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CHECK THIS OUT!!!--------------------------------------------------------------------------------
INTERNATIONAL NEWS
Iraq promises favorable terms to draw foreign investment
3 Hour,58 minutes Ago
ANKARA - Visiting Iraqi Deputy Planning Minister Faik Abdul Rasool said on Wednesday foreign investors in Iraq would be exempted from all taxes and customs for 10 or 15years on the condition that they have Iraqi shareholders.
Rasool made the remarks at the Turkish-Iraqi Business Council meeting in Istanbul, Turkey's largest city, noting that the privilege would be applicable to foreign investors in all sectors except those of oil, banking and insurance, Turkey's semi-official Anatolia news agency reported.
Iraq is open to foreign investors, especially in such fields of infrastructure, Rasool said, noting that the country needs 18billion U.S. dollars for infrastructure for the next 5 years as 1.5 million houses are to be built in the war-torn country.
A National Investment Commission, which is directly connected with the Prime Ministry was newly established to facilitate a rapid and effective decision-making process so that all procedures can be completed within 4-5 days, Rasool said.
Trade relation between Turkey and Iraq still has great room for improvement, as bilateral trade volume dropped from 7 billion dollars in 2004 to 2.8 billion in 2006, the report quoted Turkish-Iraqi Business Council Deputy Chairman Mehmet Habbab as saying.
__________________
CHECK THIS OUT!!!!!--------------------------------------------------------------------------------
INTERNATIONAL NEWS
Iraq promises favorable terms to draw foreign investment
3 Hour,58 minutes Ago
ANKARA - Visiting Iraqi Deputy Planning Minister Faik Abdul Rasool said on Wednesday foreign investors in Iraq would be exempted from all taxes and customs for 10 or 15years on the condition that they have Iraqi shareholders.
Rasool made the remarks at the Turkish-Iraqi Business Council meeting in Istanbul, Turkey's largest city, noting that the privilege would be applicable to foreign investors in all sectors except those of oil, banking and insurance, Turkey's semi-official Anatolia news agency reported.
Iraq is open to foreign investors, especially in such fields of infrastructure, Rasool said, noting that the country needs 18billion U.S. dollars for infrastructure for the next 5 years as 1.5 million houses are to be built in the war-torn country.
A National Investment Commission, which is directly connected with the Prime Ministry was newly established to facilitate a rapid and effective decision-making process so that all procedures can be completed within 4-5 days, Rasool said.
Trade relation between Turkey and Iraq still has great room for improvement, as bilateral trade volume dropped from 7 billion dollars in 2004 to 2.8 billion in 2006, the report quoted Turkish-Iraqi Business Council Deputy Chairman Mehmet Habbab as saying.
__________________
I think we are on the verge of something with the smaller denoms??!!!!
I just got off the phone with my girl at Chase. She said that the Dinar is still avalible and went up alittle bit...
1 million = $882.80 nooo shipping and handling!!
This is just the tip of the iceberg!!!! It will happen very soon!!!!!!!!!!!!!!!15 trillion WOW!!!!
From that phone call........................................What was said about the non-binding contract was that the IMF has put a non-binding dead line on the CBI for today 3/22/07 to revalue, if they didn't nothing will happen. That's all about that, he then said he got a call from the same source at 4AM and was told they are bringing coins into the CBI & surrounding banks in Baghdad, he mentioned 5 cents etc. And said the significance is that they will have no value if they don't revalue.
From that phone call...........
What was said about the non-binding contract was that the IMF has put a non-binding dead line on the CBI for today 3/22/07 to revalue, if they didn't nothing will happen. That's all about that, he then said he got a call from the same source at 4AM and was told they are bringing coins into the CBI & surrounding banks in Baghdad, he mentioned 5 cents etc. And said the significance is that they will have no value if they don't revalue.
Chase is about to open, I'll make a call!!!
Schedule of Press Briefings and Speeches by Senior IMF Officials
Last Updated: March 19, 2007
All Times are Local
Date Event Reverse Chronological Order
Thursday, March 29, 2007 Regular press briefing by Masood Ahmed,Director of External Relations Thursday, March 29, 2007, 10:00 AM, R-710 IMF Headquarters. Journalists should enter through the IMF Center entrance, 720 19th St. NW, Washington, DC. Doors will open at 9:15 AM. Please bring a valid photo ID and allow a few minutes to clear through security and proceed to R-710
Wednesday, March 28, 2007 No Public Engagements
Tuesday, March 27, 2007 No Public Engagements
Monday, March 26, 2007 No Public Engagements
Sunday, March 25, 2007 No Public Engagements
Saturday, March 24, 2007 No Public Engagements
Friday, March 23, 2007 Managing Director Rodrigo de Rato, letcure on "Changing Patterns in Financial Risk: Implications for Regulators and Individuals," from 12:30-1:30 p.m., G06 Jon M. Huntsman Hall (Auditorium), 3730 Walnut Street (38th Street), the Wharton School, University of Pennsylvania, Philadelphia
Thursday, March 22, 2007 No Public Engagements
Wednesday, March 21, 2007 No Public Engagements
Tuesday, March 20, 2007 No Public Engagements
Monday, March 19, 2007 No Public Engagements
Sunday, March 18, 2007 No Public Engagements
Saturday, March 17, 2007 No Public Engagements
Friday, March 16, 2007 No Public Engagements
Thursday, March 15, 2007 Regular press briefing by David Hawley, Senior Advisor, External Relations, on Thursday, March 15, 2007, 10:00 AM, R-710 IMF Headquarters. Journalists should enter through the IMF Center entrance, 720 19th St. NW, Washington, DC. Doors will open at 9:15 AM. Please bring a valid photo ID and allow a few minutes to clear through security and proceed
Schedule of Press Briefings and Speeches by Senior IMF Officials
Last Updated: March 19, 2007
All Times are Local
Date Event Reverse Chronological Order
Thursday, March 29, 2007 Regular press briefing by Masood Ahmed,Director of External Relations Thursday, March 29, 2007, 10:00 AM, R-710 IMF Headquarters. Journalists should enter through the IMF Center entrance, 720 19th St. NW, Washington, DC. Doors will open at 9:15 AM. Please bring a valid photo ID and allow a few minutes to clear through security and proceed to R-710
Wednesday, March 28, 2007 No Public Engagements
Tuesday, March 27, 2007 No Public Engagements
Monday, March 26, 2007 No Public Engagements
Sunday, March 25, 2007 No Public Engagements
Saturday, March 24, 2007 No Public Engagements
Friday, March 23, 2007 Managing Director Rodrigo de Rato, letcure on "Changing Patterns in Financial Risk: Implications for Regulators and Individuals," from 12:30-1:30 p.m., G06 Jon M. Huntsman Hall (Auditorium), 3730 Walnut Street (38th Street), the Wharton School, University of Pennsylvania, Philadelphia
Thursday, March 22, 2007 No Public Engagements
Wednesday, March 21, 2007 No Public Engagements
Tuesday, March 20, 2007 No Public Engagements
Monday, March 19, 2007 No Public Engagements
Sunday, March 18, 2007 No Public Engagements
Saturday, March 17, 2007 No Public Engagements
Friday, March 16, 2007 No Public Engagements
Thursday, March 15, 2007 Regular press briefing by David Hawley, Senior Advisor, External Relations, on Thursday, March 15, 2007, 10:00 AM, R-710 IMF Headquarters. Journalists should enter through the IMF Center entrance, 720 19th St. NW, Washington, DC. Doors will open at 9:15 AM. Please bring a valid photo ID and allow a few minutes to clear through security and proceed
22 Mar 2007 14:54:00
Investments
100 Companies invited to invest in Kurdistan
Baghdad (NINA) – The Regional Government of Kurdistan has sent invitations to over 100 foreign and Arab companies to visit Kurdistan region to see the security and political situations in order to start investing in the area. The region's Minister of Planning Uthman Shwani said Thursday, "Com ...Need a sub. for the rest..
22 Mar 2007 14:54:00
Investments
100 Companies invited to invest in Kurdistan
Baghdad (NINA) – The Regional Government of Kurdistan has sent invitations to over 100 foreign and Arab companies to visit Kurdistan region to see the security and political situations in order to start investing in the area. The region's Minister of Planning Uthman Shwani said Thursday, "Com ...Need a sub. for the rest..
22 Mar 2007 13:12:00
Currency
ID rate keeps stable
Baghdad (NINA)- The Iraqi Dinar’s exchange rate against the US Dollar in the Central Bank of Iraq’s auction Thursday kept its previous rate of ID1277 per Dollar. The total sales of US Dollar on Thursday amounted to 72,605,000 US Dollars, whereas only 55,899,000 Dollars were sold last .......Need a subscription for the rest...
22 Mar 2007 13:12:00
Currency
ID rate keeps stable
Baghdad (NINA)- The Iraqi Dinar’s exchange rate against the US Dollar in the Central Bank of Iraq’s auction Thursday kept its previous rate of ID1277 per Dollar. The total sales of US Dollar on Thursday amounted to 72,605,000 US Dollars, whereas only 55,899,000 Dollars were sold last .......Need a subscription for the rest...
This pertains to the phone call that went out yestarday morning... Someone wrote....
--------------------------------------------------------------------------------
I forgot to add this earlier:
The guy's sources were also saying that smaller denominations(coins) were currently being trucked from Banks in Baghdad to smaller banks outside of the city.
I guess we'll just have to wait and see!!
Waiting for Chase Bank to open, so I can see if they are still selling Dinars!!
This pertains to the phone call that went out yestarday morning... Someone wrote....
--------------------------------------------------------------------------------
I forgot to add this earlier:
The guy's sources were also saying that smaller denominations(coins) were currently being trucked from Banks in Baghdad to smaller banks outside of the city.
I guess we'll just have to wait and see!!
Waiting for Chase Bank to open, so I can see if they are still selling Dinars!!
sources in the State Dept!
--------------------------------------------------------------------------------
Guidance on Non-Binding Documents
Governments frequently wish to record in writing the terms of an understanding or arrangement between them without, by so doing, creating obligations that would be binding under international law. The language, titles, and techniques used for this purpose vary considerably. While not binding under international law, a non-binding instrument may carry significant moral or political weight. Such instruments are often used in our international relations to establish political commitments.
Ambiguity as to whether or not a document is legally binding should be avoided. When negotiating a nonbinding instrument, both/all sides should confirm their understanding that the instrument does not give rise to binding obligations under international law. In all cases, the draft text should be reviewed by legal counsel familiar with the matters dealt with in the instrument. Also, the Office of Treaty Affairs encourages agencies and offices to share the texts of proposed non-binding documents with this office, which is responsible by law for determining whether a particular document is a binding “international agreement” for purposes of reporting to Congress.
Certain formal, stylistic, and linguistic features tend to be associated with agreements binding under international law, while other features tend to reflect an intent on the part of the participants to produce an arrangement of a purely political nature.
For example, we generally advise that an intention to conclude a binding international agreement may be indicated by employing terminology such as “shall”, “agree,” “undertake”, “rights”, “obligations”, and “enter into force.” When negotiators seek to conclude a non-binding instrument, we generally advise them, for example, to avoid terms such as “shall”, “agree”, “undertake”, or “party”; and to express that the instrument “come into operation” or “come into effect” for the “participants.” Also, we recommend where possible that the “participants” include a disclaimer in the text of the document expressly providing that it is not legally binding under international law.
It should be noted that U.S. practice on non-binding documents may differ significantly from that of other countries. For example, for the United States, the use of the verb “will” in the text does not necessarily mean that the commitment at issue is not legally binding under international law. Because the use of the term “will”may lead to confusion as to the intention of the participants, the Office of Treaty Affairs generally recommends that this term be avoided in non-binding documents. Also, the use of a title such as “Memorandum of Understanding” for a document does not automatically denote that the document is non-binding under international law. The United States has entered into MOU’s that we consider to be binding international agreements.
In sum, the Office of Treaty Affairs reviews the status of international instruments on a case-by-case basis, and a determination whether a document constitutes an international agreement or is a non-binding instrument is made on the basis of a number of criteria, including the identity and mutual intention of those entities involved, rather than simply the form or title of the document.
sources in the State Dept!
--------------------------------------------------------------------------------
Guidance on Non-Binding Documents
Governments frequently wish to record in writing the terms of an understanding or arrangement between them without, by so doing, creating obligations that would be binding under international law. The language, titles, and techniques used for this purpose vary considerably. While not binding under international law, a non-binding instrument may carry significant moral or political weight. Such instruments are often used in our international relations to establish political commitments.
Ambiguity as to whether or not a document is legally binding should be avoided. When negotiating a nonbinding instrument, both/all sides should confirm their understanding that the instrument does not give rise to binding obligations under international law. In all cases, the draft text should be reviewed by legal counsel familiar with the matters dealt with in the instrument. Also, the Office of Treaty Affairs encourages agencies and offices to share the texts of proposed non-binding documents with this office, which is responsible by law for determining whether a particular document is a binding “international agreement” for purposes of reporting to Congress.
Certain formal, stylistic, and linguistic features tend to be associated with agreements binding under international law, while other features tend to reflect an intent on the part of the participants to produce an arrangement of a purely political nature.
For example, we generally advise that an intention to conclude a binding international agreement may be indicated by employing terminology such as “shall”, “agree,” “undertake”, “rights”, “obligations”, and “enter into force.” When negotiators seek to conclude a non-binding instrument, we generally advise them, for example, to avoid terms such as “shall”, “agree”, “undertake”, or “party”; and to express that the instrument “come into operation” or “come into effect” for the “participants.” Also, we recommend where possible that the “participants” include a disclaimer in the text of the document expressly providing that it is not legally binding under international law.
It should be noted that U.S. practice on non-binding documents may differ significantly from that of other countries. For example, for the United States, the use of the verb “will” in the text does not necessarily mean that the commitment at issue is not legally binding under international law. Because the use of the term “will”may lead to confusion as to the intention of the participants, the Office of Treaty Affairs generally recommends that this term be avoided in non-binding documents. Also, the use of a title such as “Memorandum of Understanding” for a document does not automatically denote that the document is non-binding under international law. The United States has entered into MOU’s that we consider to be binding international agreements.
In sum, the Office of Treaty Affairs reviews the status of international instruments on a case-by-case basis, and a determination whether a document constitutes an international agreement or is a non-binding instrument is made on the basis of a number of criteria, including the identity and mutual intention of those entities involved, rather than simply the form or title of the document.
A meeting promoting the second Iraq International Fair in Gaziantep scheduled for May, was auspiciously held on the day of Nevruz Bayram in Istanbul.
Undaunted by the dismal security and economic situation in Iraq, State Minister for Trade Kürşad Tüzmen spoke enthusiastically of a roadmap involving elements of the private sector and called for cooperation between neighbors. A meeting of over 3,000 Turkish and Iraqi businesses was organized in Gaziantep last year and a huge Middle-East fairground is to take place there on May 23-27 this year. “We will do whatever we can to develop Iraqi-Turkish trade and industry,” said Tüzman. Iraqi Minister of Planning Ali Baban said that Turkey would play a big role in Iraq's reconstruction. Tüzman called for the development of infrastructure.
He said that a second and a third border crossing to Iraq should be opened and that all major southern Turkish cities would be connected to Iraq by a modern highway system. “You will be able to get from Turkey's southern cities to Basra in a single day,” he said.
Minister of Iraq's Water Resources Abdullatif Jamal Rashed stressed that wars during the Baathist period, the economic embargo and the current security situation meant that 90 percent of Iraq's infrastructure needed to be overhauled. He did not include the effects of the last war in Iraq in his summary of the situation.
“Unfortunately Iraq's budget is exclusively reliant on oil,” he said, but hoped that this would change, adding that Iraq hoped to double its current budget of $42 billion. Improvement and services account for one quarter of the budget. He said Turkish products and contractors were admired by Iraqis and urged Turkish business to apply to government tenders allocated through the ministries under the new investment law. Implementing projects on time is a top priority, he said. “Iraq is as transparent as any other society as far as economic and budget spending are concerned. We have created a number of economic watchdogs,” said Rashed, rejecting accusations of corruption. He added that the cheap cost of Iraqi labor and expertise are incentives for investment and that Turkey's proximity to Iraq could overcome the scarcity of building materials there. “Not all parts of Iraq are suffering from the threat of terrorism.”
Tüzmen said that energy is one of the biggest fields of collaboration and urged for the Iraqi Hydrocarbons law, which has been approved by the Cabinet but has not yet been submitted to Parliament, to come out as soon as possible. He stated the importance of a natural gas pipeline between Iraq and Turkey.
© 2005 Dogan Daily News Inc. Turkish Daily News - Mar 22, 2007
A meeting promoting the second Iraq International Fair in Gaziantep scheduled for May, was auspiciously held on the day of Nevruz Bayram in Istanbul.
Undaunted by the dismal security and economic situation in Iraq, State Minister for Trade Kürşad Tüzmen spoke enthusiastically of a roadmap involving elements of the private sector and called for cooperation between neighbors. A meeting of over 3,000 Turkish and Iraqi businesses was organized in Gaziantep last year and a huge Middle-East fairground is to take place there on May 23-27 this year. “We will do whatever we can to develop Iraqi-Turkish trade and industry,” said Tüzman. Iraqi Minister of Planning Ali Baban said that Turkey would play a big role in Iraq's reconstruction. Tüzman called for the development of infrastructure.
He said that a second and a third border crossing to Iraq should be opened and that all major southern Turkish cities would be connected to Iraq by a modern highway system. “You will be able to get from Turkey's southern cities to Basra in a single day,” he said.
Minister of Iraq's Water Resources Abdullatif Jamal Rashed stressed that wars during the Baathist period, the economic embargo and the current security situation meant that 90 percent of Iraq's infrastructure needed to be overhauled. He did not include the effects of the last war in Iraq in his summary of the situation.
“Unfortunately Iraq's budget is exclusively reliant on oil,” he said, but hoped that this would change, adding that Iraq hoped to double its current budget of $42 billion. Improvement and services account for one quarter of the budget. He said Turkish products and contractors were admired by Iraqis and urged Turkish business to apply to government tenders allocated through the ministries under the new investment law. Implementing projects on time is a top priority, he said. “Iraq is as transparent as any other society as far as economic and budget spending are concerned. We have created a number of economic watchdogs,” said Rashed, rejecting accusations of corruption. He added that the cheap cost of Iraqi labor and expertise are incentives for investment and that Turkey's proximity to Iraq could overcome the scarcity of building materials there. “Not all parts of Iraq are suffering from the threat of terrorism.”
Tüzmen said that energy is one of the biggest fields of collaboration and urged for the Iraqi Hydrocarbons law, which has been approved by the Cabinet but has not yet been submitted to Parliament, to come out as soon as possible. He stated the importance of a natural gas pipeline between Iraq and Turkey.
© 2005 Dogan Daily News Inc. Turkish Daily News - Mar 22, 2007
Iraq 'nears deal' with insurgents
Thu, Mar 22, 2007
An Iraqi official said today the government was holding talks with some major insurgent groups that might see some join a fight to drive al-Qaeda out of Iraq.
Saad Yousif al-Muttalibi, international affairs director at the National Dialogue and Reconciliation Ministry, said the talks were designed to persuade the groups to halt guerrilla warfare against the government and help defeat al-Qaeda.
"We've already established links and contacts with major insurgent groups," Mr Muttalibi told the BBC. "One of the aims is to join with them into the fight against al-Qaeda. We are almost getting there and to join forces to attack al-Qaeda to get them out of Iraq."
Insurgents draw support from Iraq's Sunni Arab minority, once dominant under Saddam Hussein.
The western Anbar province has been a hotbed for the insurgency, but since last September there has been a mounting power struggle in the area between al-Qaeda, which has non-Iraqi Arabs as its leaders, and fellow Sunnis who oppose the group.
Increasing sectarian violence between Sunnis and Iraq's majority Shia Muslim community has become an additional security concern in the country.
Shia Prime Minister Nuri al-Maliki - who heads a coalition government of Shias, Sunnis and Kurds - has ordered a major crackdown against insurgents and sectarian violence in Baghdad.
President Bush is sending about 26,000 more US troops to Iraq, mainly to back the crackdown in Baghdad.
© 2007 ireland.com
Iraq 'nears deal' with insurgents
Thu, Mar 22, 2007
An Iraqi official said today the government was holding talks with some major insurgent groups that might see some join a fight to drive al-Qaeda out of Iraq.
Saad Yousif al-Muttalibi, international affairs director at the National Dialogue and Reconciliation Ministry, said the talks were designed to persuade the groups to halt guerrilla warfare against the government and help defeat al-Qaeda.
"We've already established links and contacts with major insurgent groups," Mr Muttalibi told the BBC. "One of the aims is to join with them into the fight against al-Qaeda. We are almost getting there and to join forces to attack al-Qaeda to get them out of Iraq."
Insurgents draw support from Iraq's Sunni Arab minority, once dominant under Saddam Hussein.
The western Anbar province has been a hotbed for the insurgency, but since last September there has been a mounting power struggle in the area between al-Qaeda, which has non-Iraqi Arabs as its leaders, and fellow Sunnis who oppose the group.
Increasing sectarian violence between Sunnis and Iraq's majority Shia Muslim community has become an additional security concern in the country.
Shia Prime Minister Nuri al-Maliki - who heads a coalition government of Shias, Sunnis and Kurds - has ordered a major crackdown against insurgents and sectarian violence in Baghdad.
President Bush is sending about 26,000 more US troops to Iraq, mainly to back the crackdown in Baghdad.
© 2007 ireland.com
Iraqi Stock Exchange is preparing to join the International Federation of Stock Exchanges
Source : file Presse-21 / 03 / 2007
It is expected that the market for Iraq securities important developments during the coming period, where it is hoped accession to the International Federation of Stock Exchanges, as well as the updated rules and procedures for the circulation of non-Iraqi Arabs and foreigners, after the government agreed to, and empowered stakeholders preparing special instructions in this regard, as The market continued to take measures to complete the project of electronic transaction and central depository, including means to achieve the level of connectivity with Arab and international stock exchanges and mutual investment guarantee and equity trading.
This was emphasized by the Executive Director of the Iraq market for securities Taha Ahmed Abdul Salam, explaining that participated in the Iraqi Stock Exchange earlier this year in the establishment of the Union of Arab Stock Exchanges across the Iraqi securities, and market accession to the Union of Asian bourses were early last year, and that stage training in the use of the electronic trading system has been completed, and is continually being installed devices and equipment for the direct application of this system and transfer files investors of companies contributing to the deposit, which will help in dealing with everyday problems of the work of the Stock Exchange, and more rapid turnover of shares, as well as to encourage investors training and moving to electronic trading and accept the inclusion of new companies in the market, as well as the expansion of the investment signing of the agreement with the concerned bodies in Cordstan to open the hall to circulate securities, there are electronically connected with the market in Baghdad, Iraq, as well as the study of a similar step for the opening of the circulation in Basra.
And is noteworthy that the Iraq market for securities implemented during 2006 last 93 meetings circulation rate of two per week, during which the circulation of 58 billion shares worth 146 billion dinars.
Iraqi Stock Exchange is preparing to join the International Federation of Stock Exchanges
Source : file Presse-21 / 03 / 2007
It is expected that the market for Iraq securities important developments during the coming period, where it is hoped accession to the International Federation of Stock Exchanges, as well as the updated rules and procedures for the circulation of non-Iraqi Arabs and foreigners, after the government agreed to, and empowered stakeholders preparing special instructions in this regard, as The market continued to take measures to complete the project of electronic transaction and central depository, including means to achieve the level of connectivity with Arab and international stock exchanges and mutual investment guarantee and equity trading.
This was emphasized by the Executive Director of the Iraq market for securities Taha Ahmed Abdul Salam, explaining that participated in the Iraqi Stock Exchange earlier this year in the establishment of the Union of Arab Stock Exchanges across the Iraqi securities, and market accession to the Union of Asian bourses were early last year, and that stage training in the use of the electronic trading system has been completed, and is continually being installed devices and equipment for the direct application of this system and transfer files investors of companies contributing to the deposit, which will help in dealing with everyday problems of the work of the Stock Exchange, and more rapid turnover of shares, as well as to encourage investors training and moving to electronic trading and accept the inclusion of new companies in the market, as well as the expansion of the investment signing of the agreement with the concerned bodies in Cordstan to open the hall to circulate securities, there are electronically connected with the market in Baghdad, Iraq, as well as the study of a similar step for the opening of the circulation in Basra.
And is noteworthy that the Iraq market for securities implemented during 2006 last 93 meetings circulation rate of two per week, during which the circulation of 58 billion shares worth 146 billion dinars.
Really??? Thats weird. Well anyhow, a rumor is a rumor. But to be honest, I like the feeling you get when you hear something like that rumor, come on don't you? The possibility that this might happen between tomorrow and the 6th of April. Gives me a good feeling and something to look forward to.. Why not, we need it in this day and age.
Wow!!!, alot has been said and posted, so you all better read it for yourselfs, I don't want to be the one bringing false info, just in case it is!!!OK! So click on....and read on!!
http://www.rolclub.com/iraqi-dinar-dinartrade-com/14645-dinar-call-anyone-wants-listen.html
This has already happened, and I am finding out bits and pieces....................With 24 hours to go for our 7:00pm
(19:00 Hours) Central time you can
still register for another 24 hours.
Here is a time zone converter for
you Time Zone Converter - The Time Zone - What time is it in ___?
Rush Dialing Be 5 to 10 minutes early
as lines are limited for this info
packed call, the best research around.
Over 150 are expected to attempt
getting into Wednesdays call with
myself Darren Chabluk as well as some
of the worlds best Dinar critics and
investors all in one tele seminar.
It's live, if won't cost you a time
except long distance to Atlanta Georgia
USA.
Be early, stay late, ask question. If
you have a question any time during the
call just press *1 to raise your hand.
It's going to be fun and exiting for most
of us, if you don't like the call, hand
up, and let someone waiting get on the
line.
The reason I only have 50 lines is because
I need a little more revenue to get the
100 line deal. Seeing that this is a free
call, which is actually paid for by my
DrDinar Report owners, I can assure you, I
will be having a much more in depth call
with them only, soon! Eventually, I want
to accommodate all callers on every call.
************************************************
Wednesday March 20 7:00pm Central Time Dial
1-404-920-6610 and enter participant code 922816
************************************************
Regards,
Darren ChablukS
Wow!!!, alot has been said and posted, so you all better read it for yourselfs, I don't want to be the one bringing false info, just in case it is!!!OK! So click on....and read on!!
http://www.rolclub.com/iraqi-dinar-dinartrade-com/14645-dinar-call-anyone-wants-listen.html
This has already happened, and I am finding out bits and pieces....................With 24 hours to go for our 7:00pm
(19:00 Hours) Central time you can
still register for another 24 hours.
Here is a time zone converter for
you Time Zone Converter - The Time Zone - What time is it in ___?
Rush Dialing Be 5 to 10 minutes early
as lines are limited for this info
packed call, the best research around.
Over 150 are expected to attempt
getting into Wednesdays call with
myself Darren Chabluk as well as some
of the worlds best Dinar critics and
investors all in one tele seminar.
It's live, if won't cost you a time
except long distance to Atlanta Georgia
USA.
Be early, stay late, ask question. If
you have a question any time during the
call just press *1 to raise your hand.
It's going to be fun and exiting for most
of us, if you don't like the call, hand
up, and let someone waiting get on the
line.
The reason I only have 50 lines is because
I need a little more revenue to get the
100 line deal. Seeing that this is a free
call, which is actually paid for by my
DrDinar Report owners, I can assure you, I
will be having a much more in depth call
with them only, soon! Eventually, I want
to accommodate all callers on every call.
************************************************
Wednesday March 20 7:00pm Central Time Dial
1-404-920-6610 and enter participant code 922816
************************************************
Regards,
Darren ChablukS
C A,... Already on top of it.. I have a teller at the bank that will call me if she feels something is going on!! Besides that, I check with her every other day.
I'm about tired of the naysayers, are'nt you? I like this board better anyhow, hope he (aero) don't find it!!!
Economic : the non-oil exports
Economic window
The retreat of Iraqi non-oil exports during the past decades the form of a negative relationship in the structure of the economy and a major imbalance requires accelerating reform and no longer pose any resources supportive of the public budget revenues therefore should be a serious study of the possibility of activating the situation and consider the possibility of the return of Iraq to compete with other nations.
The background of strong competition and witnessed by the world and the state of various developed and the underdeveloped and the conflict rages, which witnessed the global market and in support of the balance of payments of countries is imperative for us to find formulas would think reform of this issue through the formation of an independent body not linked to the Ministry of control functions entrusted to non-oil exports and the development of programs and scientific plans formula find means new investment and re breakdown of non-oil exports which is characterized by Iraq, and have the ability to compete, especially those relating Alsmentih industries, petrochemicals, leather industry and others.
The formation of a specialized body supervises and manages the following effectiveness of this task would restore Iraq to the competition with the neighboring countries that export to Iraq non-strategic goods that could contribute to the organization of supply is based on economic prejudice to the position of economic and Iraq will be an important factor to support the budget adopted According to the latest budget revenues on oil imports is the President and it was the sole supplier.
Iraq is on the verge of a renaissance comprehensive economic. It is unreasonable to keep the situation of exports this level crumbling and the multiplicity of supervising this might lose the central and undermines efforts however .. I believe that the functions of the House of Representatives to contribute to the enrichment of this idea, expedite its inception in view of their importance, as did many of the States in this area
Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=36228
Economic : the non-oil exports
Economic window
The retreat of Iraqi non-oil exports during the past decades the form of a negative relationship in the structure of the economy and a major imbalance requires accelerating reform and no longer pose any resources supportive of the public budget revenues therefore should be a serious study of the possibility of activating the situation and consider the possibility of the return of Iraq to compete with other nations.
The background of strong competition and witnessed by the world and the state of various developed and the underdeveloped and the conflict rages, which witnessed the global market and in support of the balance of payments of countries is imperative for us to find formulas would think reform of this issue through the formation of an independent body not linked to the Ministry of control functions entrusted to non-oil exports and the development of programs and scientific plans formula find means new investment and re breakdown of non-oil exports which is characterized by Iraq, and have the ability to compete, especially those relating Alsmentih industries, petrochemicals, leather industry and others.
The formation of a specialized body supervises and manages the following effectiveness of this task would restore Iraq to the competition with the neighboring countries that export to Iraq non-strategic goods that could contribute to the organization of supply is based on economic prejudice to the position of economic and Iraq will be an important factor to support the budget adopted According to the latest budget revenues on oil imports is the President and it was the sole supplier.
Iraq is on the verge of a renaissance comprehensive economic. It is unreasonable to keep the situation of exports this level crumbling and the multiplicity of supervising this might lose the central and undermines efforts however .. I believe that the functions of the House of Representatives to contribute to the enrichment of this idea, expedite its inception in view of their importance, as did many of the States in this area
Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=36228
Economic : Shabibi : Central Bank's hard-line policy aimed at achieving price stability
21.03.07
News report
He said within the framework of monetary reforms
Baghdad Abbas Algalbi
Denied. Sinan Shabibi governor of the Iraqi Central Bank here recently in the media and that the economic tightening monetary policy pursued by the Central Bank currently lest international pressure by the International Monetary Fund, saying that it had come within the framework of monetary reforms in the country.
He said in an interview to "Assabah" that the policy of the Central Bank of Iraq adopted as a result of the hard conditions experienced by Alaghtassadaraghi for inflation, which causes uncontrolled Madara significant monetary impact of the economy in the value of money as well as the lack of purchasing power to predict what withdraw negatively on the estimates relating to the budget.
He added : The Central Bank aims of this policy is to achieve stabilization in prices using monetary tools (the dinar rate of exchange against foreign currencies and higher interest rates) to reach the reasonable indicators of inflation, which has become a threat to the Iraqi economy and development. linking Shabibi success of this policy stability extent to which the consumer prices through the management of liquidity designed to influence through control of inflation.
Shabibi and praised the State's general budget for 2007 in terms of allocations and expenditure and the dimensions of development and investment at the same time warned of the economic imbalances that accompany a spending budget. (Shabibi this warning is based on the fact that any developmental activity crescendo resulting in higher inflation indices, it negatively affects ultimately conducive to economic development).
He called in the same context to the need for a mechanism to monitor the implementation details of the budget, particularly investment, confirming the importance of the commitment that the ceiling ministries financial allocation in the light of budget limitations. In the area of economic reforms called for the activation of other productive sectors and increase their growth rates to become more efficient to meet the demand of the public provided that do not lead to economic imbalance affirming support and encourage the Central Bank of Iraq in the sustainable economic development provided that do not lead to inflationary pressures and adversely affect development. The Shabibi the need for continued coordination in the implementation of fiscal and monetary policies to achieve economic stability and growth.
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Economic : Shabibi : Central Bank's hard-line policy aimed at achieving price stability
21.03.07
News report
He said within the framework of monetary reforms
Baghdad Abbas Algalbi
Denied. Sinan Shabibi governor of the Iraqi Central Bank here recently in the media and that the economic tightening monetary policy pursued by the Central Bank currently lest international pressure by the International Monetary Fund, saying that it had come within the framework of monetary reforms in the country.
He said in an interview to "Assabah" that the policy of the Central Bank of Iraq adopted as a result of the hard conditions experienced by Alaghtassadaraghi for inflation, which causes uncontrolled Madara significant monetary impact of the economy in the value of money as well as the lack of purchasing power to predict what withdraw negatively on the estimates relating to the budget.
He added : The Central Bank aims of this policy is to achieve stabilization in prices using monetary tools (the dinar rate of exchange against foreign currencies and higher interest rates) to reach the reasonable indicators of inflation, which has become a threat to the Iraqi economy and development. linking Shabibi success of this policy stability extent to which the consumer prices through the management of liquidity designed to influence through control of inflation.
Shabibi and praised the State's general budget for 2007 in terms of allocations and expenditure and the dimensions of development and investment at the same time warned of the economic imbalances that accompany a spending budget. (Shabibi this warning is based on the fact that any developmental activity crescendo resulting in higher inflation indices, it negatively affects ultimately conducive to economic development).
He called in the same context to the need for a mechanism to monitor the implementation details of the budget, particularly investment, confirming the importance of the commitment that the ceiling ministries financial allocation in the light of budget limitations. In the area of economic reforms called for the activation of other productive sectors and increase their growth rates to become more efficient to meet the demand of the public provided that do not lead to economic imbalance affirming support and encourage the Central Bank of Iraq in the sustainable economic development provided that do not lead to inflationary pressures and adversely affect development. The Shabibi the need for continued coordination in the implementation of fiscal and monetary policies to achieve economic stability and growth.
ÌÑíÏÉ ÇáÕÈÇÍ - ÇáÔÈíÈí : ÓíÇÓÉ ÇáÈäß ÇáãÑßÒí ÇáãÊÔÏÏÉ ÊåÏÝ Åáì ÊÍÞíÞ ÇÓÊÞÑÇÑ ÇáÃÓÚÇÑ
In support of the general budget
بديعيBaghdad Imad Principality Haider spring
قال .Assistant Governor of Baghdad : Economic and Financial maintain that the process of developing new designs of the districts and aspects of it to suit the specifications and seeking to set up and maintain housing units and commercial streets and bridges and setting up schools and clinics, police stations and youth centers. العبءHe pointed to an intention to maintain the establishment of self-financing projects in order to reduce the burden
.Happening on the state budget through some of the highly profitable to maintain. He pointed out that the work not only to maintain the service, but there are many of the projects undertaken concerning the creation and preservation of the health, educational and security.
داعيا في.Calling at the same time the need to guide investors towards safe governorates in the south and the north, as well as work to support the private sector so that it can contribute strongly to raise the level of economic situation in the country and added that during the meeting on behalf of deployed personnel conducted by the (morning) it will maintain and continue until 2005 had not received the investment budget never qualify for the establishment of large-scale projects, since the share of the maintenance allocations were part of the Interior Ministry or the Ministry of local government and then, the Ministry of Finance allocate 754 billion dinars (of the Baghdad governorate) and the share of the maintenance time has reached 150 billion dinars, carried out of this sum accounted for 90% of service projects in the district and sub-district of the province, such as Abu Ghraib and the towns and Mahmoudia and Rashdiya, including projects for water, sewage, roads, in addition to the importation of an asphalt plant, because most labs available specifications old and poorly maintained well as a range of imported cars were distributed between service units in the municipality to use the service.
مشيراً .Pointing to maintain faith in the establishment of many large projects strategic outlook, especially after providing security in many regions of the geographical area of the border province, pointing out that most of those projects will be of great value service may require a period of up to three years to complete.
.He deployed personnel to maintain actually agreed with the Advisory Office at the University of Technology to develop the basic designs of the districts and wards of the province, so consistent with those seeking to set up various projects, such as the creation of housing and commercial units, roads, bridges, schools and clinics, in addition to those designs that would take into account the existing underground lines the net transfer of water, sewage and electricity and telephone wires and in the development of this design will be the future work according to plans prepared No one can overcome.
وقالبها..He said : also deployed personnel to local governments if they continue to think the State budget only, and rely wholly overwork Then this will not enhance the country economically, and we Kamhafezh now seeking to establish self-financing projects, and drawing from the experiences of some developed countries, which possess some of the special tax regime .. او ع..He pointed out that these projects was the establishment of an asphalt plant, for example, we can deal with Baghdad Secretariat or the Directorate of Roads and Bridges for tiling the streets .. وعندها .Only then will maintain the value of this material and we have our state budget, is also trying to build a strong and firm.
وعن آلية ة.And the mechanism to benefit from the new investment law for the implementation of the various projects have deployed to the need to develop investment plans five or more, pointing out that the importance of such plans (coordination) between service departments to absorb all stressing Iraqi skills, and manpower of all through the establishment of projects and diversified investments.
بيرة.He said that most have deployed : projects to be implemented on the ground show where many of the flaws in future, due to lack of good planning for these projects, so that some of the Baltblait first and then the extension of drinking water pipelines Awalmejari and requiring the destruction of flooring, and this generated confusion and waste of funds significantly.
واضاف: .He added : "I expect that Iraq will be the future markets open for the whole region, through the investment law, which will bring the various types of prefectures and projects to Iraq and the only obstacle now for this law is the security situation, therefore call for investment in the regions and governorates safe both in the south or north of Iraq, where the security environment is relatively stable.
له.He pointed out that unemployment have deployed influenced much of the country's economy Many of the universities and institutes annually graduated thousands of students who clashed with unemployment, in addition to the minds and competencies preferred migration abroad to work because of the temptation of material provided to them, so the investment law is the best solution to accommodate those unemployment, in addition to the need support for the private sector industrial and commercial building is important for the country's economy, and must be laws to protect them and provide all means of support.
Translated version of http://www.alsabaah.com/
In support of the general budget
بديعيBaghdad Imad Principality Haider spring
قال .Assistant Governor of Baghdad : Economic and Financial maintain that the process of developing new designs of the districts and aspects of it to suit the specifications and seeking to set up and maintain housing units and commercial streets and bridges and setting up schools and clinics, police stations and youth centers. العبءHe pointed to an intention to maintain the establishment of self-financing projects in order to reduce the burden
.Happening on the state budget through some of the highly profitable to maintain. He pointed out that the work not only to maintain the service, but there are many of the projects undertaken concerning the creation and preservation of the health, educational and security.
داعيا في.Calling at the same time the need to guide investors towards safe governorates in the south and the north, as well as work to support the private sector so that it can contribute strongly to raise the level of economic situation in the country and added that during the meeting on behalf of deployed personnel conducted by the (morning) it will maintain and continue until 2005 had not received the investment budget never qualify for the establishment of large-scale projects, since the share of the maintenance allocations were part of the Interior Ministry or the Ministry of local government and then, the Ministry of Finance allocate 754 billion dinars (of the Baghdad governorate) and the share of the maintenance time has reached 150 billion dinars, carried out of this sum accounted for 90% of service projects in the district and sub-district of the province, such as Abu Ghraib and the towns and Mahmoudia and Rashdiya, including projects for water, sewage, roads, in addition to the importation of an asphalt plant, because most labs available specifications old and poorly maintained well as a range of imported cars were distributed between service units in the municipality to use the service.
مشيراً .Pointing to maintain faith in the establishment of many large projects strategic outlook, especially after providing security in many regions of the geographical area of the border province, pointing out that most of those projects will be of great value service may require a period of up to three years to complete.
.He deployed personnel to maintain actually agreed with the Advisory Office at the University of Technology to develop the basic designs of the districts and wards of the province, so consistent with those seeking to set up various projects, such as the creation of housing and commercial units, roads, bridges, schools and clinics, in addition to those designs that would take into account the existing underground lines the net transfer of water, sewage and electricity and telephone wires and in the development of this design will be the future work according to plans prepared No one can overcome.
وقالبها..He said : also deployed personnel to local governments if they continue to think the State budget only, and rely wholly overwork Then this will not enhance the country economically, and we Kamhafezh now seeking to establish self-financing projects, and drawing from the experiences of some developed countries, which possess some of the special tax regime .. او ع..He pointed out that these projects was the establishment of an asphalt plant, for example, we can deal with Baghdad Secretariat or the Directorate of Roads and Bridges for tiling the streets .. وعندها .Only then will maintain the value of this material and we have our state budget, is also trying to build a strong and firm.
وعن آلية ة.And the mechanism to benefit from the new investment law for the implementation of the various projects have deployed to the need to develop investment plans five or more, pointing out that the importance of such plans (coordination) between service departments to absorb all stressing Iraqi skills, and manpower of all through the establishment of projects and diversified investments.
بيرة.He said that most have deployed : projects to be implemented on the ground show where many of the flaws in future, due to lack of good planning for these projects, so that some of the Baltblait first and then the extension of drinking water pipelines Awalmejari and requiring the destruction of flooring, and this generated confusion and waste of funds significantly.
واضاف: .He added : "I expect that Iraq will be the future markets open for the whole region, through the investment law, which will bring the various types of prefectures and projects to Iraq and the only obstacle now for this law is the security situation, therefore call for investment in the regions and governorates safe both in the south or north of Iraq, where the security environment is relatively stable.
له.He pointed out that unemployment have deployed influenced much of the country's economy Many of the universities and institutes annually graduated thousands of students who clashed with unemployment, in addition to the minds and competencies preferred migration abroad to work because of the temptation of material provided to them, so the investment law is the best solution to accommodate those unemployment, in addition to the need support for the private sector industrial and commercial building is important for the country's economy, and must be laws to protect them and provide all means of support.
Translated version of http://www.alsabaah.com/
News report
أكدالنقديةHe said within the framework of monetary reforms
بغداد ـ عالغالبيBaghdad Abbas Algalbi
نفى د.Denied. .Sinan Shabibi governor of the Iraqi Central Bank here recently in the media and that the economic tightening monetary policy pursued by the Central Bank currently lest international pressure by the International Monetary Fund, saying that it had come within the framework of monetary reforms in the country.
وقال.He said in an interview to "Assabah" that the policy of the Central Bank of Iraq adopted as a result of the hard conditions experienced by Alaghtassadaraghi for inflation, which causes uncontrolled Madara significant monetary impact of the economy in the value of money as well as the lack of purchasing power to predict what withdraw negatively on the estimates relating to the budget. خلال.He added : The Central Bank aims of this policy is to achieve stabilization in prices using monetary tools (the dinar rate of exchange against foreign currencies and higher interest rates) to reach the reasonable indicators of inflation, which has become a threat to the Iraqi economy and development. linking Shabibi success of this policy stability extent to which the consumer prices through the management of liquidity designed to influence through control of inflation.
.Shabibi and praised the State's general budget for 2007 in terms of allocations and expenditure and the dimensions of development and investment at the same time warned of the economic imbalances that accompany a spending budget. (تحذير).(Shabibi this warning is based on the fact that any developmental activity crescendo resulting in higher inflation indices, it negatively affects ultimately conducive to economic development). .He called in the same context to the need for a mechanism to monitor the implementation details of the budget, particularly investment, confirming the importance of the commitment that the ceiling ministries financial allocation in the light of budget limitations. In the area of economic reforms called for the activation of other productive sectors and increase their growth rates to become more efficient to meet the demand of the public provided that do not lead to economic imbalance affirming support and encourage the Central Bank of Iraq in the sustainable economic development provided that do not lead to inflationary pressures and adversely affect development. الاي.The Shabibi the need for continued coordination in the implementation of fiscal and monetary policies to achieve economic stability and growth.
Translated version of http://www.alsabaah.com/
News report
أكدالنقديةHe said within the framework of monetary reforms
بغداد ـ عالغالبيBaghdad Abbas Algalbi
نفى د.Denied. .Sinan Shabibi governor of the Iraqi Central Bank here recently in the media and that the economic tightening monetary policy pursued by the Central Bank currently lest international pressure by the International Monetary Fund, saying that it had come within the framework of monetary reforms in the country.
وقال.He said in an interview to "Assabah" that the policy of the Central Bank of Iraq adopted as a result of the hard conditions experienced by Alaghtassadaraghi for inflation, which causes uncontrolled Madara significant monetary impact of the economy in the value of money as well as the lack of purchasing power to predict what withdraw negatively on the estimates relating to the budget. خلال.He added : The Central Bank aims of this policy is to achieve stabilization in prices using monetary tools (the dinar rate of exchange against foreign currencies and higher interest rates) to reach the reasonable indicators of inflation, which has become a threat to the Iraqi economy and development. linking Shabibi success of this policy stability extent to which the consumer prices through the management of liquidity designed to influence through control of inflation.
.Shabibi and praised the State's general budget for 2007 in terms of allocations and expenditure and the dimensions of development and investment at the same time warned of the economic imbalances that accompany a spending budget. (تحذير).(Shabibi this warning is based on the fact that any developmental activity crescendo resulting in higher inflation indices, it negatively affects ultimately conducive to economic development). .He called in the same context to the need for a mechanism to monitor the implementation details of the budget, particularly investment, confirming the importance of the commitment that the ceiling ministries financial allocation in the light of budget limitations. In the area of economic reforms called for the activation of other productive sectors and increase their growth rates to become more efficient to meet the demand of the public provided that do not lead to economic imbalance affirming support and encourage the Central Bank of Iraq in the sustainable economic development provided that do not lead to inflationary pressures and adversely affect development. الاي.The Shabibi the need for continued coordination in the implementation of fiscal and monetary policies to achieve economic stability and growth.
Translated version of http://www.alsabaah.com/
(21-03-2007)
Economist David Fernandez, managing director and head of JPMorgan Chase Bank’s Emerging Asia Research Department, shared his forecast on Viet Nam’s economy for this year with Viet Nam News.
What is the outlook for the nation’s economy according to JP Morgan’s recent report on Viet Nam?
JPMorgan recently published a report on Viet Nam’s economy which explores not only the macroeconomics of the country but also aspects like the local currency and foreign currency bonds, foreign exchange and the equity market. It is because JPMorgan’s clients are interested in all aspects of the economy and in all of its asset classes.
The first point in the report I want to mention is Viet Nam’s GDP growth this year.
The country’s GDP growth is still high and steady. For the last 10 years, Viet Nam has reached a GDP growth rate of 7.1 per cent, putting it between China and India in that field. The important thing is that the growth is very stable. Unlike other Southeast Asian countries which go up and down [according to their] electronics exports. Viet Nam’s economy has not been subjected to such swings. The share of electronic products in Viet Nam’s exports is less than 5 per cent. It is very low compared to other countries in Asia. That is a very important factor for investors.
In my analysis, I am looking at long-term factors such as demographics, capital accumulation and productivity, which indicate the medium term for Viet Nam will be higher at 9 per cent.
During the next few years, electronic products will become a greater export for Viet Nam with growth set to be at 7.8 per cent and higher during the coming years. And electronics will be a key factor in the economy’s growth.
Viet Nam continues to attract foreign direct investment (FDI). At present, foreign investors have wanted to diversify their investment market so Viet Nam will be a new destination.
Like other developing countries, Viet Nam is running a trade deficit which is resulting from importing materials for infrastructure building and production.
But a trade deficit is one of the points of the overall balance payment. Other points of the balance payment show a surplus. Even though Viet Nam is running a trade deficit, remittances from overseas Vietnamese, revenue from tourism and services continues to rise.
As a result, the current account balance continues to be in surplus. JPMorgan estimates the surplus is over US$1billion this year.
FDI has been high and steady and portfolio inflow looks this year to be extremely strong.
So our expectation is that the foreign reserves of the State Bank of Viet Nam (SBV) could rise up by between US$4 to 5 billion this year.
I forecast the Vietnamese dong to stay well below VND16,000 a dollar. There is about one per cent appreciation this year. Stability of the local currency is positive for investors.
The local bond yield could continue to drop sharply. Last year, the bond yield was at 8.5 per cent. Now it has dropped to 7.2 per cent and continues to decrease.
Inflation continues to come down this year. According to JPMorgan’s forecast, inflation will be at 6 per cent late this year. Lower inflation supports the idea of a lower bond yield.
More important is an imbalance between supply and demand in the bond market. Government issuance is steady this year but issuance from corporations is small. In the meantime, the demand for bonds from investors, fund managers and importantly new industries from outside of Viet Nam, continues to rise. JPMorgan’s clients from the UK and US continue to be attracted by Vietnamese Government bonds even though the bond yield has already fallen so much.
My view is Vietnamese bonds are expensive and will get more expensive because of the supply – demand imbalance.
You forecast the Vietnamese dong to continue to appreciate this year. But Viet Nam’s economy depends a great deal on exports. How will the currency appreciation affect the economy?
Export growth is rising so fast in Viet Nam. Total trade, including exports and imports over GDP has grown from 50 per cent in 1992 to over 120 per cent now, which makes the country a competitive option.
How much can currency appreciation damage the economy’s growth? I think the dong will appreciate but will still be stable.
For competitiveness of currency, we should look at the real exchange rate not nominated exchange rates. My analysis is that the dong is still competitive now. And the 1 per cent appreciation will not damage the competitiveness of Viet Nam’s exports.
The other thing to remember is that the 1 per cent appreciation over the US dollar needs to be looked at in the context of what is happening to other currencies in Asia at the same time.
We expected other Asian currencies to appreciate even more than 1 per cent. All Asian currencies except for the Japanese yen, Korean won and Indian rupee are expected to appreciate this year.
For example, in 2007, the Chinese yuan will appreciate over the US dollar up to 10 per cent while the Malaysian ringgit appreciates by about as much.
So 1 per cent appreciation for the dong is much smaller than other Asian currencies.
Currently, foreign indirect investment (FII) inflow is very high. If foreign investors draw back their money, do you think there is a great risk of a financial crisis like the one in Asia during the 1980s occurring in Viet Nam?
Before, Viet Nam did not have a portfolio indirect investment flow coming in so there was no risk. Now money continues to move in and it creates potential risks.
However, my view is that there is a little chance of capital outflow because at present foreign investors continue to struggle just to get in the market. They believe in the long-term structural positives of Viet Nam.
So there is a risk but creating an appropriate environment will make them want to stay.
I don’t think it is helpful to force people to keep their money in the country. The job of country and companies is to make them want to stay.
I think foreign investors want a stable political environment and transparency in terms of how assets are appraised.
In terms of policy-making, I am very confident that foreign investors can count on Viet Nam’s stable environment and predictable policies on exchange rate, investment and equitisation.
However, I am concerned about transparency. Although foreigners can see predictable policies for the next several years, people now ask for more transparency in companies. My observation is that transparency in Viet Nam is not very high.
If investors find that transparency is not improved fast enough, outflow of capital may occur.
Viet Nam was successful in issuing its first international bond. Do you think it should make the second issuance?
Coming from Viet Nam’s perspective, the country wants to issue international bonds with an aim to diversify its fundings. Besides, Viet Nam wants to evaluate the demand from investors as well as its prestige in the international market.
Coming from the perspective of foreign investors, they would love Viet Nam to issue more bonds in US dollars. And I forecast the demand would be very high.
You forecast that Viet Nam has a good perspective in the medium term. What happens if in the long term, the country’s economy slows down and has problems with paying international bonds?
Viet Nam still has an extremely small amount of debt on a commercial basis. The rate is much lower than that of other countries in the region. Viet Nam has just issued one bond while, by comparison, Pakistan has issued two and the Philippines has for decades been issuing long term dollar bonds.
By contrast, Viet Nam has issued a very tiny volume of bonds.
The best way to judge is to look at the market. Investors can pick up any bond in the world. They choose Viet Nam because they think it is safe. Market pricing indicates that Viet Nam should not have any difficulty in paying the debt in 2016.
The risk is possible but any country faces it.
Viet Nam’s equity marker is booming. Do you forecast any risks to it?
In the equity market, fundamentals and valuations are not important currently, rather pure supply and demand plays the most important role.
There are lots of imbalances in supply and demand in both official and OTC (over-the-counter) markets now.
I know the demand for buying Viet Nam’s equities is large and growing. The easy thing for foreign fund managers to do is to go to their clients in Europe and the US and tell them they are going to invest in Viet Nam equity and to raise the money from them. I know many investors in Singapore, South Korea, Hong Kong and outside Asia just dedicated to investing in Viet Nam. They have raised over $1 billion dollars that has yet to be put into Viet Nam’s equity market.
So the supply-demand dynamic tells me that even with acceleration of equitisation this year, the demand for listed companies is high and stock prices will stay high.
I think the bigger concern and big risk is at the OTC market where many more company stocks are available, but they are much less liquid. This is the place where risks are highest. It is because individual investors cannot know the stock price and find a place for security. It is time for people to look to the regulators to create a more transparent and predictable OTC market. There are many concerns in the OTC equity market and policy makers should take some action now.
Equity market valuation is so high and may continue go higher. This is producing the strange result that overall productivity in Viet Nam’s economy may be lower because more people will focus more on the stock market than on their jobs.
Many companies focus on increasing stock portfolios in the stock market. In other words, individuals and businesses are moving away from the core businesses because the stock market is moving up so quickly they feel they can earn more playing the market than doing their actual jobs.
And one of the solutions for the supply – demand imbalance is to increase supply. That’s why I think it is important to move the equitisation process forward and issue more equities in the formal market. — VNS
(21-03-2007)
Economist David Fernandez, managing director and head of JPMorgan Chase Bank’s Emerging Asia Research Department, shared his forecast on Viet Nam’s economy for this year with Viet Nam News.
What is the outlook for the nation’s economy according to JP Morgan’s recent report on Viet Nam?
JPMorgan recently published a report on Viet Nam’s economy which explores not only the macroeconomics of the country but also aspects like the local currency and foreign currency bonds, foreign exchange and the equity market. It is because JPMorgan’s clients are interested in all aspects of the economy and in all of its asset classes.
The first point in the report I want to mention is Viet Nam’s GDP growth this year.
The country’s GDP growth is still high and steady. For the last 10 years, Viet Nam has reached a GDP growth rate of 7.1 per cent, putting it between China and India in that field. The important thing is that the growth is very stable. Unlike other Southeast Asian countries which go up and down [according to their] electronics exports. Viet Nam’s economy has not been subjected to such swings. The share of electronic products in Viet Nam’s exports is less than 5 per cent. It is very low compared to other countries in Asia. That is a very important factor for investors.
In my analysis, I am looking at long-term factors such as demographics, capital accumulation and productivity, which indicate the medium term for Viet Nam will be higher at 9 per cent.
During the next few years, electronic products will become a greater export for Viet Nam with growth set to be at 7.8 per cent and higher during the coming years. And electronics will be a key factor in the economy’s growth.
Viet Nam continues to attract foreign direct investment (FDI). At present, foreign investors have wanted to diversify their investment market so Viet Nam will be a new destination.
Like other developing countries, Viet Nam is running a trade deficit which is resulting from importing materials for infrastructure building and production.
But a trade deficit is one of the points of the overall balance payment. Other points of the balance payment show a surplus. Even though Viet Nam is running a trade deficit, remittances from overseas Vietnamese, revenue from tourism and services continues to rise.
As a result, the current account balance continues to be in surplus. JPMorgan estimates the surplus is over US$1billion this year.
FDI has been high and steady and portfolio inflow looks this year to be extremely strong.
So our expectation is that the foreign reserves of the State Bank of Viet Nam (SBV) could rise up by between US$4 to 5 billion this year.
I forecast the Vietnamese dong to stay well below VND16,000 a dollar. There is about one per cent appreciation this year. Stability of the local currency is positive for investors.
The local bond yield could continue to drop sharply. Last year, the bond yield was at 8.5 per cent. Now it has dropped to 7.2 per cent and continues to decrease.
Inflation continues to come down this year. According to JPMorgan’s forecast, inflation will be at 6 per cent late this year. Lower inflation supports the idea of a lower bond yield.
More important is an imbalance between supply and demand in the bond market. Government issuance is steady this year but issuance from corporations is small. In the meantime, the demand for bonds from investors, fund managers and importantly new industries from outside of Viet Nam, continues to rise. JPMorgan’s clients from the UK and US continue to be attracted by Vietnamese Government bonds even though the bond yield has already fallen so much.
My view is Vietnamese bonds are expensive and will get more expensive because of the supply – demand imbalance.
You forecast the Vietnamese dong to continue to appreciate this year. But Viet Nam’s economy depends a great deal on exports. How will the currency appreciation affect the economy?
Export growth is rising so fast in Viet Nam. Total trade, including exports and imports over GDP has grown from 50 per cent in 1992 to over 120 per cent now, which makes the country a competitive option.
How much can currency appreciation damage the economy’s growth? I think the dong will appreciate but will still be stable.
For competitiveness of currency, we should look at the real exchange rate not nominated exchange rates. My analysis is that the dong is still competitive now. And the 1 per cent appreciation will not damage the competitiveness of Viet Nam’s exports.
The other thing to remember is that the 1 per cent appreciation over the US dollar needs to be looked at in the context of what is happening to other currencies in Asia at the same time.
We expected other Asian currencies to appreciate even more than 1 per cent. All Asian currencies except for the Japanese yen, Korean won and Indian rupee are expected to appreciate this year.
For example, in 2007, the Chinese yuan will appreciate over the US dollar up to 10 per cent while the Malaysian ringgit appreciates by about as much.
So 1 per cent appreciation for the dong is much smaller than other Asian currencies.
Currently, foreign indirect investment (FII) inflow is very high. If foreign investors draw back their money, do you think there is a great risk of a financial crisis like the one in Asia during the 1980s occurring in Viet Nam?
Before, Viet Nam did not have a portfolio indirect investment flow coming in so there was no risk. Now money continues to move in and it creates potential risks.
However, my view is that there is a little chance of capital outflow because at present foreign investors continue to struggle just to get in the market. They believe in the long-term structural positives of Viet Nam.
So there is a risk but creating an appropriate environment will make them want to stay.
I don’t think it is helpful to force people to keep their money in the country. The job of country and companies is to make them want to stay.
I think foreign investors want a stable political environment and transparency in terms of how assets are appraised.
In terms of policy-making, I am very confident that foreign investors can count on Viet Nam’s stable environment and predictable policies on exchange rate, investment and equitisation.
However, I am concerned about transparency. Although foreigners can see predictable policies for the next several years, people now ask for more transparency in companies. My observation is that transparency in Viet Nam is not very high.
If investors find that transparency is not improved fast enough, outflow of capital may occur.
Viet Nam was successful in issuing its first international bond. Do you think it should make the second issuance?
Coming from Viet Nam’s perspective, the country wants to issue international bonds with an aim to diversify its fundings. Besides, Viet Nam wants to evaluate the demand from investors as well as its prestige in the international market.
Coming from the perspective of foreign investors, they would love Viet Nam to issue more bonds in US dollars. And I forecast the demand would be very high.
You forecast that Viet Nam has a good perspective in the medium term. What happens if in the long term, the country’s economy slows down and has problems with paying international bonds?
Viet Nam still has an extremely small amount of debt on a commercial basis. The rate is much lower than that of other countries in the region. Viet Nam has just issued one bond while, by comparison, Pakistan has issued two and the Philippines has for decades been issuing long term dollar bonds.
By contrast, Viet Nam has issued a very tiny volume of bonds.
The best way to judge is to look at the market. Investors can pick up any bond in the world. They choose Viet Nam because they think it is safe. Market pricing indicates that Viet Nam should not have any difficulty in paying the debt in 2016.
The risk is possible but any country faces it.
Viet Nam’s equity marker is booming. Do you forecast any risks to it?
In the equity market, fundamentals and valuations are not important currently, rather pure supply and demand plays the most important role.
There are lots of imbalances in supply and demand in both official and OTC (over-the-counter) markets now.
I know the demand for buying Viet Nam’s equities is large and growing. The easy thing for foreign fund managers to do is to go to their clients in Europe and the US and tell them they are going to invest in Viet Nam equity and to raise the money from them. I know many investors in Singapore, South Korea, Hong Kong and outside Asia just dedicated to investing in Viet Nam. They have raised over $1 billion dollars that has yet to be put into Viet Nam’s equity market.
So the supply-demand dynamic tells me that even with acceleration of equitisation this year, the demand for listed companies is high and stock prices will stay high.
I think the bigger concern and big risk is at the OTC market where many more company stocks are available, but they are much less liquid. This is the place where risks are highest. It is because individual investors cannot know the stock price and find a place for security. It is time for people to look to the regulators to create a more transparent and predictable OTC market. There are many concerns in the OTC equity market and policy makers should take some action now.
Equity market valuation is so high and may continue go higher. This is producing the strange result that overall productivity in Viet Nam’s economy may be lower because more people will focus more on the stock market than on their jobs.
Many companies focus on increasing stock portfolios in the stock market. In other words, individuals and businesses are moving away from the core businesses because the stock market is moving up so quickly they feel they can earn more playing the market than doing their actual jobs.
And one of the solutions for the supply – demand imbalance is to increase supply. That’s why I think it is important to move the equitisation process forward and issue more equities in the formal market. — VNS
Yes they do!! I'm in it to win this won too, which ever comes first, dinar or dong, I'll buy more!!!