. (just ask PanHead he keeps a list) lol!

But all joking aside this looks to be it.

Best of luck to all.

Ok when you exchange your Iraqi Dinar at your local bank they will be taking your Iraqi Dinar in exchange for placing electronic digits into your account.

This is all done on a computer with no cash involved.

So you give them cash(Iraqi Dinar)and they give you electronic digits.

The fed prepared for this last year by printing a massive amount of currency at a time when there was no apparent reason to do so and the action was questioned by many.

So the extra currency that is needed to back the exchange is in the system waiting.

You must understand that Iraqi Dinar is a real currency with real value.

Also this is all done here in the US by the fractional reserve banking system which is the system we use to make up money "electronic digits" from thin air.

Fractional reserve banking:

http://wfhummel.cnchost.com/bankreserves.html

Iraq the RV and the Dinar

Ok I would like to address something that I see brought up all of the time.

And that is the question:

"How will Iraq cover the exchange? How can they pay for this?"

Now what people seem to not understand is that the Iraqi Dinar is the currency of Iraq.

The Iraqi Dinar is not a "claim ticket" or "raffle ticket" that will be redeemed for cash.

The Iraqi Dinar IS CASH.

It is CASH MONEY!

The real deal.

Just like the Euro...just like the Dollar.

So when the revaluation takes place Iraq is not going to turn into a giant currency exchange!

Nor would any other nation?

People seem to wrongly think that after the RV all of the Iraqi Dinar will be sent back to Iraq and a that Iraqi will be required to exchange their own currency for some other nations currency.

That is total BS and not how the world works!

The Iraqi Dinar will be it's OWN value!

Backed by the wealth of Iraq!

Lets say that if after a RV you were to walk into an Iraqi bank with 20 million IQD that post RV was worth $20,000,000 USD you will have 2 choices:

1. Deposit that IQD into an IQD account

OR

2. Leave the bank and go buy something with your IQD in Iraq.

Iraq nor any other nation is not required or expected to exchange their own legal currency for any other currency and that is solely up to their own discretion.

Yes Iraq has a lot of currency out side of Iraq....big freaking deal...so does every other nation on earth.

The United States has over 2/3rd's of all of our currency spread all over the world.

Now lets imagine for a moment that for some reason the United States announced that they were going to RV the USD up to say the Euro rate.

What do you think would happen?

Do you think the US banks would be flooded with USD from all over the world demanding Euros in exchange?

What do you think would happen if you were to walk into a US bank with a suit case full of dollars and demanded they exchange it for Euros?

First off they would give you the same two options mentioned above.

1. Deposit those dollars into the bank in a USD account.

OR

2. Leave and go buy something!

There is no law or requirement that any nation do currency exchange and for good reason...it would destabilize the markets and would drain that nations foreign reserves.

So all of the talk of "How will Iraqi pay for this?" is based upon the lack of understanding of the basic functions and properties of currency itself.

So what backs the IQD? The wealth of Iraq itself plain and simple.

Hope that helps.

Go DINAR!

IQD in @ .0009 HOLD!~

This is NOT a standard LOP!

This is a novel solution to a novel situation.

When they say "remove the 3 zeros" They are talking about the removal of the larger denominations the 25,000 the 10,000, the 5,000, the 1,000.

Now at the exact same time that they introduce the new currency which is nothing more than the lower denominations that they have had printed for years and in storage they will also revalue the Iraqi Dinar to at or just above the dollar.

So I understand why people are having a had time grasping what is about to happen.

People are trying to use past economic events in other nations as a guide but the problem is what we are about to see happen is unprecedented and without historical reference.

So the doubt and confusion is to be expected.

GO DINAR!~

IQD in @ .0009 HOLD!

You correct BUT Your are also wrong.

There was a clear statement that there would NOT be two seperate exchange rates.

So yes you are correct they will revalue the dinar to 1-1 or a little more than the dollar but one 25,000 note will be worth 25,000 1 dinar notes and 1 dinar will = $1 or a little more.

This is how I understand this will happen.

IMHO No Lop.

What I speculate we are going to see very soon is a novel event.

A novel re denomination/revaluation event.

Iraq does not fit any guide lines to support the Lop theory but they do fit all the parameters of a pending revaluation.

IMHO

Also this will be done before the elections.

The elections are on March 7th.


GO DINAR!~

Iraq - February 24, 2010 - IMF Stand-By Arrangement Meeting

Country: Iraq - Title: 2009 Article IV Consultation and Request for a Stand-By Arrangement

http://www.imf.org/external/np/sec/bc/eng/index.asp

Iraq Begins Participation in the IMF’s General Data Dissemination System

Press Release No. 09/460
December 15, 2009

The Republic of Iraq began participating today in the International Monetary Fund’s (IMF’s) General Data Dissemination System (GDDS), marking a major step forward in the development of its statistical system. Comprehensive information on Iraq’s statistical production and dissemination practices now appears on the IMF’s Dissemination Standards Bulletin Board

http://dsbb.imf.org/Applications/web/gdds/gddscountrylist/

“Iraq is committed to use the IMF’s General Data Dissemination System as a general framework to continue developing the national statistical system consistent with best international practices,” Dr. Sinan Al-Shabibi, Governor of the Central Bank of Iraq, said. “The participation of Iraq in the GDDS will also lead to the production and dissemination of more reliable and timely statistics.”

Ms. Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department, welcomed Iraq’s participation in the GDDS. “Iraq’s participation in the GDDS is a major milestone in the country’s statistical development,” she said. “I am confident that Iraq will benefit from using the GDDS as a framework for further development of its statistical system.”

The GDDS was established by the IMF in 1997. It provides a framework to help countries to develop their statistical systems to produce comprehensive and accurate statistics for policymaking and analysis. With the addition of Iraq, 97 countries currently participate in the GDDS.

________________

Dissemination Standards Bulletin Board (links ...)

Search Tips Special Data Dissemination Standard Site(SDDS)General Data Dissemination System Site(GDDS) Introduction Metadata What's New Contact UsData Quality Reference Site (DQRS)

AS PROVIDED BY IRAQ AS A PARTICIPANT IN THE GDDS

More information on Iraq and the IMF
IraqIndex of Tables
Summary Tables Tables A & B Table C
Summary Tables
Plans for improvement
Data coverage, periodicity and timeliness
Detailed Tables by Sector (Table A and B)
Real Sector
Comprehensive Framework:

National accounts
Data Categories:

National accounts aggregates
Production index - manufacturing
Production index - non-manufacturing
Consumer price index
Producer price index
Employment
Unemployment
Wages/earnings
Fiscal Sector
Comprehensive Framework:

Government operations
Government debt
Data Categories:

Central government aggregates
Central government debt
Financial Sector
Comprehensive Framework:

Depository corporations survey
Data Categories:

Broad money and credit aggregates
Central bank aggregates
Interest rates
Stock market
External Sector
Comprehensive Framework:

Balance of payments
International investment position (IIP)
Data Categories:

Balance of payments aggregates
External debt and debt service schedule
International reserves
Merchandise trade
Exchange rates
Socio-demographic Data
Data Categories:

Population
Health
Education
Poverty
Data Integrity and Access by the Public (Table C)
Central Bank of Iraq
Ministry of Finance
Central Organization of Statistics and Information Technology (COSIT)


http://dsbb.imf.org/Applications/web/gdds/gddscountrycategorylist/?strcode=IRQ

More Solid DD from "Stardogger"

More solid DD from Stardogger.

ema-266


After posting the other day a discussion of UN Resolution 1905 and its implications for the RV I decided that I needed to “tidy up” my views by supporting them with other documentation, if possible.
As you recall, I analyzed Resolution 1905, which was created in response to a direct letter from Maliki to the UN on 12/13/2009 in which he asked for an extension of a part of Chapter 7 to allow for DFI protection until the end of this year.

On 12/21/2009 Resolution 1905 was published and it extended DFI protection to Iraq until the end of this year as requested by Maliki.

In addition, however it added two new requirements: first, that Iraq present an “action plan” to the UN that would assure the UN that Iraq was actively working to get out from under DFI protection by 12/31/2010; and second, that COFE be selected to perform audits on the progress of Iraq in this direction, with the first report due back to the UN on April 1, only 5 weeks away.

I indicated my belief that the “action plan” is in fact the RV and that the CBI did in fact announce this plan formally about 45 days after Resolution 1905 went into affect. It was my belief that the announcement of the coming revaluation of the IQD and then the removal of the large denomination notes by 12/31/2010 (note the same date as was in Resolution 1905) indicated that the RV is in fact the “action plan”.

I then stated that it was my belief that the RV would occur very soon since if it didn’t then COFE would not have anything to audit.

Now after having presented that material I decided to look deeper to find out if in fact COFE has the authority to audit an RV.

I began my search with the IAMB, which is the parent of COFE.

Here is an article discussing the minutes of a meeting of the IAMB that was held on February 8, just 12 days ago.

http://dinaroutcast.forumotion.com/iraq … -t4243.htm
The relevant comments are shown here:

“The IAMB’s mandate under UN Security Council Resolution 1859 was due to expire on December 31, 2009. The UN Security Council Resolution 1905 dated December 21, 2009, extended the IAMB mandate through December 2010, subject to review by the Government of Iraq by June 15, 2010. The UN Security Council continued to recognize the significant role of the IAMB in helping the Government of Iraq to ensure that Iraq’s resources are being used transparently and accountably for the benefit of the people of Iraq. The IAMB noted that UNSCR 1905 recognized the need for Iraq during 2010 to transition to successor arrangements for the DFI and the IAMB, and requested the Government of Iraq through the head of the Committee of Financial Experts (COFE) (http://www.cofe-iq.net) to report quarterly on progress.

“The Iraqi representatives briefed the IAMB on their action plan to implement successor arrangements during 2010. The COFE action plan for 2010 has been posted on the IAMB website (http://www.iamb.info). UNSCR 1905 calls on the Government of Iraq to put in place the necessary action plan and timeline by April 1, 2010 and to ensure the timely and effective transition to a post-DFI mechanism by December 31, 2010.

“The IAMB noted that the Representative of the UN Secretary General will report to the UN Security Council during 2010 in line with paragraph 3 of UNSCR 1905. The quarterly reports of the UN Secretary General—the first is due by April 1, 2010—will include details on progress in strengthening financial and administrative oversight of the current DFI, as well as the legal issues and options to be considered to implement successor arrangements and an assessment of the Government of Iraq’s progress in preparing for the successor arrangements for the DFI. The IAMB discussed the actions needed to coordinate the respective reports of the head of COFE and the UN Secretary General.

“The IAMB discussed its work program for 2010 and revisited its terms of reference, first formulated in 2003, in light of the further extension of its mandate. The IAMB will continue to work alongside COFE in 2010 to oversee Iraqi oil resources. Since its inception in 2006 COFE has been working closely with the IAMB and attending all its meetings. COFE itself meets monthly and, in conjunction with the Board of Supreme Audit, performs much of the detailed follow-up and investigation of recommendations contained in the IAMB commissioned independent audit reports. The IAMB and COFE will continue to work closely together during 2010 and fully coordinate their work.

“The Iraqi representatives briefed the IAMB on progress on the 2009 audit of the DFI. The audit is well underway and the external auditor, KPMG, expects to issue a comprehensive summary and brief the IAMB when it meets in late April 2010. In accordance with the IAMB Terms of Reference, the nomination and appointment by the Government of Iraq of the DFI external auditor is subject to approval by the IAMB. During the meeting the representatives of the Government of Iraq and COFE briefed the IAMB on the proposed evaluation process to select an external audit firm to conduct the 2010 audit of the resources and disbursements of the DFI. COFE will provide the proposed scope of work for the 2010 audit, together with the draft request for proposal documents, to the IAMB for review and approval in the coming weeks. Going forward, the IAMB will coordinate with COFE to review the 2009 audit and the arrangements for the 2010 audit, including an interim audit to June 30, 2010.

“The IAMB was briefed by COFE on actions taken to enhance the transparency and accountability of the DFI, taking into account the audit findings of KPMG. The COFE briefing of this meeting is published on the IAMB and COFE websites. COFE continues to receive full support from the Council of Ministers. COFE has met twice since the last IAMB meeting and minutes are published on its website. COFE noted that the bombings of the ministry of finance in August and mid-December 2009 had delayed the publication of recent monthly summaries of DFI inflows and outflows. The IAMB welcomed an update report from COFE and reiterated its call for reports every two months on progress on a range of matters.”

From the portions in red above we can see that the IAMB is fully aware of the content of UN Resolution 1905 and has begun to take actions to implement the section on auditing. It has selected COFE to perform the audits. Note also that it is COFE that will determine the “proposed scope of work” for this audit. What we see here is that in addition to its normal auditing procedures with respect to the DFI funds, COFE will also be adding a new “proposed scope of work” for this current audit.

It is my opinion that this “proposed scope of work” will include the auditing of the impending RV of the IQD. The RV will greatly improve the financial position of Iraq and enable it to get out from under the protections of the DFI by 12/31/2010, as required. In addition the RV will allow Iraq to pay back to Kuwait the remaining funds that are owed to them (somewhere around $24 billion) in a timely manner and also prior to the 12/31/2010 deadline. So we see that the RV fits in well as the “action plan” required from Resolution 1905.

Next I decided to determine just what authority the IAMB has over the auditing of the RV. I went to the IAMB website and found its charter. Here is the link:

http://www.iamb.info/tor.htm
As I read the charter I saw that it dealt almost exclusively with funds coming from oil revenues. I was concerned that the IAMB might not have authority over auditing an RV and that my analysis of the “action plan” in Resolution 1905 might be flawed.

Then I found these two elements taken from the charter:

3. Powers and Responsibilities

E. Special Audits: The IAMB may decide, when warranted under international best auditing practices, that the External Auditor(s) or other independent public accountants (“special auditor(s)”) conduct special audits in all areas of the IAMB’s mandate and consistent with the objectives of resolution 1483, read with resolution 1546, resolution 1637, resolution 1723, resolution 1790, resolution 1859 and resolution 1905. After consulting with the Government of Iraq, the IAMB shall establish the terms of reference for the objectives, scope and approach of any such audits, which shall be conducted in accordance with International Standards on Auditing.

7. Administrative Coordinator/Secretariat

E. The IAMB shall continue to cooperate during 2010 with the Committee of Financial Experts, established by the Council of Ministers of the Government of Iraq on October 19, 2006, or such other body that might replace that committee or substitute it, and work towards a full transition of its mandate to this committee by the end of 2010.

In these two subsections of the IAMB charter I found what I wanted to find, and more. From the first subsection I found that indeed the IAMB has the authority to audit just about whatever it wants to audit as part of its mandate from UN Resolution 1905.

Then in the second subsection I found that it can do so through its cooperation with COFE, which was created in October of 2006 as an auditing arm of the IAMB.

But then I found something that truly surprised me: it turns out that COFE was established by the Government of Iraq and NOT by the IAMB.

What does this mean? It means that the fox is guarding the hen house! We see here that COFE was created by the GOI and is going to perform an audit on the GOI, or nearly so.

Actually the RV will be undertaken by the CBI which, like our own Federal Reserve, is an autonomous organization that is technically outside of the GOI. So in some sense there is an “arms length” transaction in which the two are not connected.

Still, I found it interesting that the UN would appoint a GOI founded organization to audit the RV instead of an “external” organization from elsewhere in the UN.

What this tells us is that the relationship between the UN and Maliki is actually quite cordial and that the UN is cooperating fully with Maliki’s intentions. Resolution 1905 was written at his request and gave him what he wanted; in addition by having COFE do the auditing of the RV it could be surmised that the audit will be done under the “eyes” of Maliki as well.

So we see that the entire process is really being controlled by Maliki. Earlier we had shown that Shabbibi is a pawn of Maliki and that he will do what he is told. Even if this were not provable it is clearly the case since it is from his office at the CBI that the “action plan” has come, and the details of it have been in the works since 2005, as I have shown on another post.

Finally, since the UN has been in control of Iraq since 2003, we may rest assured that it knows everything that is going on in Iraq, including the plan for the revaluation of the IQD. Therefore we can safely conclude that the UN, Maliki, and Shabbibi are all working from the same playbook.

With that being said it is my considered opinion that there is now nothing holding back the revaluation of the IQD and that we should see it forthwith.

Steve

Finance: the first of March, the date of cashing retired workers

21/2/2010

Calling the Department of pension and social security of workers, one of the formations of the national pension of the Ministry of Finance, cashing retired workers in the first of March.
An official source in the Chamber The press section at the National Center for Information will be cashing retired workers for the months of January and February through post offices and in accordance with the new rates set by the Council of Ministers.
The source explained that the specific amounts for those who have service up to (30) years and above will be (200) thousand dinars, and owners of service without the (30) years will be (170) thousand dinars, adding that the family of deceased pensioner, which has more than three eligible to be spent (150) thousand dinars. The source added that the family of the deceased, consisting of retired beneficiaries would pay them (140) thousand dinars, consisting of one receivable receive (130) thousand dinars.
The source urged all retirees covered by those provisions for a review of post offices for the purpose of receiving their allocations, Mstsahpin with ID card and identity scheme.

http://www.nmc.gov.iq./mnews/2010/2/21_6.htm

The documented History of the Pending Revaluation of the IQD


This was all put together by someone named "Stardogger" and i thought I would post it here. Nice historical listing of articles with links

ema-266

LINK

In an effort to allow us all to have the same information from which to arrive at our own conclusions regarding the pending RV of the IQD I thought it would be helpful to place here, in one place, all documentation regarding the RV in chronological order. In doing so we will be able to see how the “action plan” has a long history and how to interpret the term “redenomination” today.

1.

September 2005

http://www.talkgold.com/forum/showthrea … 19&page=44


Official statement:

The value of the Iraqi dinar for monetary policy, such a policy is the responsibility of the Iraqi Central Bank, the Ministry of Finance is responsible for fiscal policy. He added, but suggested that Mr. Governor of the Central Bank Dr. Sinan Shabibi need to raise the value of the Iraqi dinar and return to normal through the lifting of three zeroes. Voadeni Mr. Governor well to hold an expanded meeting next month to study the proposal by experts in this area of the Iraqi Central Bank, Ministry of Finance and Commercial Bank, namely, the proposals to get the value of the Iraqi dinar equivalent of [to] the American dollar, this goal we will strive to achieve, God willing, during the four years Llahkom e due to the new Iraqi dinar healthy stand of the other currencies. Lastly Zubaidi corresponding reference to the International Monetary Fund to support the resolution Iraqi dinar remarkable considering that the Central Bank of Iraq financially cover $ 11 billion dollars to support the value of the Iraqi dinar and the cover is rarely found in the third world.

2.

June 29, 2006

http://www.iraqdirectory.com/DisplayNews.aspx?id=1593


Baker Jaber AL Zubaidi: Iraqi Dinar Value should be Raised

Al-Sabah – [6/29/2006]

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars. This was pre 1980 before Iraq became involved in three destructive wars that at one time led to the currency’s value dropping to a level of 3,000 Iraqi dinars to one US dollar. The proposal has the support and approval of the World Bank.

A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank .

The new Minister confirmed that 2007 would see the preparation of a qualitative budget, the first of its kind in Iraq history, and that the new program would pinpoint economic indicators.

3.

January 21, 2007

http://www.iraqdirectory.com/DisplayNews.aspx?id=2994


Minister of Finance: support of oil derivatives continuous

Salary increases are calculated from this month, the dollar worth 1260 dinar this year and will drop to one thousand dinar soon

Translated by IRAQdirectory.com – [1/21/2007]

The Minister of Finance denied that the 2007 budget had lifted support for oil derivatives, and confirmed that his ministry had allocated the funds required for the new salary scale which will be implemented this month, but the Parliament did not approve the plan of implementation so far, pointing out that the value of the Iraqi dinar against the dollar will be 1260 dinar for this year with putting a fiscal policy to restore the strength of the Iraqi dinar.

Minister of Finance, Baqer Azzubaidi, said that: the value of crude oil pumped from Iraqi oil fields to the refineries that belong to the Iraqi Oil Ministry worth seven billion dollars, which represent the government support for petroleum products; also, three billion dollars have been allocated from the financial budget to cover the expenses of constructing new refineries and maintaining the current ones, with a further $ 300 million to buy kerosene.

Azzubaidi explained that the revenues of selling petroleum products would remain in possession of the Ministry of Oil to be used for sustaining and developing other oil projects, pointing out that lifting the support on oil derivatives has only included the high-quality imported gasoline which is used in modern cars.

He also explained that the Ministry of Oil can purchase the necessary materials used in improving the derivatives from its own budget.

As for the salaries of government employees, the Minister of Finance said that: his ministry had issued directives to pay the salaries according to the new salary scale, but the Parliament has delayed the ratification on implementing the plan due to the lack of quorum which caused the delay in preparing the Parliament’s own budget, approving the budget of the Supreme Judiciary Council and delaying the government from presenting the budget to the Parliament.

He pointed out that the new applications of Kurdistan government; including the deduction of its imports directly from the various imports, added another reason to delay the presentation of the budget.

He explained that the Ministry of Finance has put figures for the budget of the Ministry of Defense, considering it as a sovereign Ministry to settle its issue among the parties which called for considering it as a non-sovereign one.

Al Zubaidi emphasized that the Ministry of Finance and in consultation with the Central Bank seeks to identify the exchange rate of the dollar at 1260 dinar during the this year. It also laid down a plan to restore the Iraqi dinar to its former era during the coming three years expressing his hope to stabilize its exchange rate at 1000 dinar for the dollar during the coming period. He pointing out that the inflation is not a fixed situation but a temporary one, and that one of its causes is the crisis of leaking goods into the Iraqi depths from the ports because of the terrorist operations; also, the rise of the prices of oil derivatives during crises forms another cause for inflation.

Regarding the current year budget, Azzubaidi described it as ambitious; eight billion dollars have been allocated for security for the first time, despite the allocation of large amounts for investment that will contribute to solve the crisis of unemployment and increase economic growth by 8-10%, so as to ensure the completion of service projects in all governorates.

He said the remaining funds from the final account of last years amounted to eight billion dollars, and that the government would provide final budget to the Parliament during the first quarter of this year.
4.

August 2008

http://translate.google.com/translate?h … .com&twu=1


From Forat News

Plan to increase the value of the dinar against the dollar and the deletion of three zeroes

”Finance Ministry has prepared a plan to increase the value of the dinar against the dollar and then delete the three zeroes from the dinar’s value to contribute to the advancement of the Iraqi economy during the coming period with the Iraqi central bank denied the rumors making the dollar worth 1000 dinars and said in a statement issued by the Ministry of Finance:, the Minister Baqir Jabr said During his recent visit to the Jordanian capital Amman, said the CBI chagrin financially estimated $22 billion and three tons of gold intended to support the Iraqi dinar. He said that successful fiscal policy pursued in Iraq have contributed to increasing the value of the Iraqi dinar against the dollar, noting that the dollar exchange rate dropped significantly during the current year, stressing that all efforts will be channeled to the deletion of three zeros from the value of the dinar.

“On the other hand denied the authoritative source in the Iraqi Central Bank rumors making the dollar worth 1000 dinars, or a change denominations or raise zeros from the current currency.”

“He said in a press statement that the bank has been following with great interest the phenomenon of low demand for the dollar in the local exchange markets, stressing that such information or rumors surrounding the aim of achieving commercial gain emergency for some users at the expense of the public.”

5.

February 6, 2010

http://www.rferl.org/content/Iraq_Pl…n/1950504.html


“News / From Our Bureaus
Iraq Planning Currency Redenomination

”February 06, 2010

“BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.

”Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

”Both will be legal tender in Iraq until the old notes are completely withdrawn.

”Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

”Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.

”Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

”Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

”The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.”

6.

February 10, 2010

http://articlesofinterest-kelley.blogsp … r-and.html


February 10, 2010

Two currencies coexist together and gradual replacement

Central Bank (time): Delete the zeros start end of the year

BAGHDAD – Ahmed Saleh Khyoun

CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.

Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).

Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).

In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).

Responding to another question about the Iraqi currency held abroad and how to replace it “(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency), He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).

7.
February 11, 2010
From Al-Iraq News.com
Conscious / Baghdad / G. E
11/2/2010 3:51 pm
Finance Minister Bayan Jabr said the lifting of the zeroes of the Iraqi currency will support the currency against the dollar.
Zubaidi, in remarks quoted by reporter (news agency, Iraqi Information / conscious) that this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.
According to an official source at the ministry The proposal to raise three zeroes from the currency will be in accordance with the right monetary policy is not gradual, as happened in Turkey and this policy will raise the monetary value of the Iraqi currency and will of the Iraqi dinar Strength of cash against all currencies.
Summary
The following summarizes the seven articles above.
1. September 2005
but suggested that Mr. Governor of the Central Bank Dr. Sinan Shabibi need to raise the value of the Iraqi dinar and return to normal through the lifting of three zeroes.
the proposals to get the value of the Iraqi dinar equivalent of [to] the American dollar, this goal we will strive to achieve.
2. June 29, 2006
The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars.
A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar.
3. January 21, 2007
Al Zubaidi emphasized that the Ministry of Finance and in consultation with the Central Bank seeks to identify the exchange rate of the dollar at 1260 dinar during the this year. It also laid down a plan to restore the Iraqi dinar to its former era during the coming three years expressing his hope to stabilize its exchange rate at 1000 dinar for the dollar during the coming period.
4. August 2008
Finance Ministry has prepared a plan to increase the value of the dinar against the dollar and then delete the three zeroes from the dinar’s value to contribute to the advancement of the Iraqi economy during the coming period
On the other hand denied the authoritative source in the Iraqi Central Bank rumors making the dollar worth 1000 dinars, or a change denominations or raise zeros from the current currency
5. February 6, 2010
The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money
that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation.
Both will be legal tender in Iraq until the old notes are completely withdrawn.

but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money
6. February 10, 2010
CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.

7. February 11, 2010
this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.
The proposal to raise three zeroes from the currency will be in accordance with the right monetary policy is not gradual, as happened in Turkey and this policy will raise the monetary value of the Iraqi currency and will of the Iraqi dinar Strength of cash against all currencies.
This short summary of actual quotes from reputable sources gives us a clear indication of the on-going plan of the CBI to revalue the IQD to at least $1.00 in the near future and then to removed gradually the larger denominated notes as they become unusable in the market place. This summary further totally eliminates any possible interpretation of a lopping of zeros such as happened in Venezuela.
Steve

Chapter 7 removal/modification:


The Security Council intends to ratify the text of the draft raised during the next few days after the receipt of confirmation from the International Atomic Energy Agency and voting for it"

Sunday, February 21, 2010


A confirmation of what was published "morning" the Security Council tends to lift the ban on Iraqi scientific research

BAGHDAD - morning

The United States demanded the UN Security Council members reviewed the draft presidential statement submitted by in order to pave the way for lifting the international embargo imposed on scientific research and technology in Iraq once the UN nuclear watchdog International Atomic Energy Agency confirmation of Baghdad's compliance with measures of disarmament.

A draft of the statement issued in New York yesterday evening, "said the UN Security Council affirms its readiness in the event was to take the necessary measures to review the ban in a bid to lift it, and provided for in resolutions Nos. 687 and 707 issued in 1991, relating to weapons of mass destruction and civilian nuclear activities" .

It will ask the UN Security Council to the International Atomic Energy Agency to inform members of the Council "as soon as possible efficiency of Iraqi cooperation with the agency," including the application of the Additional Protocol during its entry into force. "


The Security Council intends to ratify the text of the draft raised during the next few days after the receipt of confirmation from the International Atomic Energy Agency and voting for it.

And welcomes the UN Security Council according to the statement Iraq's accession to the Treaty (Treaty of Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons) as well as his intention to sign a code of conduct to prevent the deployment of weapons ballistic.

The "morning," has confirmed that the Foreign Ministry to intensify its moves to lift restrictions in the area of disarmament that impede the country's efforts in the field of scientific research and paving the way for out of Chapter VII through the issuance of a resolution by the UN Security Council next month.

The Foreign Minister Hoshyar Zebari said in an official letter sent to the presidency of parliament last month and published in the "morning" in a timely manner: "The ministry is working with friends to adopt a resolution from the Security Council is to lift all restrictions imposed on Iraq in the field of disarmament based on the decisions convictions under Chapter VII of the particular resolutions 687 and 707 for the year 1991.

Zebari said that "these decisions are decisions which affect the sovereignty of Iraq because they restrict the possession of ballistic missiles have a range beyond 150 kilometers and also restrict uses of Iraq in some areas of scientific research", stating that "it is hoped to issue such a decision in mid-February next (current), "explaining that" the ratification of the Protocol will enable the International Atomic Energy Agency sent a memorandum to the Security Council confirms that Iraq comply fully with its safeguards agreement, which will result in issuance of this decision.


related articles ~
Iraq goes nuclear with plans for new reactor programme


The Ratification Of The IAEA Safeguards Promote Exit from Chapter VII


*** U.S. Seeks to Spur Iraq’s Economy by Ending UN Trade Sanctions

Zebari insists Iraq has disarmed, urges UNSC to lift restrictions

Feb. 16th Meeting ~ Iraqi Foreign Minister Hoshyar Zebari at the headquarters of the UN Security Council in New York

http://articlesofinterest-kelley.blogspot.com/2010/02/chapter-7-confirmation-of-what-was.html

No I think that may be incorrect.

I speculate that what we are about to see is the following:

1. They are about to introduce the new currency. That new currency will be the lower denominations that were printed in the beginning with the dinar we now hold.

2. They at the same time will be doing a revaluation of the Iraqi dinar to at or just above the dollar so 1 IQD will = $1 USD or a little more.

3. The higher denominations will then be removed from circulation as the new lower denominations replace them.

4. When they speak of the removal of the zeros they are speaking of the higher denomination notes or the "zero notes".
This is not a standard revaluation or a lop....this is a re denomination/revaluation event.

This situation of Iraq is a novel situation and this will be a novel event.

Not a lop and not a straight revaluation but a re denomination/revaluation.

All of the many articles you are pointing to are all bad translations and done so by design.

Just watch....you are about to see and be part of something that will be spectacular.

IMHO


IQD in @ .0009 HOLD!~

You have provided the answer to your own question:

You wrote:

"Each Dinar will = $1."

BUT you also said:

"No change in value"

Right now 1 IQD = .1170 USD

so if "Each Dinar will = $1." and the value right now is .1170 USD

By my math....I would call that a "change in value"

Also known as a "revaluation".

1 IQD = $1 USD?

Sounds good to me!

It looks like from some of the articles from the gov of Iraq it looks like they may be shooting for a timeline from now until the end of 2010.

But we will just have to see how it plays out.

Best of luck to all.

Speculation on the pending revaluation.

Ok here is a line of speculation that I have had in the past and have now come back full circle to.

Two years ago we had all kinds of news that Maliki the Prime Minister of Iraq was planning to do a "government shake up" and replace many members of the Iraqi government.

At that time many (myself included) were speculating that this was it and that as soon this "government shake up" happened that the revaluation would soon occur. (fail) lol!

The primary reason I at that time thought this may be true was the fact that by then we all well knew that many of the elected officials in the Iraqi government were very corrupt and only cared about money and not the nation of Iraq or it's people.

Because of this I have always thought that when they revalued the Iraqi Dinar there was going to be massive amount resignations within the Iraqi government.

I speculated that the moment all of these politicians were suddenly "Dinar rich" they would all head for the nearest exit with their new found wealth to live their lives in ease and leaving the government of Iraq and it's people "high and dry".

There are no laws that require elected officials to stay in office and being elected they may resign at any time with little to no notice at all.

I have always thought that this type of event (mass resignations) cause by the revaluation of the Dinar would in effect destabilize the whole Iraqi government and cause massive problems within Iraq even to the point of creating a dangerous and unstable condition within Iraq and the region.

Well the only solution that would prevent this potentially disastrous turn of events would be to wait until the elected officials in question terms are all up and they are no longer in active session to do the revaluation.

But what about the new incoming candidates? Would not some of them also resign the moment the revaluation occurred?

Yes...that could also be a danger.

What if they waited until AFTER the elections?

Well we could see the same thing happen...there would be a chance that after the revaluation was announced many of the newly elected officials would hand in resignation letters and again Iraqi would be without proper staffing of the government and be in a fresh political turmoil.

But IF the revaluation happened before the elections anyone who was still committed to being a member of the Iraqi Government would still be in the race and remain on the ballot.

So what's a smart director of a Central Bank to do?

Ok...the only solution to this problem would be to do the revaluation BEFORE the new elected officials are in office or better yet before they are even elected.

This particular timing of the "event" would also serve to separate those who where only running for office for financial gain from those who are running for office with true political goals of change and stability for all of the nation of Iraq.

A separating of "the wheat from the chaff" if you will.

Now...that time frame I have just described is right now as the former government of Iraq is for the most part fully adjourned and the election of new officials is slated for March 7th.

So we are in the perfect time frame for the CBI to announce the revaluation with minimal adverse political effect.

But I do not think they would do it too close to the elections because this "novel re denomination/revaluation event" will have a good but disruptive effect upon the people and nation of Iraq and to do this too close to the date of March 7th could cause poor voter turn out due to the distractions (good distractions) caused by this "event.

The elections are on March 7th and to prevent possible disruption I cannot see them doing the revaluation within 7 days of March 7th.

So it looks like we may well be in the perfect time frame to pull this event off in such a way as to revitalize the economy of the nation of Iraq with little to no adverse political effect.

I speculate....that from now to March 1st. is the perfect time for the revaluation of the Iraqi Dinar.

Best of luck to all.

ema-266


IQD in @ .0009 HOLD!~

OT: G20 Nations to Take Counter Measures Against Tax Havens from March 2010

London, Sep. 6 (ANI): In order to prevent money laundering and terror financing, G20 countries have decided to take counter measures against non-cooperative tax heavens from March 2010.

Following up on the decisions taken at the summit in April, the meeting of G20 finance ministers, including India, finalized the steps that could enable governments to extract information from such tax havens.

A resolution adopted at the end of the meeting decided that the nations would “deliver an effective programme of peer review, capacity building, and counter measures to tackle non cooperative jurisdiction that failed to make regulatory standards, anti-money laundering/ combating financing of terrorism.”

British Chancellor Alistair Darling told reporters that the measures would also include information exchange standard, stand in ready-to-use counter measures against tax havens from March 2010.
(ANI)
______________________

Sun Sep 6, 2009

G20 to slap sanctions on tax havens from March 2010

LONDON (AFP) - Finance ministers and central bankers from the Group of 20 on Saturday gave tax havens until March 2010 to cooperate on tax evasion or face sanctions.

Officials from the world's 20 biggest developed and emerging economies asked the Financial Stability Board of G20 central bankers, regulators and finance ministry officials to report on criteria and compliance by November 2009.

The G20 stood "ready to use countermeasures against tax havens from March 2010," they said in a statement.

G20 leaders agreed in April to name and shame the world's tax havens in a list drafted by the Organisation for Economic Cooperation and Development (OECD) and threatened sanctions for those not falling into line.

The decision came amid a global crackdown on tax evasion that saw Germany paying for data of Liechtenstein's bank clients and the United States accusing wealth management giant UBS of helping Americans to dodge taxes.

Switzerland, which manages one third of an estimated $7 trillion of offshore wealth, is on a so-called grey list of tax havens and aims to ratify at least a dozen tax information exchange treaties to avert penalties.

By doing so, it has made concessions on its treasured bank secrecy laws that had helped it thrive as a financial centre.

Other prominent financial hubs on the list are Liechtenstein, Monaco, Austria and more than 30 further nations.

Luxembourg, Europe's largest funds centre and a banking secrecy hub, has been moved to the white list of countries deemed to meet international tax cooperation standards.

AFP

http://articlesofinterest-kelley.blogspot.com/2010/02/g20-nations-to-take-counter-measures.html

Thanks McDinar I always try to share any info I find with everyone.

And if what you are saying there is true than you yourself know I have zero tolerance for Dinar dealers and if can be accused of being a pumper then I would be called a pumper for the US banking system!

And no...I do not get kick backs from
Timothy Geithner or Ben Bernanke!

(I wish)

lol.

Go Dinar!

IQD in @ .0009 HOLD!~

None what so ever....in fact i have never even suggested to anyone that they buy Iraqi Dinar.

But I have suggested to all who have Iraqi Dinar to "hold".

This board was started in Dec 2006 by a group of us who were trading stocks and had a few other boards we followed here on I-Hub.

We got a heads up from a trader on the Chicago Board of Trade to look into it and so we did.

We did our DD and liked what we saw and jumped in.

Not long after we found the dinar forums and started to post on those some.

But the fact is...I have never endorsed a private currency dealer or the use of any dealers and have always suggested that people support their local banks.

If you look up into the I box above you will see that there are not even any dealers listed...now there was a list from before when we first did our DD but a few weeks ago when I returned to this board I saw that those listings were still there and removed them.

So if anyone is telling you I am a dealer they are full of it and telling flat out lies.

I am just like you....an investor hoping for the best.

I do not support dealers and never have and in fact you will find that I am one of the few outspoken people on the dinar forums who never has and in fact I am more or less not well liked by those who do sell Iraqi Dinar and promote dealers because they all know I do not endorse or support private dinar dealers.

So to answer that question ...no I am not nor ever have been a "dinar dealer" or affiliated with anyone who sells trades or exchanges Iraqi Dinar.

That is one of the tactics used by the bashers to counter true facts and logic "He is a pumper...he must be a dealer" etc etc

So nope...no dealer.

U.S. Seeks to Spur Iraq’s Economy by Ending UN Trade Sanctions

The Obama administration wants to boost Iraq’s economy by lifting United Nations trade restrictions on items such as chemicals, including pesticides, that are considered capable of being used for military purposes.

The U.S. yesterday gave the UN Security Council a draft statement calling on the International Atomic Energy Agency to assess Iraq’s compliance with treaties barring development of nuclear, biological and chemical weapons.

“The Security Council underlines its readiness, once the necessary steps have been taken, to review, with a view towards lifting,” the restrictions, the statement says.

The UN sanctions, imposed in 1991 in response to Iraq’s invasion of Kuwait, were designed to prevent then-Iraqi leader Saddam Hussein from acquiring materials that could be used to create weapons of mass destruction. An IAEA report would trigger a resolution to lift the sanctions.

Lifting the restrictions would help Iraq’s agriculture, industry and education development and might yield as much as $24 billion a year in trade, according to Hamid Al-Bayati, Iraq’s ambassador to the UN.

“This is the legacy of a long time ago,” Bayati said. “We have to report to the UN what we want to buy. There are delays due to bureaucracy. We want to get rid of that.”

Iraq’s Foreign Minister Hosyar Zebari asked for the action in a Jan. 19 letter to the Security Council.

“Outstanding issues related to disarmament obligations are among the constraints that continue to prevent Iraq from regaining its status as a responsible and active member of the international community and, at the same time, deprive it of the benefits of technological progress and scientific research,” Zebari said in the letter.

Security Council action wouldn’t lift sanctions that compel Iraq to compensate Kuwait, other countries and entities for damages stemming from Hussein’s 1990 invasion of Kuwait.



http://www.bloomberg.com/apps/news?pid=20601087&sid=aASUvfcxM0fQ

Iraq Oil: Security no risk

February 19, 2010


BAGHDAD, Oil Minister Hussein al-Shahristani assured foreign companies contracted to develop Iraq's major oilfields and restore its economy that security is not a problem any more.

But amid a continuing insurgency, demands by tribal chiefs for a cut of the oil revenues, which Saddam Hussein provided in his day to buy loyalty, and labor unions' struggle to keep out foreign workers the oil companies want to bring in, Baghdad's plan to quadruple oil production is anything but risk-free.

Shahristani wants to boost Iraq's production level, currently around 2.4 million barrels a day, to 10 million-12 million in six years to rival Saudi Arabia, the world's leading producer.

Days before the oil ministry auctioned off 20-year production contracts for Iraq's biggest fields to foreign oil companies, insurgents carried out a wave of suicide bombings in Baghdad that killed more than 120 people.

"The terrorists tried to send a message to the oil companies through the bombings," Shahristani said on national television. "But this message was not delivered."

That may be so. The biggest oil field auction in history was a smash hit as far as the Iraqi government was concerned, even if some U.S. giants were not willing to take the risk or to meet the oil ministry's conditions.

But as parliamentary elections scheduled for March 7 approach, al-Qaida and other militants are keeping up their attacks. They are clearly determined to ignite the kind of ferocious sectarian bloodletting that occurred a couple of years ago.

On Feb. 10, Shahristani said the security situation in Iraq was not the problem but the possibility of war in other parts of the region was.

That may be the case now but with U.S. military forces withdrawing under a security agreement with Prime Minister Nouri al-Maliki's government, that may not always be so.

U.S.-troop strength is less than 100,000 for the first time since the March 2003 invasion that toppled Saddam's regime.

Troop strength peaked in 2007 during the so-called surge offensive that badly mauled the insurgents but did not eliminate them.

Al-Qaida and its suicide bombers remain a potent threat and are still capable of carrying out coordinated bombings even within the heavily guarded center of Baghdad.

According to U.S. military officials, Iran is becoming increasingly active in supporting militants and destabilizing the country. They say the Tehran regime wants to consolidate its influence, and even control, once the U.S. withdrawal is completed.

In December, Iranian forces seized an oil well in a disputed field on the border, restating Tehran's myriad claims. They eventually withdrew but the message was clear: Iran was prepared to use force to back up its claims.

The Iraqi government does not have the forces or the firepower to go up against the Iranians, who fund and arm Shiite militants who can be mobilized against the government any time Tehran says so.

The continued failure of the Iraqi parliament to approve an oil law that regulates the industry and defines revenue-sharing between competing sects and regions also contributes insecurity in the oil fields where the foreign companies are setting up.

All U.S. combat forces are scheduled to have gone by August. A 50,000-strong training and advisory contingent will remain but is due to be gone by late 2011.

Given the government's reliance on the oil industry to provide revenues for reconstruction, the oil fields, refineries and pipelines are key targets for anyone seeking to sabotage those plans.

In 2003-05, there were 200 attacks on oil and gas pipelines. By 2007, there had been more than 600, with exports reduced to a trickle. These could resume and not just by insurgents.

One problem is the Saddam-era tradition of letting local tribes siphon off oil from pipelines running through the lands.

According to Michael Schwartz, a sociology professor at Stony Brook State University in New York who has written extensively on Iraq's oil and politics, the post-invasion U.S. administration in Baghdad stopped that practice.

The result was the near-permanent closure of the pipeline because of attacks. It was reopened in late 2009 after Maliki allowed the tribes to resume their siphoning.

Even so, Schwartz notes, the "fragility of the pipeline's service, even today, is one small sign of ongoing resistance that could be an obstacle to any significant increase in oil production until the U.S. military presence is ended."


http://www.energytribune.com/articles.cfm?aid=3264

No clue.

Sure would be nice...and after markets close for the weekend anything could happen.

I am just hoping for the best and whatever the outcome everyday brings us one day closer.

What a ride.

Will we be the lucky ones who made the investment of a lifetime?

IMHO yes we will be.

OR....

Will we just double or triple our money?

Or will we just break even?

One thing for sure we will not lose anything.

People fail to grasp the concept of currency and this play.

When people get into this investment they in essence do not "buy anything".

You just exchange one currency for the next so you have not spent any money (other than exchange fees) you simply exchange one currency for another....you still have your money and all of it...it is just been converted to a different currency.

The IQD is not a lottery ticket or some type of stock cert...it
is 100% cash money.

It is no different from exchanging USD for Euros....if you did that what did you do?

Did you "buy" something?

No..you simply exchanged one currency for another and just like the Iraqi Dinar when doing so you would also pay an exchange fee for the Euro.

Many of the people who bash this investment seem to not understand the concept of foreign currency and look upon the Iraqi Dinar as if it were some type of play money and not real currency as it is.

Many of the people you find who fail to understand the concept of foreign currency have never traveled outside of the US and had the experience of currency exchange abroad.

The funky looking notes of some places and the 100% toy money look and feel of some of the coins.

But they are as real as real can be and are the same as Iraqi Dinar the US Dollar or the Euro...and that is 100% cash money.

Best of luck to all!

IQD in @ .0009 HOLD!

O.T. IMF to sell more Gold.

Feb. 18, 2010, 6:44 a.m. EST

International Monetary Fund to sell another 191 tons of gold
By Michael Kitchen, MarketWatch

FRANKFURT (MarketWatch) — The International Monetary Fund said Wednesday that it plans to sell 191.3 metric tons of gold on the open market, pushing gold futures and mining shares lower.

The announcement comes after the IMF already sold 212 tons of gold to central banks.

The sales are part of a program to sell a total of 403.3 tons that was approved by the IMF’s executive board last September. The total sale will reduce the fund’s gold holdings by about one-eighth.
Marc Faber: Commodities and Emerging Markets
Marc Faber, managing director of Marc Faber Ltd and Barron’s Roundtable member, anticipates meaningful market correction in 2010. Mining and agriculture will be top performers within commodity sector.

“The top priority in conducting the gold sales is to avoid disruption to the gold market,” said IMF Finance Department Director Andrew Tweedie in a statement.

“Prior to any sales on the gold market, sales were first made exclusively to interested central banks, thus shifting gold within the official sector. Now the IMF will begin sales of the remaining gold on the market. This will be done in a phased way,” Tweedie said.

The announcement sent gold futures to an intraday low of $1,098.10 an ounce.

Gold for April delivery was last down $14 to $1,106.10 an ounce in electronic trading on Globex.

Asian gold miners traded lower on Thursday, with Newcrest Mining Ltd. (ASX:AU:NCM) (OTHER:NCMGF) down 2.3% and Lihir Gold Ltd. (ASX:AU:LGL) (OTHER:LIHRF) off 3.5% in Sydney.

In Johannesburg, shares of AngloGold Ashanti Ltd. (SA:ZA:ANG) (NYSE:AU) fell 1.4%, while those of Gold Fields (SA:ZA:GFI) (NYSE:GFI) dropped 1.3%.

Transactions under the previous tranche of the IMF gold-sale program consisted of a 200-ton sale to the Reserve Bank of India in October, followed by November sales of two tons to the Bank of Mauritius and 10 tons to the Central Bank of Sri Lanka.

The proceeds from the sale of the 212 tons amounted to almost $7.2 billion.

http://www.marketwatch.com/story/imf…ist=beforebell

Iraq in IMF GDDS System

Iraq – February 24, 2010 Iraq Begins Participation in the IMF’s
Iraq – February 24, 2010 – IMF Stand-By Arrangement Meeting

Country: Iraq – Title: 2009 Article IV Consultation and Request for a Stand-By Arrangement

http://www.imf.org/external/np/sec/bc/eng/index.asp

Iraq Begins Participation in the IMF’s General Data Dissemination System

The Republic of Iraq began participating today in the International Monetary Fund’s (IMF’s) General Data Dissemination System (GDDS), marking a major step forward in the development of its statistical system. Comprehensive information on Iraq’s statistical production and dissemination practices now appears on the IMF’s Dissemination Standards Bulletin Board

http://dsbb.imf.org/Applications/web…dscountrylist/

“Iraq is committed to use the IMF’s General Data Dissemination System as a general framework to continue developing the national statistical system consistent with best international practices,” Dr. Sinan Al-Shabibi, Governor of the Central bank of Iraq, said. “The participation of Iraq in the GDDS will also lead to the production and dissemination of more reliable and timely statistics.

Ms. Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department, welcomed Iraq’s participation in the GDDS. “Iraq’s participation in the GDDS is a major milestone in the country’s statistical development,” she said. “I am confident that Iraq will benefit from using the GDDS as a framework for further development of its statistical system.”

The GDDS was established by the IMF in 1997. It provides a framework to help countries to develop their statistical systems to produce comprehensive and accurate statistics for policymaking and analysis. With the addition of Iraq, 97 countries currently participate in the GDDS.


http://www.imf.org/external/np/sec/bc/eng/index.asp

UN to Spur Growth in Iraq

Thursday, February 18, 2010
By UN News

Traditional tea shop in Baghdad, Iraq.

The United Nations agency entrusted with accelerating sustainable industrial development in poorer countries today unveiled a new scheme to foster business growth and create new jobs in Iraq.

“The Iraqi private sector is mainly composed of small and medium enterprises which in the past did not benefit from foreign or local investment due to political and economic instability in the country,” said Kandeh K. Yumkella, Director-General of the UN Industrial Development Organization (UNIDO). “By reviving the private sector, we will help generate employment.”

The two-year, “2 million” Investment Promotion for Iraq “plan, funded by Italy, aims to boost competitiveness of existing enterprises in the three governorates of Erbil, Baghdad and Thi Qar using an innovating e-learning platform.

It will complement and reinforce an existing business development project in Iraq which has already helped train over 300 entrepreneurs and supported some 160 small and medium enterprise projects.

The scheme also seeks to enhance the competitiveness of local institutions and support small and medium businesses looking for potential partnerships with foreign companies.

In addition, it will help women increase their access to markets, information and technology through training and counselling. “This will promote women” s economic rights and independence, “Mr. Yumkella noted.

Environmental sustainability will be a component of the programme, with UNIDO expected to show manufacturing firms how to promote cleaner production processes and reduce the emission of hazardous and toxic chemicals.

The agreement on financing the initiative was signed today in Vienna by the UNIDO chief and Gianni Ghisi, Italy “s Ambassador to the agency.

Earlier this week, the top UN envoy to Iraq said that while there are still forces trying to disrupt reconstruction with deadly violence, they cannot reverse the progress already taking place, with national elections slated for 7 March.

However, greater international engagement is needed, Ad Melkert, the Secretary-General “s Special Representative, told reporters in New York.

http://www.speroforum.com/a/27632/New-UN-project-to-spur-growth-in-Iraqs-private-sector?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+speroforum%2Fnroq+%28Spero+News%29

Obama, VP meet Hill, Odierno to review developments in Iraq



2/18/2010

WASHINGTON - US President Barack Obama and Vice President Joe Biden met late Wednesday with US Ambassador to Iraq Christopher Hill and General Ray Odierno, Commanding General of the US Forces-Iraq (USF-I), to discuss developments in Iraq, it was announced here.

The Office of the vice president said that the meeting comes to "review political, economic, and security developments in Iraq." It added that they discussed "the importance of broad participation in the upcoming parliamentary elections and reaffirmed US support for Iraqi efforts to promote national unity." They also discussed "how to develop US partnership with Iraq in sectors such as the economy and education," the statement added.

Ambassador Hill and General Odierno will also participate in a meeting on Iraq which the vice president will chair with principals on Friday, the statement said.

Meanwhile, Hill told reporters during a briefing yesterday on the upcoming elections in Iraq and the US-Iraqi relations, that he and Odierno will meet on Friday with Secretary of State Hillary Clinton and also with Vice President Biden in two other meetings.

As for the importance of the upcoming Iraqi elections, Hill stressed that "this is a major undertaking." "It is an election that in many respects will determine the future of Iraq, the future of the US, and also the future of the US relationship with Iraq," he affirmed.

He also said, "For us, this is a very important election because it's an important election that will enable us to continue to develop what we see as a long-term and very important relationship, strategic relationship, with the Republic of Iraq."

The US ambassador added that this is an "important year" in which the US forces will be reduced, so that by the end of August, there will be about 50, 000 troops in Iraq "who will be engaged in or grouped in advise-and-assist brigades and will no longer be engaged in combat operations." According to Hill, "Security remains a challenge in Iraq, but the long-term trends are very clear toward a better security situation.

Politics is something one has to monitor and one has to buckle one's seatbelt for in Iraq, but we do see a country that is not only embracing politics but one that is also embracing democracy."





AFPGlobal

http://articlesofinterest-kelley.blogspot.com/2010/02/obama-vp-meet-hill-odierno-to-review.html

Tono, yes the article V standards are current and they do set standards for re numeration movements by member nations that have been agreed upon by the IMF members.

But we must keep in mind that it was the IMF and world bank them selves that under the authority of chapter 7 sanctions conducted a massive devaluation to the Iraqi Dinar when the New Iraqi Dinar was introduced.

So the IMF has the authority to correct or remove the program rate that they them selves enforced upon the nation of Iraq.

Also few know that in the fall of 2008 the nation of Iraq was granted "special waver status" by the IMF.

This notice of "special wavier status" was made public and was posted on the IMF site.

Now because of this action and because Iraq is now under this special waiver status the standard requirements, quotas and or limits of percentage movements may not apply to the nation of Iraq at this time.

Later today I will see if I can find that info and the link...I may have posted it here in 2008.

Hope that helps.

Go DINAR!~

IQD in @ .0009 HOLD!~

Exchange Rates for Iraq IMF:

2010 stats


http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2010-01-31&category=EXCHRT

.30 was the "black market rate" and not the official exchange rate as recorded by the IMF.

The only OFFICIAL source of the true historical rates for the Iraqi Dinar is the IMF.

Stay away from the black market value stories and stick with the facts from the IMF site.

IMF historical rate for the Iraqi Dinar:

Please not the values are listed in SDRs and 1 SDR = 1.53132

Link:

http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2008-08-31&category=EXCHRT


Link to SDR Valuation:
http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

HUGE NEWS!~February 19, 2010

Iraq - February 24, 2010 - IMF Stand-By Arrangement Meeting

Country: Iraq - Title: 2009 Article IV Consultation and Request for a Stand-By Arrangement

http://www.imf.org/external/np/sec/bc/eng/index.asp

Iraq Begins Participation in the IMF’s General Data Dissemination System

Press Release No. 09/460
December 15, 2009

The Republic of Iraq began participating today in the International Monetary Fund’s (IMF’s) General Data Dissemination System (GDDS), marking a major step forward in the development of its statistical system. Comprehensive information on Iraq’s statistical production and dissemination practices now appears on the IMF’s Dissemination Standards Bulletin Board

http://dsbb.imf.org/Applications/web/gdds/gddscountrylist/

“Iraq is committed to use the IMF’s General Data Dissemination System as a general framework to continue developing the national statistical system consistent with best international practices,” Dr. Sinan Al-Shabibi, Governor of the Central Bank of Iraq, said. “The participation of Iraq in the GDDS will also lead to the production and dissemination of more reliable and timely statistics.”

Ms. Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department, welcomed Iraq’s participation in the GDDS. “Iraq’s participation in the GDDS is a major milestone in the country’s statistical development,” she said. “I am confident that Iraq will benefit from using the GDDS as a framework for further development of its statistical system.”

The GDDS was established by the IMF in 1997. It provides a framework to help countries to develop their statistical systems to produce comprehensive and accurate statistics for policymaking and analysis. With the addition of Iraq, 97 countries currently participate in the GDDS.

________________

Dissemination Standards Bulletin Board (links ...)

Search Tips Special Data Dissemination Standard Site(SDDS)General Data Dissemination System Site(GDDS) Introduction Metadata What's New Contact UsData Quality Reference Site (DQRS)

AS PROVIDED BY IRAQ AS A PARTICIPANT IN THE GDDS

More information on Iraq and the IMF
IraqIndex of Tables
Summary Tables Tables A & B Table C
Summary Tables
Plans for improvement
Data coverage, periodicity and timeliness
Detailed Tables by Sector (Table A and B)
Real Sector
Comprehensive Framework:

National accounts
Data Categories:

National accounts aggregates
Production index - manufacturing
Production index - non-manufacturing
Consumer price index
Producer price index
Employment
Unemployment
Wages/earnings
Fiscal Sector
Comprehensive Framework:

Government operations
Government debt
Data Categories:

Central government aggregates
Central government debt
Financial Sector
Comprehensive Framework:

Depository corporations survey
Data Categories:

Broad money and credit aggregates
Central bank aggregates
Interest rates
Stock market
External Sector
Comprehensive Framework:

Balance of payments
International investment position (IIP)
Data Categories:

Balance of payments aggregates
External debt and debt service schedule
International reserves
Merchandise trade
Exchange rates
Socio-demographic Data
Data Categories:

Population
Health
Education
Poverty
Data Integrity and Access by the Public (Table C)
Central Bank of Iraq
Ministry of Finance
Central Organization of Statistics and Information Technology (COSIT)


http://dsbb.imf.org/Applications/web/gdds/gddscountrycategorylist/?strcode=IRQ

http://articlesofinterest-kelley.blogspot.com/2010/02/iraq-february-24-2010-imf-stand-by.html

bossox4 take a look up in the I-box above theis board and you will find a lot of basic information.

Also RV stands for "revaluation"

Here is a list that may also help:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=27652141

Obama, VP meet Hill, Odierno to review developments in Iraq

2/18/2010

I find this interesting and with Hills warnings that it may take months to seat the next new Iraqi government and that all our combat troops will be out by August this tells me that we may see this "novel re denomination / revaluation event" BEFORE the elections.

I also think that we may very well have had something happen in the way of a re wording of the Chapter 7 sanctions that would remove Iraq from all economic restrictions and allow for Iraq to be accepted back full force with all rights into the international economic community while still keeping the section between Iraq and Kuwaiti active.

This type of "solution" was put forward by Ban Ki Moon himself a few weeks ago and the blatant omission of anything about Chapter 7 sanctions from all of this weeks UN official reports I find very suspect and telling and we may indeed have this information being held back under press embargo at this time.

We may very well have a "surprise announcement" sometime this weekend after the global markets close.....we will just have to see!

IMHO

Hoping for the best!

ema-266

WASHINGTON - US President Barack Obama and Vice President Joe Biden met late Wednesday with US Ambassador to Iraq Christopher Hill and General Ray Odierno, Commanding General of the US Forces-Iraq (USF-I), to discuss developments in Iraq, it was announced here.

The Office of the vice president said that the meeting comes to "review political, economic, and security developments in Iraq." It added that they discussed "the importance of broad participation in the upcoming parliamentary elections and reaffirmed US support for Iraqi efforts to promote national unity." They also discussed "how to develop US partnership with Iraq in sectors such as the economy and education," the statement added.

Ambassador Hill and General Odierno will also participate in a meeting on Iraq which the vice president will chair with principals on Friday, the statement said.

Meanwhile, Hill told reporters during a briefing yesterday on the upcoming elections in Iraq and the US-Iraqi relations, that he and Odierno will meet on Friday with Secretary of State Hillary Clinton and also with Vice President Biden in two other meetings.

As for the importance of the upcoming Iraqi elections, Hill stressed that "this is a major undertaking." "It is an election that in many respects will determine the future of Iraq, the future of the US, and also the future of the US relationship with Iraq," he affirmed.

He also said, "For us, this is a very important election because it's an important election that will enable us to continue to develop what we see as a long-term and very important relationship, strategic relationship, with the Republic of Iraq."

The US ambassador added that this is an "important year" in which the US forces will be reduced, so that by the end of August, there will be about 50, 000 troops in Iraq "who will be engaged in or grouped in advise-and-assist brigades and will no longer be engaged in combat operations." According to Hill, "Security remains a challenge in Iraq, but the long-term trends are very clear toward a better security situation.

Politics is something one has to monitor and one has to buckle one's seatbelt for in Iraq, but we do see a country that is not only embracing politics but one that is also embracing democracy."

http://articlesofinterest-kelley.blogspot.com/2010/02/obama-vp-meet-hill-odierno-to-review.html

Tono yes that tells me that we are close to this happening and those swaps are covered here:

Currency Swap Links:

http://articlesofinterest-kelley.blogspot.com/2009/11/currency-swaps-2008-2009-links.html

IMHO the higher ones are no more risk than the others.

Check with your local banks and see what they may have.

Best of luck to us all.

Go Dinar!

Tunner I have been in from Dec 2006 and have also seen the ups and downs.

Yes IF we see this revalue soon like I think we will, then we will all be some happy campers for sure!

And the weak hands who sold....well that will be sad to see.

My positive attitude is all based upon factual news and DD.

Sure there have been more rumors in this than in any other play I have been in and there seems to be a fair share of bitter folk.

I swear you would think the play was over and they were all bag holders! lol!

I still cannot understand why so many are so emotional when we are still in play and looking better than ever.

Many of them try to accuse me of being a "pumper" and to me that is so funny.

I have never told someone to buy Dinar and have only recommended to those who ask to hold.

I mean....man if we have come this far why fold now?

Now a few months ago things looked very bad at time and the risk on this was off the freakin charts!

The threat of full blown civil war loomed and victory by the US forces was still a big question.

Now.....THEN I understood why people bailed...it was very very high risk and has been from the get go.....but now?

Things are looking great and and I think we are very close to the end of this ride.

Good luck to all!

Go Dinar!

IQD in @ .0009 HOLD!

UN Calls On Iraqis To Vote In March Elections, Looks To Its Future Role

February 17, 2010

UNITED NATIONS -- The UN Security Council has urged all Iraqis to participate in parliamentary elections on March 7 and stressed the importance of a ballot that is "free, fair, transparent, legitimate, and inclusive."

At a session on February 16, the 15-member council heard from the UN's special envoy for Iraq, Ad Melkert, that some 19 million Iraqis are expected to participate in the poll, in addition to those voting absentee in 16 countries. Support from the UN's electoral team has played a key role in organizing the vote, he said.

Members discussed the need for a strong rule of law in Iraq and pledged to support the Iraqi government in its effort to build consensus and reconciliation among various political forces.

Noting that a strong election law is now in place, Melkert said Iraq is very much a constitutional democracy in action. And he said the UN is well positioned in the country to bridge differences. He called on all political parties to accept the results of the elections, which he said will be the "litmus test for the success or failure of the [democratic] process" in Iraq.

But Melkert said that while the Iraqi government looks favorably on the work of the UN Assistance Mission in Iraq (UNAMI), there is still friction between the UN authority and Baghdad. One sore point, he said, is the lack of transparency in the process that led to the controversial exclusion of 177 Shi'ite candidates from the March ballot.



Iraq's ambassador to the UN, Hamid al-Bayati


"With regards to elections, we have strongly advised on the process and advocated for transparency and consistency, making clear why candidates would be banned, as there is a legal basis for that which in itself is legitimate," Melkert said. "But the way that you deal with it should be as transparent as possible, and I have concerns about the lack of transparency in a number of cases and we have not hidden that opinion."

Decisions Being Appealed

Iraq's UN Ambassador Hamid al-Bayati told the council that the decision was related to court rulings for nonpolitical crimes or false documentation. He said a committee will review the files of all the candidates who were banned from running. Those candidates -- overwhelmingly Sunnis who were considered loyal to Saddam Hussein's outlawed Ba'ath Party -- are appealing the decision, which has threatened to disrupt the elections.

Although the UN has worked with the Iraqi election commission, Melkert said, it has not participated in ballot qualification decisions.

"That process has already been nearly completed, as I understand, and that has led to the allowance of more or less 26 candidates [who] were taken off the list," he said, with the other appeals rejected.

UNAMI has also expressed deep concern about Iraq's human rights record, which has been taken up by the UN Human Rights Council. Baghdad has been criticized for instituting the death penalty, for tolerating so-called "honor killings," and for disregarding press freedoms.

Vital Role

But Bayati said that, despite the disagreements, the UN still plays a vital role in Iraq.

"Without the United Nations, Iraq wouldn't be able to have the constitution. In addition to helping with the constitution and elections and the political process," Bayati said, "the United Nations is helping Iraqis about disputed internal territories, and they're helping with the issue of Kirkuk. And then they are helping also with another important issue, which is Iraq relations with neighboring countries."

Melkert also told the council that preparations need to be made for the end of 2011, when U.S. combat forces are scheduled to leave the country.
"We need to prepare for that, also in terms of our security support and logistics. That comes with [a] price tag; we will discuss that with the [UN General Assembly]," he said. "But first of all it needs to be based on the request of the Iraqi government as to what they expect the UN to do in the next few years, and there's no doubt that we will be discussing it over the months ahead."

Bayati also said the government is taking steps to ensure that citizens can vote without fear of threats from Al-Qaeda and supporters of Saddam Hussein's former regime. He told the council that "enemies of Iraq" killed 196 civilians last month.


http://www.rferl.org/content/UN_Calls_On_Iraqis_To_Vote_In_March_Elections_Looks_To_Its_Future_Role/1960293.html

We had meetings yesterday and today but no real official word on Chapter 7 from the UN.

Now Ban Ki Moon the Sec General for the UN had made comment a few weeks back that efforts were being made to "modify" Iraqi's Chapter 7 standing by removing all monetary issues and hindrances but allow a re wording that would keep the existing negotiations between the nations of Iraq and Kuwait active until resolved but allow for the international introduction of Iraq once again into the global economic community.

Now...IMHO I think the omission of any information on Chapter 7 from the official press releases from the UN may in itself be telling. (sometimes it is not what is said but more so what not is said)

IF and I say IF indeed there has been a modification as was eluded to by Ban Ki Moon then because of the global economic impact such a move would have on the Middle east and the rest of the world then there may well be a news embargo in effect on this information.

Now IF this is true and IF this is the case we could see this information made public on the weekend after the close of all global markets (forex, commodities, equity and banking)

IMHO


Dates to keep in mind relating to Chapter 7:



April 1, 2010, June 15, 2010, December 31, 2010


1. By April 1, 2010. The Council called on the Government of Iraq to ensure the timely and effective transition to a post-Development Fund mechanism by 31 December 2010 and to put in place the necessary action plan and timeline thereto by 1 April next year (2010). The Council further requested the Government, through the head of the Council of Financial Experts (COFE) to report quarterly to the Council on progress made.
2. No later than 15 June 2010. Unanimously adopting resolution 1905 (2009) and acting under Chapter VII of the United Nations Charter, the Council decided that the mechanism of the Development Fund and the International Advisory and Monitoring Board as well as other relevant provisions of resolution 1483 (2003) would be reviewed at the request of Iraq’s Government, or no later than 15 June 2010.

3. December 31, 2010 - Security Council Extends Until 31 December 2010 Arrangements for Depositing Proceeds from Oil, Gas Sales into Development Fund for IraqAdopting Resolution 1905(2009) Unanimously, Council Also RequestsIraq ’s Government to Transition to Post-Fund Mechanism by End of 2010

Events that are causing Iraq to remain under Chapter 7:

1. Money ~ Iraq owes Kuwait US$16 billion (Dh58.8bn) from loans that were mostly made during the 1980s when Saddam Hussein’s regime was fighting a war with Iran. The Iraqi government owes an additional $25bn in war reparations to Kuwait as a result of the 1990 invasion.Sheikh Mohammed said he was referring only to the money owed to Kuwait through loans, and not compensation, which he said has its own “international mechanism”.The UN Compensation Commission oversees payments to individuals, companies, non-governmental organisations and governments that suffered in the invasion. Five per cent of the country’s oil sales are used as compensation, and Iraq must resolve the reparations issue before it can be relieved of the UN’s remaining sanctions.

2. Border Issues ~ Mr Ali said Kuwait, Iraq and the UN all agreed to the demarcation of the border between the two countries after the Iraq war, but some Iraqi nationalists still do not accept the deal. Some Iraqi MPs have questioned the validity of the border, and others have demanded that Kuwait pay Iraq compensation for giving the US-led coalition a base from which to stage the 2003 invasion, which they said was illegal under international law.

3. Returning the Remains and Documents from 1990 war ~ The Foreign Ministry called on Monday for people to turn their possession of "documents and Kuwaiti property," were seized during the former regime during its invasion of Kuwait in 1990. He said Iraqi Foreign Minister Hoshyar Zebari said on Wednesday, said his country returned the remains of 300 Kuwaiti nationals, and a large part of the archive, according to the UN Security Council resolution,

"But there is still much to return," saying that "Iraq is required under the provisions of Chapter VII of the return of all property and documents, which gesture to the Kuwaiti confirm that we are interested and serious about this subject. "
Links ~
*** New Mechanism to Guarantee Protecting Iraqi Money

Kuwait needs security, not money from Iraq: Minister

Iraq Kuwait to return to the remains of 300 people and a large portion of the documents

IRAQ - SECURITY COUNCIL EXTENDS DEVELOPMENT FUND FOR ONE MORE YEAR (IT'S A GOOD THING) ...

http://articlesofinterest-kelley.blogspot.com/2010/02/important-dates-events-that-are-causing.html