An interesting article on the Gulf Daily News – Sinan Al Shabibi made some comments regarding Iraq’s reserves in the forex during a meeting with Arab central bank governors in Dubai. Of note, he said:
“… There are discussions. The reserves cannot be touched except for foreign exchange stability.”
Other than that, no big news today on the Iraq Dinar Speculating front, at least – none that has been confirmed. As some of you know, Dinar Speculation (DS) has an inside source at the CBI with some interesting information. I would like to make a public apology for withholding the exact details, but we are only 90% confirmed at the moment. Stay tuned.
From aswat al Iraq:
BAGHDAD / Aswat al-Iraq: Negotiations will be carried out next week in Amman – Jordan between the Central Bank of Iraq (CBI) and the International Monetary Fund (IMF), an advisor from the IMF said Monday.
The two sides will meet as part of the preparations to sign an agreement that grants Iraq a loan of around 1% interest.
“The negotiations will start on Monday Sept. 29, 2009,” Modhihir Mohammed Salih told Aswat al-Iraq news agency.
He said that the low-interest loan aims at activating the Iraqi economy.
“The loan has a condition that the Iraqi economy should be reformed,” Salih said.
I love Iraqi economy reform! Post comments if you have them, thanks for your contributions.
A couple of sources are claiming that the HCL was passed, but that is not true. Dinar Speculators are still waiting for an official approval of the HCL in spite of hte article quoted below. As you can see, it says the Iraqi Cabinet approved it… but it still needs to make it through parliament.
Regardless, it’s a good sign that they are moving forward!
Article below:
The Iraqi government has approve 5a8 d a draft Oil Law. The accord does represent a major rapprochement between Baghdad and the Kurdish Regional Government. However, the initial approval may be the easy part in the process. The draft is only an outline and pressure is building to negotiate details. With additional opposition to the move developing, the prospect of finalizing legislation remains in serious doubt, according to an analysis published by Caspian Investor.
Caspian Investor is published by WorldTrade Executive, Inc. and provides unequaled news and analysis of energy sector developments impacting the countries of Central Asia and the Caspian Sea region. It includes extensive coverage of Iran and some details of Iraq as it impacts regional markets.
That still may happen in practice
The law was approved without any details.
317 The Iraqi Cabinet approved a draft of the long-awaited Oil Law on February 27. The bill now moves to the parliament. Sources told Caspian Investor, however, that significant problems remain in securing passage.
Kurdish Support Vital
That the bill has made it this far is a result only of a last-minute decision by the Kurdistan Regional Government (KRG) to back it. “The support, however, is for a broad outline accord,” one source close to the negotiations told us on February 28. “The details of actually dividing oil proceeds will present a major future obstacle.”
Majority Shiite factions are supporting the initiative, at least in its present general version, with the Sunnis expressing reserved support since they remain included in the partition of revenues from sales. There had been genuine concern among the Sunnis, now a minority of the population and controlling only areas of the country without significant hydrocarbon reserves, that the accord would leave them with no oil revenues.
“That still may happen in practice,” notes a Sunni member of the Oil Ministry. “The law was approved without any details.” According to the draft, oil sales will comprise a single fund controlled by the central government and redistributed throughout the country based on population. The regions will have authority to negotiate and sign contracts within the contract guidelines set out in the law. Unfortunately, the government has yet to propose any of these contract specifics.
Other recent articles in Caspian Investor are:
How Serious is the Iranian Push for a Natural Gas Cartel?
Kazakhstan Enters the Russian M&A Market
An Interview with Vagit Alekperov: The president of Russian crude leader LUKOIL.
For more information on Caspian Investor or its related publication, Russian Petrolem Investor, contact Jay Stanley, +1 978 287-0301. or go to http://www.wtexecutive.com and review the energy section.
June 3, 2009
This news is related to the investigation of corruption in the Iraqi government. Recent news, as you may know, reported that around 1000 Iraqi officials were targeted by this situation.
Jaber Khalifa, the representative of the “Virtue Party”, states that Hussain al-Shahristani has tried to mislead the parliament, government, and people by falsely increasing the potential oil exportation capabilities.
Stay tuned for more information, this is breaking news.
War in Baghdad coming when US troops withdraw next month.
The long waged war between the Shiites and Sunnis may have been quiet lately, but the impending withdrawal of American troops next month may mark a huge change in the unwritten policies of the insurgent groups.
Quoted from a Sunni commander, who chose to remain annonymous:
If we hear from the Americans that they are unable to support us, within 6 hours we will establish our forces to fight the corrupt government. There will be war in Iraq.
Although there has been a cease fire agreement, the Sunnis have watched the Shiite led government continue to jail it’s fighters. As it becomes more apparent that the political battle is not making headway for the Sunnis, they will have no choice but to take up arms.
The National Economic Forum that took place in Baghdad over the last couple days has been finalized. As you’ll see from this article, the actual effect on the value of the Iraqi Dinar is still unknown. Looking at the recent articles posted, you can always be hopeful if you’re invested – but as always, nothing is certain when it comes to the revaluation of the Dinar.
Many people believe that Iraq has no choice if they expect investors to put more money into the country, making Iraq the global player it has the reserves to be… and many people believe that the Iraqi government will never make that decision, regardless of how much sense it makes or doesn’t make.
Strange… that sounds a bit like the conversations we have about OUR government!
If you’re wondering why I didn’t discuss the actual article with any modicum of seriousness… I simply have a hard time lending credibility to a site that A) Doesn’t post the date on the article and B) Labels itself as a medium “For mass media culture and art”.
However, it does happen to be the most recent news I know of regarding the Economic summit, so here you go. LINK.
Come back soon, we’re just starting to have fun!
-Admin
Comments Off
Please keep in mind this is a summary of a translation – certain things may get lost in the course. We at DinarSpeculation wish to provide valuable informations that you can determine signficance from.
V.P. al-Hashemi states that certain politicians are highly overpaid and calls on them to set an example by taking paycuts. He is calling for all monies spent to be publicly accounted for.
Read the full translated article here.