May 18, 2012

News About Iraqi Dinar

Iraqi Dinar Exchange Rate

Currency Exchange News

* American Contractor Intel 8/20/10

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American Contractor Intel   AC-I
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20 August 2010

The celebration of Ramadan continues as you see the Iraqi people only working an average of three hours a day.  The government workers when the clock strikes 11 AM they are gone.

General Electric and Iraq

I had mentioned that General Electric, GE was not currently in Iraq and I am going to explain briefly why they will not be in the near future.  First, news reports mention the future project of GE coming into Iraq and not necessarily saying they are currently in Iraq because they are not.  Positive articles however, not necessarily the most accurate.

The government power grid operates in a way that most people don’t even know or realize.  The electricity for most Iraqi’s operate only a few hours a day if they are so fortunate to have the government power grid at their residence.  When the government power grid shuts off for them then it moves to a different section of the city or province and giving those residents electricity for a few hours.  Than after a few hours more the government power grid moves a different part of the city or province and repeats itself throughout the day.  This is how the government electrical grid operates in Iraq.

Awhile back the Ministry of Electricity (MOE), had bought large generators and placed them in certain neighborhoods.  These particular generators are off the government controlled power grid and the MOE charges its citizens for its usage of these generators.    A government worker most likely working for the Ministry will come to your door and check to see the total amps a residence has been using and expect payment before the government worker leaves in Iraqi dinar.

The government worker reads the meter and charges the resident.  What happens is the government worker gets a certain amount of money and obviously he will pocket himself some of the money and misrepresent the electricity used to the MOE.  The government really does not know the exact amount of amps a city is using due to the pilfering of the payments by the government workers collecting the money for the electricity and not reporting the correct amp usage.

If there is no accountability of electricity used than there is no account of profits lost.  Why would they invest in a country when (GE) would not be guaranteed payment due to misreporting of actual electricity used over the years of the life of the contract.

In the last seven years there has not been a new electrical power station built in Iraq.  None whatsoever.  There is not one company that is helping Iraq with their electrical grid situation.  Its getting worse and not better.

You really think GE is going to invest a couple of billion U.S. dollars in machinery equipment, training, parts over 20-25 year contract knowing the MOE does not know how much electricity is being used and the corruption that is involved.  Don’t think so!  I have an article below from a Spanish Newspaper titled:  Spanish firms not investing in Iraq due to corruption, security concerns.

I do have some positive news!  The Iraqi government is going start issuing drivers license starting 1 September.  My thoughts are, good luck with that.

I am looking forward to the meeting in Damascus and hopefully we will see a formed government however, look for the formed government in October – November time frame.

The Iraqi Parliament is still an open session due to not having a Parliament Speaker.  Any significant government business is just futile.  Government business is still going on however, limited to each Ministry’s signature authority up to a certain dollar amount.

PM Maliki has sent a letter to Dr. Allawi and is ready to turn a new leaf!  We can only hope.


As always more to follow…

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American Contractor has been living in the Middle East and Central Asia since 2003.

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Spanish firms not investing in Iraq due to corruption, security concerns
Text of report by Spanish newspaper La Vanguardia website on 16 August
[Report by Alvaro Colomer: "Spanish Presence in Iraq's Reconstruction Is Nil"]
Even the fact that Spain is in third position on the UN list of the biggest donors to Iraq’s reconstruction and the fact that rumours at the end of 2003 asserted that [former Prime Minister] Jose Maria Aznar’s unconditional support for George Bush would translate into big contracts when the process started, have not made it possible. Today Spain is a marginal player in Iraq’s reconstruction, and according to data from the Industry, Trade, and Tourism Ministry, the Spanish private sector is not investing a single euro in Iraq.  Flayeh al Mayali, a former translator with the now defunct economic and trade office of the Spanish Embassy in Baghdad, says: “There is nothing left of the good economic relations between the two countries.” The Italians are building 10,000 dwellings in Diwaniya, the French are doing the same in Nasiriyah, and the Germans in Basra, but the Spanish, despite their knowledge of construction, do not want to invest.”
“The security conditions and the inefficiency of the institutions are putting these investors off,” says Jose Maria Fernandez Lopez de Turiso, director of the Mediterranean and Arab World Cooperation Department, part of the Spanish Agency for Cooperation. Although at the beginning the trade office in Amman (Jordan) took on the control of Spanish economic activities in Iraq, currently it is the one in Ankara (Turkey) that is carrying out the task because from there it is easier to access the less dangerous area in the country: the north. However “Spanish trade and economic interests are still limited,” stated Isaac Martin Barbero, the person responsible for this office. “There are hardly any investments being made and our exports amounted to 52 million in 2009, with Spain ranking 32nd,” he added.  Political corruption is one of the reasons why businessmen are not tapping into Iraq’s huge potential, especially in terms of construction. We can cite as an example the efforts made by Repsol in mid-2009 to obtain the awarding of an oil well in an auction. Even though the company offered 19.3 US dollars per barrel, the contract was finally awarded to BP, which only offered 2. What criteria did the Iraqi Government follow here? “The answer is clear: Corruption. Those who know whom to bribe are rewarded – says Pedro Rojo, coordinator for the Middle East of the Spanish Campaign against the Occupation and for the Sovereignty of Iraq (Ceosi) – and Spain does not even have a trade representative in Iraq.”
Source: La Vanguardia website, Barcelona, in Spanish 16 Aug 10
BBC Mon EU1 EuroPol kk

* Dinar Daddy: News Sources Added

All,

I’ve added the TOP NEWS SOURCES to the front page for easy access. I’ve pulled them from the “Resources” page. All other resources will remain on the “Resources” page, but I felt it was important to pull those listed on the front page forward.

DD

* Med chat: Dinar Speculator 8/20/10

SO WHAT DO I NEED TO ANSWER
pbrman71 says to (12:50:00):
in alabama now
MED says to (12:50:09):
I DID READ BOTH ARTICLES
MED says to (12:50:13):
THE ONE ON SISTANI
MED says to (12:50:18):
AND THE ONE FROM BUSERY
muddy54 says to (12:50:26):
yes
MED says to (12:50:26):
SO WHAT WOULD YOU LIKE ME TO SAY
MED says to (12:50:35):
SHOULD I LIE MUDDY
MED says to (12:50:41):
OR TELL THE TRUTH
MED says to (12:50:58):
CAUSE THE TRUTH CAN HURT
muddy54 says to (12:50:58):
truth …we can take it
MED says to (12:51:11):
OK THE GOOD NEWS
MED says to (12:51:18):
NOW THE BAD NEWS
MED says to (12:51:20):
LOL
MED says to (12:51:23):
LMBO
MED says to (12:51:26):
ROFLMBO
muddy54 says to (12:51:28):
(lol)
MED says to (12:51:29):
FOCLMBO
budly says to (12:51:33):
lol
MED says to (12:51:33):
TOPLMBO
ArlingtonAZ says to (12:51:36):

MED says to (12:51:41):
NO THERE IS NO BAD NEWS
MED says to (12:51:44):
IT IS ALL GOOD
mb3 says to (12:51:59):
Good to see you in a good mood med!!
MED says to (12:53:09):
OK
MED says to (12:53:17):
FIRST THE ONE FROM BUSERY
MED says to (12:53:21):
IT IS GREAT NEWS
MED says to (12:53:23):
IF
MED says to (12:53:26):
IT IS FACTUAL
MED says to (12:53:31):
AND THIS PERSON
MED says to (12:53:36):
IS NOT JUST GIVING HIS OPINION
MED says to (12:53:39):
THE GOOD THING
MED says to (12:53:46):
IS IT CAME FROM A SADRIST
MED says to (12:53:53):
AND NOT FROM SOMEONE FROM THE LIST
MED says to (12:53:58):
THAT FOR ME
MED says to (12:54:41):
MAKES ME FEEL VERY OPTIMISTIC
MED says to (12:54:47):
NOW ON SISTANI
MED says to (12:54:51):
MY ONLY ISSUE
MED says to (12:55:02):
IS THAT I DON’T WANT HIM TO PICK SIDES
MED says to (12:55:09):
AS IN ONE LIKE MALIKI
MED says to (12:57:46):
AND FROM SOME PAST ARTICLE
MED says to (12:57:58):
I AM CONCERNED THAT SISTANI WILL SUPPORT THAT IDIOT
MED says to (12:58:23):
BUT
MED says to (12:58:36):
THIS COULD CREATE A WORSE PROBLEM FOR MALIKI
MED says to (12:58:48):
CUZ IF SADR
MED says to (12:58:56):
WAS TEATER TOTTERING IN ANY WAY
MED says to (12:59:17):
AND SISTANI GAVE HIS WEIGHT TO MALIKI
MED says to (12:59:35):
SADR SAID THEN HE WOULD DEFINATELY SPLIT FROM THE NA
MED says to (12:59:40):
AND MERGE WITH THE LIST
MED says to (12:59:50):
BUT IT SEEMS FROM THE ARTICLE THAT BUSERY POSTED
MED says to (12:59:56):
THAT HAS ALREADY BEEN DECIDED
MED says to (13:00:07):
WE ARE ONLY TWO DAYS AWAY FROM NEXT WEEK
neo says (13:01:46):
Thats true Med 48 hours is no big. Either way
MED says to (13:01:50):
NOW I AM NOT EVEN GOING TO GO OVER WHAT WE ALREADY HAVE SEEN IN THE MEDIA
MED says to (13:01:55):
HEY
MED says to (13:02:05):
OK ENOUGH FOR EVERYONE
MED says to (13:03:02):
OK SO ANY OTHER ?’S I CAN ANSWER FOR YOU
mercedes says to (13:03:03):
yes
kenstrip says to (13:03:03):
us too
daneich2 says to (13:03:06):
your sources commented that the RV is signed and ready to go after govt is in place, do you still believe this?
MED says to (13:03:14):
OF COURSE I DO
budly says to (13:03:16):
(F) great breakdown TY
neo says (13:03:17):
Hows your daughter?
Retta says to (13:03:18):
Mine does that also
MED says to (13:03:18):
AND DANEICH
MED says to (13:03:26):
IT IS NOT JUST MY SOURCE
dinarham says to (13:03:27):
yes you made it clear thank you Med
daneich2 says to (13:03:31):
ty
MED says to (13:03:33):
SHABIBI STATED TI
MED says to (13:03:34):
IT
MED says to (13:03:39):
IF YOU REMEMBER
MED says to (13:03:43):
ABOUT 4 WKS AGO
MED says to (13:03:50):
AND THEN SALEH
MED says to (13:03:57):
THE ADVISOR TO THE CENTRAL BANK
MED says to (13:04:02):
THAT ALL THEY WERE WAITING ON
yellowjacket says to (13:04:07):
What is your estimate of time to RV after A government is formed
MED says to (13:04:09):
WAS THE FORMATION OF THE NEW GOVT
MED says to (13:04:18):
THAT I HAVE NO CLUE YJ
MED says to (13:04:23):
ALL I WILL SAY
daneich2 says to (13:04:26):
ty med
MED says to (13:04:29):
IS IF THEY ARE ADMINANT
yellowjacket says to (13:04:54):
Thanks.
MED says to (13:05:03):
ON WHAT THEY STATED
MED says to (13:05:03):
AND WE KNOW FROM ALLAWIS
MED says to (13:05:03):
FB STATEMENTS
MED says to (13:05:03):
HE IS
MED says to (13:05:03):
I WILL EXPECT AN RV I 2010
MED says to (13:05:03):
AS I HAVE SAID MONTHS AGO
MED says to (13:05:20):
AND I CAN HANG OUT WITH YOU GUYS AND GALS
MED says to (13:05:21):
THAT LONG
all??? says to (13:05:29):
Any credence to the article about meeting in Syria after ramadan? Seems odd with all those about meetings in two days.
LSU Fan says to (13:05:55):
Med, I know we don’t know the true rate but would Allawai being PM give us a chance for a higher rate?
MED says to (13:06:21):
I SAW THAT ALL
MED says to (13:06:31):
JUST WHO IS MEETING
MED says to (13:06:36):
THOUGH
all??? says to (13:06:58):
Says the political leaders …
pbrman71 says to (13:07:13):
what’s your thoughts about allawi being asked to meet with the Russian prez?
MED says to (13:07:24):
NO BIG DEAL
MED says to (13:07:32):
NO I DON’T LSU
MED says to (13:07:41):
I THINK THE RATE IS THE RATE
all??? says to (13:07:49):
So they can meet away from foreign influence
MED says to (13:07:51):
AND CBI AND THE IMF HAVE DONE THEIR WORK
GreenEyes says to (13:08:41):
Couldn’t they have worked out two rates? One if Iraq is still in Chapter VII and another if they are not?
MED says to (13:08:44):
WELL IF THEY HAVE DECIDED TO FORM NEXT WEEK
MED says to (13:08:49):
NO
MED says to (13:09:00):
CHAPTER VII
MED says to (13:09:03):
IS NOT ABOUT THAT
MED says to (13:09:09):
WHAT CHAPTER VII IS ABOUT
MED says to (13:09:20):
IS THEY ARE NOT PROTECTED BY INTERNATIONAL LAW
MED says to (13:09:24):
THAT IS WHY THE DFI
MED says to (13:09:45):
ALSO
MED says to (13:09:53):
THE MAIN PROBLEM WITH THE CHAPTER VII
MED says to (13:09:55):
IS TRADE
MED says to (13:10:03):
SEE IRAQI’S
MED says to (13:10:09):
CAN THEMSELVES
MED says to (13:10:12):
IMPORT GOODS
MED says to (13:10:15):
BUT THE GOVT CANNOT
MED says to (13:10:21):
THEY ARE LIMITED
MED says to (13:10:27):
TO ONLY SPECIFIC ITEMS
MED says to (13:10:45):
THIS WAS TO STOP THEM FROM BEING ABLE TO BRING IN FROM MULTIPLE SOURCES
MED says to (13:10:55):
THINGS THAT COULD BY PUTTING THEM TOGETHER
MED says to (13:10:59):
MAKE WMDS
MED says to (13:11:26):
NOW CBI CAN
MED says to (13:11:36):
BUT THEY CAN ONLY USE MONEY FROM THE AUCTIONS
MED says to (13:11:41):
TO BUY XTRA GOODS
MED says to (13:11:49):
THAT THE DFI WILL NOT ALLOW
MED says to (13:12:01):
MAYBE YOU ALL NEW THAT ALREADY
MED says to (13:12:08):
BUT I FIGURED I WOULD EXPLAIN AGAIN
MED says to (13:12:38):
SO ANYMORE ?’S
pbrman71 says to (13:13:02):
allawi/russia?
MED says to (13:13:09):
I ANSWERED IT
MED says to (13:13:13):
I SAID NO BIG DEAL
MED says to (13:13:18):
THIS IS COMMON
pbrman71 says to (13:13:18):
guess I missed it
MED says to (13:13:23):
ESPECIALLY
GreenEyes says to (13:13:23):
Ok… Guess I am confused… I thought a long as they were under Chapter VII they wouldn’t be able to use all of their “held” or “protected” assets to RV as collateral…
pbrman71 says to (13:13:26):
got it
MED says to (13:13:33):
NOPE
MED says to (13:13:36):
THEY CANNOT
MED says to (13:13:45):
NOT ONE OF THOSE ASSETS EXIST
MED says to (13:13:49):
UNTIL RELEASED
MED says to (13:13:56):
SEE THEY JUST DON’T OWE KUWAIT
MED says to (13:14:09):
THEY HAVE A DEBT OF 360 BILLION USD GLOBALLY STILL
MED says to (13:14:17):
AND THE ESTIMATED ASSETS
MED says to (13:14:26):
ARE AROUND 1.13 TRILLION BEING HELD
MED says to (13:14:37):
THE ONLY THING THAT LEAVES THE DFI
MED says to (13:14:47):
ARE THE PAYMENTS FOR THE HUMANITARIAN AIDE
MED says to (13:14:54):
AND THE PAYMENTS TO KUWAIT
MED says to (13:15:06):
A COUNTRY THAT IS UNDER CHAPTER VIII
MED says to (13:15:07):
VII
MED says to (13:15:14):
IS NOT PROTECTED BY INTERNATIONAL LAW
MED says to (13:15:25):
AS THE U.S. OR UK OR OTHERS ARE
MED says to (13:15:31):
WHAT INTERNATIONAL LAW DOES
MED says to (13:15:42):
IS IT PROTECTS A COUNTRY FROM BEING SUED
MED says to (13:15:47):
AT THIS MOMENT THEY CAN
MED says to (13:15:50):
BE SUED
MED says to (13:16:06):
BUT THE UNSC
MED says to (13:16:12):
SET UP AN INTERNATIONAL PROTECTION
MED says to (13:16:18):
BY THE DFI
MED says to (13:16:21):
BUT
MED says to (13:16:26):
IF THEY ARE STUPID ENOUGH
MED says to (13:16:31):
AS THEY HAVE SHOWN THEY ARE
MED says to (13:16:39):
THEY BOUGHT PLANES FROM CANADA
MED says to (13:16:49):
AND THE KUWAITI’S TOOK THEM
MED says to (13:16:56):
AND AS THEY DID IN THE UK
MED says to (13:17:03):
WHEN THAT PLANE LANDED IN LONDON
MED says to (13:17:11):
THE AUTHORITIES SIEZED IT
MED says to (13:17:20):
AND JUST TOLD ALL THE PASSENGERS
MED says to (13:17:22):
TOO BAD
MED says to (13:17:29):
YOU WON’T BE FLYING AIR IRAQ HOME
MED says to (13:17:42):
DID I EXPLAIN THIS OK
neo says (13:17:43):
Remember when some gold was transferred from one vault over to Kuwait’s
MED says to (13:17:48):
YES
MED says to (13:17:59):
THAT WAS A DEBT OWED TO THE CBK
MED says to (13:18:04):
OF 10 MILLION USD
MED says to (13:18:10):
FOR EXCAVATION FEES
MED says to (13:18:17):
TO FIND MISSING KUWAITI’S
MED says to (13:18:22):
IRAQ DIDN’T PAY THE BILL
MED says to (13:18:26):
SO CBK DID
neo says (13:18:36):
Ah yes thats it! for the digging project
MED says to (13:18:38):
AND THEY ASKED IRAQ TO PAY THEM
MED says to (13:18:49):
IRAQ SAID WE WILL ON THE RV
MED says to (13:18:59):
THEN THEY DIDN’T KEEP THEIR WORD
papa03 says to MED (13:19:03):
Med,
MED says to (13:19:04):
SO CBK WENT TO THE UNSC
MED says to (13:19:21):
AND THE GOLD WAS THEN TAKEN FROM IRAQ
MED says to (13:19:26):
AND GIVEN TO CBK
GreenEyes says to (13:19:48):
So, then you do not think they will RV until out of Chapter VII? So are you saying it doesn’t matter to the RV because they have enough assets either way? And the only thing Chapter VII being lifted will do is alow the government to buy things?
MED says to (13:19:49):
MED says to (13:19:56):
NO I DIDNT SAY THAT
MED says to (13:20:15):
I BELIEVE THAT IT WILL RV NO MATTER IF THEY ARE IN VII OR NOT
SO ANYTHING ELSE
neo says (13:21:28):
I think overall we are getting pumped!
MED says to (13:21:35):
I AGREE
MED says to (13:21:42):
I AM VERY HAPPY FOR THE MEMBERS AND THE SITE

* Interview with Shabibi – Iraqi central bank governor interviewed on monetary situation

IMF/Gov. runs CBI – Not Shabibi – Interview with Shabibi -
Iraqi central bank governor interviewed on monetary situation

Al-Iraqiyah Television on 22 November carries a new episode of its “Special Encounter” programme in which anchorman Aziz Rahim interviews Iraqi Central Bank Governor Dr Sinan al-Shibibi.

Asked to discuss the global economic crisis and whether it has been contained, Al-Shibibi says this crisis is enormous and “will result in a relatively large recession in both advanced and developing countries.” He explains that the crisis originated in the United States as a result of the real estate mortgage problem caused by easy-term loans to encourage individuals to buy real estate, and who later were unable to settle these loans. He adds that because these loans were guaranteed by insurance companies, these companies were obliged to repay the loans to the banks and, thus, some of them became bankrupt along with some investment banks. Concerning the rescue efforts, Al-Shibibi says: “The 700 billion US dollar issue is actually the beginning, because the pumping of this cash into this sector has yet to prove that it was a successful measure.” He adds that “the other solution that should have been followed is moving to the real economic sectors; that is, all these sums of money should have been used to finance real issues,” explaining that the bailout helped settle certain marginal issues only.

Asked whether the Iraqi economy will be affected by the global economic crisis and how great this effect will be compared to advanced and developing countries, Al-Shibibi says the effect of this crisis differs from one country to another, noting that Iraq’s concern is over the drop in the demand for oil. He adds: “The sharp drop in the demand for oil has greatly impacted the revenue of these countries, but on the other hand and since oil is evaluated by the US dollar, a partial compensation has materialized,” explaining that the net effect is less than what was estimated.

Asked about the relations between the Central Bank and the Iraqi government, Al-Shibibi says: “Although the Central Bank is part of the state’s system and works alongside the government, it has its own independent policies,” explaining that some of these policies cut across the government’s course of action, but at the same time “they stabilize the exchange rate, increase reserves, and contribute to other matters that benefit Iraq and the Iraqi society in general.” He also explains that the Central Bank is actually a bank for reserves, which controls foreign and local bank reserves, adding that by maintaining the stability of currency, the Central Bank helps the government “to plan its expenditures securely.”

Rahim notes that some accuse the Central Bank of adopting strict policies in order to control inflation, and others justify these policies saying that these policies are dictated by the IMF, and he asks Al-Shibibi to comment.

Al-Shibibi says this matter should not be exaggerated, noting that the Iraqi Government, not the Central Bank, has an agreement with the IMF, and the Central Bank implements the government’s monetary policies.

He adds that the IMF sets terms in every agreement it signs with every country, and “while negotiating with the IMF, we try to make these terms as easy as possible. At the same time, we try to impose certain matters on the IMF,” explaining that these negotiations aim at reducing 80 per cent of Iraqi debts. He adds that when Iraqi debts are reduced by this percentage, the budget costs will decrease and the speculations concerning its implementation become more certain. He says: “The 80 per cent reduction in debts, which we were able to obtain from the Paris Club, is the highest percentage ever given to a middle-income country in the entire world.” Asked to explain in return for what, he says in return for policies that Iraq should implement.

Rahim also notes that the IMF asked the government to raise the price of oil derivatives and to postpone payment of the difference in salaries that was due following the recent salary increase, and he asks Al-Shibibi to explain the Central Bank’s position on this. Al-Shibibi says “the IMF policies were in line with the objective to curb inflation,” explaining that their outcome was for the benefit of Iraq, particularly in strengthening the purchasing power of the Iraqi dinar, which should remain under control at all times. He adds that “the Central Bank’s general monetary policy is not a long-range policy; rather, it is revised every six or three months in order to monitor where things are heading.”

Rahim says that what is happening in Iraq today is that local banks are collecting Iraqi dinars from the market and depositing them with the Central Bank in return for a certain interest; thus, making profits at the Central Bank’s expense, while they should be lending money to companies and individuals to invest in various sectors. Al-Shibibi confirms that this is the case, explaining that the Central Bank’s main objective is to maintain the stability of the currency.

Asked whether the studies on inflation prepared by the Central Bank conform to the studies prepared by the Iraqi Central Apparatus for Exemption, because some believe that there is a disparity between the two, Al-Shibibi says: “The brothers in this apparatus and the Planning Ministry provide us with data on inflation; we then make our calculations to find out the rate of the core inflation on which we build our monetary policies, which aim at maintaining monitory stability,” adding: “We take this data, but we design the policy.” He explains that while preparing these studies, the Central Bank takes into consideration the outcome of the budget’s expenditures in terms of the production attained from such expenditures.

Asked to explain whether recent salary increases approved for civil servants have caused an increase in the cost of living or inflation, Al-Shibibi says inflation should be treated by further spending from the budget,” explaining that “inflation is actually a real fact, rather than a monetary issue,” which means that it is caused by certain sectors that fall under the authority of the Planning and Finance Ministries. He adds that the Central Bank can only interfere when production results from budget expenditures. Asked in what way the Central Bank will interfere, Al-Shibibi says “it can interfere in the monitory policy, such as raising interest rates, holding back liquidity, or raising exchange rates. It is a firm policy in order to handle the current situation.” Rahim notes that the Central Bank has reduced the interest rate to 15 per cent. Al-Shibibi confirms that it has done so, because things have improved.

Asked whether this reduction took place as a result of the global economic crisis, Al-Shibibi says it is more related to the efficiency in implementing the budget by the Finance and Planning Ministries as well as the various concerned sectors. He explains that the Central Bank is against adopting strict policies, but is currently doing so until expenditures become more productive.

Asked whether the removal of three digits from the Iraqi currency is a step aimed at curbing inflation, Al-Shibibi says this issue has nothing to do with inflation, but the concerned parties are taking this issue into great consideration and giving it precedence over other issues, such as the implementation of certain monetary policies and reserve investments.

He adds: “We monitor the value of the Iraqi dinar vis-A-vis the US dollar, which is relatively stronger than the dinar,” noting that the digits issue is currently under serious review. Asked whether there is a timeframe for making a decision on this issue, he denies that there is, explaining that this depends on the circumstances and the exchange rate policies.

Rahim notes that the Central Bank has fixed the exchange rate for the US dollar and that it is the only party that controls any increase or decrease in this rate, and he asks Al-Shibibi to confirm this. Al-Shibibi confirms that this is true, “because managing the exchange rate mainly helps in curbing inflation. The system by which we determine the exchange rate is called ‘managed float system,’ which means that the price of the dinar is kept floating but is closely monitored so that it can be managed whenever a tangible change occurs.” He adds that this floating system is linked to the supply and demand for the US dollar, explaining that the Central Bank is obliged to guarantee 100 per cent of the demands by Iraqi banks for the US dollar; otherwise, they might buy it from other local sources at a cheaper price, resulting in the presence of more than one price, which is against the bank’s current policy. Asked whether the Central Bank has sufficient amounts of foreign currency to meet the market’s demand, Al-Shibibi says that the bank is obliged to meet the demand in full, adding: “We believe that our reserves are sufficient to meet such demand.” He explains that any request for foreign currencies that takes place in the currency auction is reviewed carefully before it is approved, requiring the Central Bank to always make foreign currencies available. He notes that the Central Bank receives requests for foreign currency in amounts ranging from 150 to 200 millions daily, [currency not specified], which means that it should be able to meet this demand. He explains that exchange rate fluctuation is more dangerous than any drop in the exchange rate.

* Sadrist MP: Govt will be announced next week

Friday, August 20th 2010

Karbala, Aug. 20 (AKnews) - An official from the Sadrist Current told AKnews on Friday that the Iraqi National Alliance (INA), the Kurds and al-Iraqiya will form the government next week.

Maliki and Allawi and Ammar
The remarks by the Jawad al-Hasnawi came as Prime Minister Nouri al-Maliki’s State of Law Coalition (SLC) appears to have been sidelined after al-Iraqiya, led by former PM Ayad Allawi, decided to break off talks with the SLC over Maliki’s designation of al-Iraqiya as a “Sunni” bloc.

Hasnawi said that the dialogues between the INA and al-Iraqiya were positive and successful, adding that they were done because of the insistence of the SLC on retaining the prime minister’s post for narrow party interests.

The Sadrist Current is part of the INA that came third in March parliamentary elections with 70 seats.
The SLC, a Shia-dominated group, won 89 seats in the elections trailing behind the Sunni-dominated al-Iraqiya which secured 91 seats.

The Kurds have 57 seats in the parliament and constitute the fourth largest parliamentary bloc.
“The meetings between the Iraqi National Alliance (INA) and al-Iraqiya were successful and made significant progress to speed up the formation of the next government…. Our meeting with al-Iraqiya was in the framework of the National Coalition, and not out of it,” said Hasnawi.

The National Coalition was a super bloc created by an alliance between the INA and SLC. But after Maliki refused to step down from office, the fate of the alliance has been plunged into uncertainty.

Hasnawi criticized “Maliki’s insistence on becoming the next prime minister and rejecting the nomination of other candidates… It is this dictatorship that not only separated him from the INA but has isolated him from the political process as well.”

More than five months after parliamentary elections, Iraqi political forces have not been able yet to reach a deal on forming the country’s new government.

Rn/Ms/AKnews

* Mohammed Kayani: Talabani, Maliki, and Barzani supports Allawi government

Friday, 20/08/2010

Baghdad ( News ) .. MP block for change were part of the coalition blocs Kurdistan Mohammed Kayani said the Kurdistan Alliance is divided on the selection of the next prime minister , criticizing the way his coalition to submit a paper demands of negotiating with the political blocs . and Kiyani said in a statement (of the Agency by news ) Friday : The Alliance Kurdistan WIN within the coalition , split over the head of the new government , and revealed that the Patriotic Union of Kurdistan led by Jalal Talabani, with the renewal of the mandate of the President of the outgoing premier Nuri al-Maliki , while the Kurdistan Democratic Party led by Massoud Barzani supports the receipt of the leader of Iraq , Iyad Allawi, the presidency, and the parties more Within the coalition has not decided its stand until now.
And negotiating paper Kurdistan , MP for the change that sponsor political blocs was incorrect , and it was supposed to know the demands of the other blocs , describing the sponsor Kurdistan for lumps like to provide mass opposition to the government. (as he put it ). and called entities to modify the negotiating paper Kurdish To include all those affected by the previous regime and it is not mine, the Halabja area . / end / . (7 . t . m

http://www.ikhnews.com/news_view_594.html

* Dinar Daddy: Reminder of Dates

All,

Here are a few dates to think about…

- August 31, 2010 – Complete withdrawal of all combat troops from Iraq.  Many news reports say this is either complete, or close to being complete.

- Sept 30, 2010 – End of US Fiscal Tax Year.

- Oct 17, 2010 – UNSC Meeting with Iraq (Tri-yearly meeting)

- November 2010 – U.S. (Non-Presidential Year) Elections

- December 2010 – End of DFI Fund Extension

Just be aware… and be open to the possibilities…. “this is  a live and fluid situation” as Phoenix says… AND… in the spirit of bringing a SMILE to many people’s faces (including Phoenix) from back in the Ranger_77 days…. HANG ON DOROTHY…. KANSAS IS ABOUT TO GO BYE BYE!!! ;)

Go Dinar!

Dinar Daddy

* BALANCE: Comments Closed… Contradictory Statements… Instructions

All,

It appears theBALANCEsection is having a difficult time taking off.  Let me explain how this all works…

If you see a post where I have SHUT OFF the ability to comment, and you wish to comment on something shared, then please DO SO.  BUT, you must do so by clicking on the BALANCE tab at the top of the site, then click on the COMMENTS hyperlink at the top of the top post, and then share your thoughts while referencing the post title, link, or URL to the original post on the site.

That’s how it’s done and that’s how you can still share how you feel WITHIN THE SITE’S RULES about what was originally posted.  Professional, courteous, respectful disagreement is most certainly encouraged.  ripping, crude, hateful, diminishing, and controversial comments are NOT accepted.

I hope this helps you understand.

DD

* Allawi: Agreement with the national and Kurdistan will create a split within the grand coalition

Alsumaria News / Baghdad

Friday, August 20, 2010

Take a leading role in the Iraqi List led by Iyad Allawi, said Friday that the agreement with the National Coalition and the enrollment of the Kurdistan Alliance will pay the members of the coalition of state law to split from al-Maliki, referring to the presence of participants between Iraq and the Sadr movement will have a key role in building the Government, confirmed that Iraq has offered Maliki’s office on the presidency of the parliament and the presidency of the Council for Coordination of national policies of the strategy.

Mohammed Allawi said in an interview for “Alsumaria News”, “The agreement with the National Alliance and the Kurdistan Alliance to form the next government will pay the members of the coalition of state law to split from al-Maliki and accession to that agreement, leading to a shift Maliki’s coalition to check the opposition, and we do not accept so it does not serve the interests of the people. ”

The leader of the Iraqi List, Osama Nujaifi said during a press conference held at an early hour of Thursday night and attended by “Alsumaria News”, the relations with Iraq with the National Coalition of Excellence, as well as the dialogues and negotiations with the Sadrists and reached advanced stages, and will be the closest allies during the period the next, and there are large positive to accept the presidency of Iraq’s next government. also announced Nujaifi demise of confusion Alojerma state of law and Prime Minister Nuri Al-Maliki after the message sent by the latter to Allawi, pointing out where his previous statements, and include an explanation of what he spoke Maliki and stresses the need to re-engage and turn the page of the past to start check the good relations of serious negotiations.

Allawi added that “the transformation of the Sadr movement into politics and away full of violence has created between himself and the Iraqi List understanding on many issues, the intellectual will have a key role in building the next government, including the belief in the unity of Iraq and reject sectarianism and faith in law and legislation and for not defending the detainees involved with the blood of the people of Iraq. ”

Allawi stressed that “the Sadr movement has become aware of the great political, as witnessed through the last met with its leader Muqtada al-Sadr,” he says.

The new leader of the Iraqi List, maintained list post of prime minister according to the elections as the first winner of the cluster, while noting that “the Iraqi al-Maliki offered the posts of chairman of the parliament and the presidency of the Coordinating Council of the national policy strategy as the second list the results of the elections.”

And suspended the Iraqi National List government negotiations with the state law last week, because of statements that described the “sectarianism”, which was issued from the leader of a coalition of law Nuri al-Maliki, who described the Iraqi National List as a “Sunni bloc, if the formation of a government which does not include this component, this The government will be unstable “, while al-Maliki called on Iraq to apologize for the remarks.

The recent support for the cleric Moqtada al-Sadr for the nomination of President of the Iraqi List, Iyad Allawi, a significant change in position of power who was considered Allawi, the first enemy to him over the years, especially after the military operations launched by Allawi during his presidency of the government against the Mahdi Army militia in 2004 in Najaf and other provinces and falling while that the religious authority, Ali al-Sistani to resolve them after returning from London after spending several weeks there as a result of suffering a malaise of health, also confirms the talk about Sadr’s support, to support Allawi for prime minister fears the Sadrists from the political isolation, if approved, to keep al-Maliki in office for a second term in the American proposal for the distribution of power between the coalition and Iraqi rule of law, which considers the Sadrists a project aimed at targeting them into the political process, especially that Maliki warned more than once from the return of the militias into the Iraqi street, if there are significant concessions on the issue of forming the government.

The pace of negotiations between the coalition of the rule of law, the Iraqi and the Kurdish coalition and the Iraqi National Coalition and Iraqi forces on the one hand has accelerated in early August, the current after the submission of the U.S. proposal to share power between Iraq and Maliki’s coalition, which provides for the survival of Iraqi Prime Minister outgoing Nuri al-Maliki, in office for a second term, and give the head of the Political Council for National Security for the Iraqi leader Ayad Allawi’s list and positions of the sovereign task of the list to add to the Presidency of the parliament, but the negotiations were back to the deadlock after the Iraqi insistence on assuming the post of prime minister.

Observers believe that each party to the political process calls for the accelerated formation of the government “to safeguard the democratic gains and the interest of the homeland,” but none of them does not respond to these calls, since each party to distance himself from responsibility, and calling on others to be at the level in the processes of mutual rejection between the political blocs and even inside their candidates for the post of prime minister.

And witnessed the stations of the political process in Iraq delays exceeded the time limit set by the Constitution, as happened during the period of the agreement on the constitution in 2005, and the formation of the government after the 2005 elections, through the enactment of provincial elections in 2009, as well as with the enactment of the recent parliamentary elections.

In addition to that of the previous parliament sessions of atherosclerosis and the procrastination of some parliamentary blocs led to the disruption of important constitutional legislation formations, such as the Constitutional Court and the accountability and justice.

And led the parliamentary elections which took place in the seventh of last March to more than four months of political paralysis in the absence of a clear winner and convergence in the results (Iraq 91 seats, the rule of law, 89 seats out of a total of 325 represents the total number of seats in parliament) as the country experienced after the election of violence, U.S. forces are preparing to end the hostilities and reduce the number of U.S. forces end of the month to 50 thousand troops, on August 31 before a full withdrawal in the next year.

LINK

* National Coalition: Next Week Good News for Iraqis to Form a Government of / Iraq / Kurdistan, National

20 / 08 / 2010

State of the national site

Declared leader of the Liberal National Coalition Bloc MP Jawad had denied the “meetings with the Iraqi List has reached very good results and next week sees the announcement of good news for the Iraqi people to form a government by / Iraq / National Coalition and the Alliance of Kurdistan.”

Hasnawi said the agency Nina DAY: “Our meetings started with the / Iraq / for the rapid formation of the government, and including the meeting which took place last week between Iraq and the Sadrists in the national coalition and not in isolation.”

He added: “We discussed the subject of the meeting to set up committees for this purpose in order to declare the formation of the government and the distribution of posts and form of government during the next week.”

He said: “The dialogues held with the Iraqi List, was the result of adherence to and persistence of a coalition of law positions and narrow party interests, forcing the whole political blocs to look for a way out of the current crisis.”

Hasnawi criticized what he called the dictatorship of al-Maliki, which made him in isolation, not only with the National Coalition but with all the political blocs, and the lack of foresight by not compromise power and sweetness that made the rule of law in isolation from the political process, he said.

And went on: “The hands and hearts open to ensure participation of coalition rule of law in the next government because we believe absolutely that the next government, it is true, and not of exclusion and marginalization as it was formerly a coalition of state law when power was in his hand.”

LINK