2010 July 01 | Iraqi Dinar News

* Hydrocarbon law is a priority for Iraq

July 1, 2010 Leave a Comment

Issue No 27 2 – 8 July 2010

The Rumaila legal challenge shows why Iraq needs to quickly approve legislation to oversee its oil industry

Sheda Mosawi’s legal challenge to the Rumaila oil field licence came to a strange and somewhat subdued end this week. The outgoing parliamentarian brought the case against Prime Minister Nouri al-Maliki and Oil Minister Hussain al-Shahristani in December 2009.

Mosawi argued the award of the giant oil field in the Basra province violated Iraq’s constitution as it required the approval of both parliament and the provincial government, neither of which were involved in negotiating the contract. The deal was the first of 11 contracts awarded to international oil companies (IOCs) to develop the country’s oil and gas resources.

Mosawi was told by the courts to pay fees of more than $250,000 for consultants to study the technical issues related to the case – effectively shutting her down. The move has been seen as heavy handed in Iraqi legal circles.

IOCs may be relieved by the outcome of the case but they cannot have watched the proceedings of the case with much comfort.

Iraq has been without a hydrocarbons law since Saddam Hussein’s regime was toppled in 2003. The government has been unable to push through the key legislation that would define the roles of the oil ministry, local and central governments in deciding oil policy, as well as the role of IOCs in the sector.

There are quiet rumblings among Iraq’s political factions about the possibility of revisiting the oil contracts once a new government is formed. Ayad Allawi, the leader of the Iraqiya party, which topped the polls in Iraq’s March elections promised a review of the contacts if he become the next prime minister.

It could just be rhetoric but without a hydrocarbons law the worry will remain. Notwithstanding the ultimate prize of Iraqi upstream production, the legal and political risks in the country cannot be ignored.

LINK

Filed Under Dinar Daddy Tidbits Tagged With Hydrocarbon, Iraq, priority

* Currency Chatter rumor: RV in process 7/1/10 @ noon

July 1, 2010 8 Comments

This came in from a friend of mine in the form of an email. It is very interesting, but I do NOT know anything about if this is factual or not. So I am leaving it up to the Forum Gurus and you my friends to let me know what your intel is telling you about this.

Now this might be a little hard to follow — but the RV is happening and I’ll do the best I can to explain what intel is telling us is happening.

Florida Banker says that the banks in Iraq DID NOT open today because they are getting ready for the transition from Dollars to Dinar.

Forex Guy in New York says that it is happening, and that their firm has verified with 3 multi-national companies that they have signed contracts in the last 24 hours with Iraq at the new rates.

Florida Banker also says that the new rate will show up on forex today — her intel says between 10am and 12noon.

Now, here is what might be hard to understand, but I try to tie this together.

The banks did not open today in Iraq, and they will be closed tomorrow (holy day).

They release it to the forex today. Not much trading, if any, will happen.

They plan to open on Saturday (normally closed), and on Sunday (normally open) to take care of the locals.

The forex closes at 3pm on Friday.

Forex reopens at 5pm on Sunday afternoon.

The banks in Asia, Europe and the US are closed on Sunday.

The banks in the US are closed on Monday.

At first, we didn’t understand why they would release to forex today, when the banks were closed. That didn’t seem to make sense, but Forex Guy told us it is the PERFECT TIME to do it.

Here’s why —-

Release to forex on Thursday — banks don’t have the rate in their systems yet, banks are closed in Iraq.

Friday banks are closed in Iraq. Forex around the world loads their systems. Forex closes at 3pm.

Saturday banks in Iraq open for the locals. Banks around the world start loading their systems.

Sunday banks are open in Iraq for the locals. Banks in the rest of the world are closed. Forex is closed.

Monday forex is open, banks in Asia and Europe are open, banks in the US are closed.

Tuesday banks in the US open.

If you can follow this —- it makes perfect sense.

They are planning a step-by-step release over 5 days around the world, so that they control the flow and this doesn’t SHOCK the financial system worldwide.

Friday, Saturday, Sunday, Monday, and Tuesday — phased implementation of the RV around the world — Actually pretty ingenious.

All of the intel we have coming in almost hourly, says this thing HAS HAPPENED and the implementation is now underway.

Watch the forex today.

If all of this intel is accurate, it should start showing up.

But remember that the forex is a giant network of computer systems, so it might take a while for it to propagate through the entire system.

Banks will not be showing rates until later, possibly not until Tuesday for US banks.

Swampyjackpot

Filed Under Dinar Daddy Tidbits Tagged With 7/1/10, Chatter, currency, noon, process, Rumor

* No delay for issuance of GCC single currency — Kuwait affirms

July 1, 2010 3 Comments

7/1/2010 4:29:00 PM

By Mehdi Al-Nimer

ROME

(KUNA) – GCC states are pursuing the process of issuing a single currency capitalizing on the successful European experience in this respect, the Governor of the Central Bank of Kuwait (CBK) affirmed.

Sheikh Salem Al-Abdulaziz Al-Sabah said in an interview with Kuwait News Agency (KUNA) on Thursday, “The intentions are explicit and sincere as to pressing ahead with accomplishing the mission of the GCC Monetary Council, namely drawing up the necessary regulations and structures for the establishment of the Gulf Central Bank and then the issuance of the common currency, with consideration to the accumulated European experience at this level.” Kuwait, like other concerned member states of the council, is exerting efforts at the technical and research levels “to back up the process of issuing the single currency that constitutes a significant step on the path of the Gulf merger,” said the governor in the statement to KUNA, on sidelines of a senior-level seminar, organized by the European Central Bank and the Bank of Italy, with GCC monetary and financial officials.

“There is no Kuwaiti approach or intention to delay the project of the single Gulf currency,” affirmed the governor of the CBK and Head of the GCC Central Banks Committee, stressing that the currenct financial crisis in the eurozone would not affect the Gulf monetary strategy.

Sheikh Salem indicated that, during meetings with European officials, he sought to protray an explicit picture of the economic and monetary conditions in the GCC countries and explore the European experience to avoid some possible obstacles in the process of establishing the Gulf monetary union. He branded as explicit and candid the deliberations, held during the seminar.

The seminar got underway here on Wednesday with participation of Sheikh Salem, officials of GCC central banks and financial authorities, their eurozone counterparts, ranking representatives of the European Commission and the GCC Secretary General Abdul Rahman Al-Attiah. The forum is aimed at enhancing the level of relations and cooperation between the European and GCC monetary officials.

As to the wave of skepticism regarding destiny of the euro, said to have been stirred by the Greek economic crisis, the CBK Governor affirmed in the remarks to the Kuwaiti news agency that it was premature to make final conclusions “for the available information contradict the speculations” and affirmed that this currency would persist.

Present slump of the rate of the European currency should not be interpreted as failure of the experience, for the current fall is particularly related to confidence jitters in the markets, thus affecting the rates of the hard currencies, affirmed the top Kuwaiti financial personality, adding that he was assured by the European officials that “these temporary problems” would be resolved.

Comparing financial conditions in the GCC and European states, Sheikh Salem noted that government debt problems and serious budget deficits in some European countries do not exist in the GCC states. On the contrary, these countries enjoy budget surpluses and accumulated surpluses in the foreign currencies reserves, he explained.

“However, we should not be complacent vis-a-vis such positive conditions for they may not last forever,” he cautioned.

Mario Draghi. Governor of Banca d’Italia and Chairman of the Financial Stability Forum, speaking at a news conference with Sheikh Salem and the Chairman of the European Central Bank last night, underlined the prime role of the GCC on the international financial markets noting its contribution to the efforts to ensure global financial stability. He said that the issuance of the single GCC currency would “constitute a significant move toward global financial stability.” The governor of the Kuwaiti center bank addressed a lecture at the seminar on “lessons in the monetary policies from the financial crisis.”

LINK

Filed Under Dinar Daddy Tidbits Tagged With affirms, currency, delay, issuance, Kuwait, single

* Official statistics scary for Iraq (new)

July 1, 2010 Leave a Comment

Thursday, July 1st, 2010 13:25

Baghdad: Publishes News Network Iraq statistics on the devastation and destruction of infrastructure caused by American and British occupation of Iraq, which is Terrifying figures reflect the degree of hatred against Arab Iraq by the World Zionist marching in the occupants of the rulers of America and Britain, Iran and the little ones in Iraq. It facing the widow of 1000000 million and 4,000,000 million Iraqi orphans 2,500,00 million martyrs and 800,000 sunset and 340,000 prisoners in occupation jails and prisons, the so-called state and the Kurdistan Region

(According to figures from observatories on Human Rights noted that the U.S. forces had officially recognized the existence of 120,000 prisoners have) and 4,500,000 million displaced outside Iraq, and 2,500,000 million displaced inside Iraq and 76,000 state Aidzbadma were 114 cases before the occupation and the prevalence drugs imported into a class of youth and of daunting proportions and three divorces for every four marriages after the occupation and 40% of the Iraqi people below the level of Alvkarotdmir destruction of infrastructure in Iraq and the decline of university education and primary and 550 political entity and 11,400 civil society organizations and 126 security firm managed foreign intelligence agencies and 43 armed militia belonging to the parties and 220 newspapers, funded by foreign intelligence agents, and 55 television channel financed by foreign intelligence services and 67 radio station funded by foreign intelligence agents, and 4 telecommunications networks the value of each network of 12 billion dollars are owned by the party leaders a – Co. Cork king exchange to Massoud Barzani, b – Al Asia King exchange Jalal Talabani T – by Zain of Kuwait king 50% of Ahmed Chalabi and the Dawa Party W – company raised the king exchange to Abdul Aziz al-Hakim and scores of thousands of counterfeit certificates of officials, officers, directors general and a cadre party, who is leading positions in the State and the corruption of a complete structure of the state administrative and financial In all joints and sectarian tension and congestion commend congestion class between the components of the Iraqi people and more than 11,400 the headquarters of the parties in power, officially or unofficially as if the headquarters of a contractor and a fake or a charitable organization as a cover for the work of parties and these compounds are often buildings of State or buildings were taken over the rightful owners after their displacement or liquidated or leased rents paid by the State budget. and dispel Iraq’s oil wealth and the wealth of mineral and a satisfied, treatment, and factories through the distribution of Iraq’s territory under the Investment Law notorious for the beneficiaries of the parties clients and long-term contracts as well as selling and renting wealth of Iraq and the treatment of It belongs to the people of Iraq have now been sold and leased to put the staff and workers of these factories the jaws of the anvil and spend Iraq’s resources and wealth. and control of the underdevelopment of Iraqi society after Iraq had Mohy illiteracy in 1977 was the first country in the world to wipe out illiteracy completely by UNESCO.

LINK

Filed Under Dinar Daddy Tidbits Tagged With Iraq, official, scary, Statistics

* SwampyJackpot Post: Currency Chatter 7/1/10

July 1, 2010 1 Comment

Schedule & Events for RV – 1 July 2010