(Post from Debbie (The IQD Team))
Transcribed by Love's Love (Scott)
The IQD Team Conference Call
August 28, 2011
Joey, Tim, Diana, Vic, Debie & Yukon
Yukon speaks from the heart. The name of this team and the call is The IQD Team. We are formerly known as The Call Squad, and lots of questions have come asking about the new situation. This team still feels itself as the ‘squad’, but it doesn’t matter what happened, other than that they are here right now. The details are unimportant. Email to theIQDteam@gmail.com to request updates and emails. The website is not yet complete, but is being worked on. This new situation was forced upon us, and alot as we needed to change. Again, we won’t and don’t need to get into the details about why or what for, but we are still here now to help, as we have always tried to do. We are not Attorneys or CPAs or other licensed professionals from whom you should expect to have all the perfect answers for your situation, so you need to get your own local professionals for giving advice. Next call will be Tuesday 8PM EST 209-647-1600 Pin 880162# & Back Up Pin 361850#
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Joey: A lot of our conversation and great news and chat tonight is going to be about CBI and Shabibi...Going to share with you some great articles about Iraq...CBI... Shabibi and a walk down memory lane....
Read More button on right
Joey reminds: Diana read from last Thursday night, it was reposted again today
Central Bank ready to intervene in the case of the inflation rate exceeds the red line
Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%.
The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level.
The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations.
Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places or less of them a certain rate. "
Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures."
He noted the benefit that it "has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. "
The CBI predicted in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the service production which is witnessing a rise.
Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.
The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently.
And the central bank denied that there was fraud, entered the country which led to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points.
The central bank adviser said the appearance of Mohammed Saleh: No health on the entry of counterfeit currency into the country led to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper was not being implemented yet.
Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.
And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.
Joey states a couple sentences are very important from that article: CBI predicted on 22nd of June that Inflation would be about 7%. ….price stability, foreign reserves,
..and CBI denied there was fraud, entered the country which led to the postponement of the project deleting the zeros adding the strong points that said that till the next notice and that the project still exists, but the ink on paper has not been implemented yet or achieved yet, though it has been approved. We as an authority, we consider critical strategic project and must be APPLIED IN ONE DAY.
Joey remembers that great article from June.....much talked about article....
Article said: The implementation of the process to remove the zeroes would be spontaneous, gradual, no fanfare….same as the article above - they just told us in the above article it must be applied in one day. Between the Central Bank advisor to the project to delete the 3 zeroes to restructure of the Iraqi currency to start a new currency system; in addition to the Replacement of groups 250, 500 dinars.. metal currencies to facilitate a lot of things. Yes it will facilitate alot of things for them.
JOEY: So the new articles that came out since we talked last tells us this about Shabibi - that he adds that the trend is towards reducing the cash block to reign in inflation on the one hand and to raise the value of the Iraqi dinar in foreign currencies on the other hand....the currency will include the proposed coins for small groups to ensure walking in the local market transactions.
Joey: As reading through Dinar Vets today, found in article posted by Trooper (thanks) and article from May 31st, Babylon University Study
Thanks to Trooper at Dinar Vets
I know this is an old article but, still useful in understanding the lifting of the zero's..
Babylon University Study: Proposal to raise zeros from Iraqi dinar
Posted: May 31, 2011 Iraqi Dinar/Politics
May 27, 2011
Proposal to raise zeros from Iraqi dinar
A. M. D. Jawad Kadhim al-Bakri
Usually Matqom financial authorities of b (Ministry of Finance) by using the (fiscal policy) in order to maintain the general level of prices, in addition to the use of all productive resources available in the local economy to reach a state of full employment, as well as supporting the march of economic development, and this is done through the use of power financial instruments of fiscal policy b (government spending, and taxes).
The Authority uses financial instruments to address these problems (inflation, recession, unemployment), which is usually self-styled (the gap inflationary and deflationary gap), which might be exposed to the local economy, in addition to their use is targeted to raise the level of growth in the country.
Thus, the fiscal authority has no right to influence money supply and demand as they are the powers of the monetary authority of the Central Bank.
History tells us modern economy that many of the countries of the world (which went through wars large Kaharpin Wars I and II or the collapse of their totalitarian as States of the former socialist camp) has proceeded to one of two things, either you change the national currency or remove a group zeroes them to return to the square of economic stability.
In the U.S. experience in Iraq after the fall of the previous dictatorial regime has the Coalition Provisional Authority to change the currency of the new Iraqi currency, but equal in value, which would not intentionally CPA to raise the purchasing power of the Iraqi currency against the U.S. dollar or other currencies.
This situation led to keep the Iraqi dinar is equivalent to (0.067) U.S. cents, which indicates a significant decrease in the purchasing power of the Iraqi dinar.
If what has lift (three zeros) from the Iraqi dinar, it will lead to increase its value to the (1000) once calculated value Almertbip to the number of zeros that have been filed, any box of cigarettes that were sold (1000) dinars possible purchase after the lifting of the zeroes dinar and one, a thousand dinars and modern can be obtained by the A pack of cigarettes.
In theory and when lifting (three zeros from Iraqi dinar), the purchasing power will rise to the U.S. dollar significantly to become one U.S. dollar equals (JD and a half) just so that the goods imported from abroad, worth before the lifting of the zeroes (1.2 million) Iraqi dinars, equivalent to ( 1000) U.S. dollars, will be worth after the lifting of the three zeroes (1200) Iraqi dinars, equivalent to (1000) dollars as well, and this will Igelb to remember any negative effects on the Iraqi citizen of the theory.
Positives raise zeros from the Iraqi dinar: The process of removing three zeros from Iraqi dinar deliberate, according to a tight monetary policy will lead to the following pros:
1. raise the purchasing power of the Iraqi dinar.
2. revalue the Iraqi dinar against other currencies.
3. increase the confidence of the Iraqi economy to foreign investors.
4. increase the confidence of the Iraqi citizen Bammelth National, which has become comparable to other currencies such as the U.S. dollar and the Jordanian dinar and the Kuwaiti dinar … etc..
Read more: http://dinarvets.com/forums/index.php?/topic/81506-babylon-university-study-proposal-to -raise-zeros-from-iraqi-dinar/#ixzz1WLS2APch
It says in theory, lifting the zeros, will raise the value of the dinar significantly against the dollar. It will ReValue the Iraq Dinar will rise against other currencies. It will increase the confidence of the Iraqi citizens.
Joey says: Very high expectations for this from the leaders of Iraq
Financial (the news): We aspire to make the Iraqi dinar portion of international reserves
On: Saturday 08/27/2011 13:01
BAGHDAD (Alobaah) / report / Faleh Hussein / .. aspiring professionals is that the financial affairs of the adoption of the Iraqi dinar as part of international reserves, through the establishment of a strong economy enhances the value of local currency.
Justified in speaking professionals (of the Agency news) on the adoption of the Iraqi trader when importing his goods dealing in foreign currencies and the dollar, the euro, and that the weakness of the Iraqi economy, which led to the unwillingness of countries to deal currency it.
The economic expert attributed the peace Sumaisem reasons for non-traded Iraqi currency in foreign dealings, the weakness of the Iraqi economy and overburdened by debt, noting that the Jordanian dinar and have become powerful because of their economies, in addition to the lack of debt and internal problems.
And khat Sumaisem in a statement to the Agency (news) on Saturday: that the Iraqi trader himself has refused to deal in Iraqi dinars when the import of goods because it would not be desirable abroad.
For his part, central bank adviser said the appearance of Mohammed Saleh in a statement to the Agency (news for the news) on Saturday: that the Iraqi dinar is not an international reserve currency until it is handled in the outside, saying we as a policy cash aspire to be the Iraqi dinar portion of international reserves, and this needs a long time.
Saleh added: that the Iraqi dinar is the local currency convertible to other currencies, that is unlikely to deal in Iraqi dinars externally at present evidence is that the instructions do not allow the central bank to bring the Iraqi dinar, but the limits of (200) thousand dinars for the traveler.
The central bank adviser that all countries in the world dealing in currencies neighboring countries, but narrowly and not on any large scale to deal with a small cross-border transactions and not the means of payment to finance a large foreign trade.
And most likely a member of the economic and parliamentary deputy / National Alliance / Amer al-Fayez told the reporter Agency (news) on the immediate horizon that there will be economic policy, vision, and clear to make the Iraqi dinar refineries stable countries, stressing that there is no law forcing the Iraqi traders to deal in Iraqi currency abroad because the issue is not related to the merchant, but related to the global market.
Fayez and that which makes dealing in Iraqi dinar abroad is out of Iraq from Chapter VII, as the complete and maintain on deposits and balances are now in the Central Bank.
He said the parliamentary economic committee member: the idea that the list now to delete the three zeroes from the Iraqi currency, and this project will hopefully contribute to give power to the Iraqi currency to foreign dealings.
Iraqi dinar was introduced in the thirties of last century and equated during the seventies three dollars, but later deteriorated in 1990 as a result of the invasion of Kuwait and the United Nations to impose strict economic blockade, to lose value quickly and up to 3000 dinars per dollar mid-nineties.
The former regime has printed currency outside of Iraq have been issued new bank notes worth up and after that was the largest number of 25 dinars, was printed banknotes and the category of 250 dinars, which were not equal, in fact, more than 25 fils to KD seventies.
After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers. / End / 8. t. M /
Joey: AND The Iraq Dinar abroad is out of Chapter 7, as the complete and maintain on deposits and balances are now in the Central Bank.
DID YOU NOTICE THAT?
Joey: Read this article today and went WOW......We’ve always talked about the little articles on the other chat line - people wondered what was the importance of those articles - they were all about corruption , counterfeiting, theft and more…we’ve often wondered what those little articles meant....I am going to take you down Memory Lane.....This article today listen to how important
this is - AND it ties into Shabibis Letter of Intent
Reads again one of the sentences...it gave her chills when she read this: On Friday the existence of mafias are trying to breach the local currency during the project restructuring carried out by the Central Bank of Iraq.
CBI calls for the government to protect the local currency of the "mafias" fraud 26/08/2011 12:09
Baghdad, August 26 / August (Rn) - A Central Bank of Iraq, Friday, the government of protecting the local currency of the mafias specialized may rigged to block the project for restructuring the currency according to information disclosed government adviser economy. It was an economic advisor to the Iraqi government Abdul Hussein Al-Anbuge has revealed the means of media local, on Friday the existence of mafias are trying to breach the local currency during the project restructuring carried out by the Central Bank of Iraq.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Iraqi government claim to prosecute mafia currency is trying to exploit the project for restructuring the currency viscous tens of billions of dinars counterfeit, "according to revelations economic adviser to the government. "The central bank has no Shan existence of mafias currency because that is the specialized security services which are supposed Manmmha track and expose such mafia before the launch of the restructuring of the currency."
He pointed out that "economic security allocate the Iraqi government and not allocate the Central Bank he is interested only draw monetary policy in the country." The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management , in addition to the organization of the banking sector. and said the Iraqi Central Bank in June 22 last he decided to restructure the local currency in order to develop the payment system in the country. He expressed the International Monetary Fund support for the Iraqi economy in the event of his a number of economic measures including the privatization of banks and lifting of the zeroes three of the local currency and to meet debt and compensation is the responsibility of Iraq. The Iraqi government has denied conducting any change in the local currency this year to reduce inflation. The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the Board of replace the previous ruling that the former currency was a symbol of the former regime. Jlallonan of Sa: Peace Baghdadi
Joey repeats: On Friday, the local Mafia is trying to breach and exploit …remember the only money being counterfeited was the 10,000 dinar notes. Somebody has the plates for these. Gets excited about this - To track and expose such Mafia before the launch of the restructuring of the new currency. The CBI 6-22 he DECIDED to restructure the local currency in order to develop the payment system in the country. And the IMF expressed support for the Iraqi economy in the event of a number of economic measures including the privatization of the banks and lifting of the zeroes from the local currency and to meet debt and compensation..is the responsibility of Iraq. THIS ARTICLE IS SO VERY IMPORTANT because listen to this little bit of a tidbit....
Joey adds: Shabibi’s letter of intent to the IMF, hes telling him what he does with the money from the DFI funds..if he needs money for the SBA
and he has to give them a quarterly statement to the IMF...Shabibi is in intelligent man...dots every i's...crosses every t
Joey reads several statements from the following IMF file:
said we’ve worked with the IMF staff to complete the review of the exchange laws and regs and are considering measures to remove
the identified exchange restrictions on current intl transactions….in this regard we’ve formed a Bank reconciliation Unit that compromises technical levesl of staff , banks CBI & MOF
We are dealing with all legal external liabilities taking into acct the govt action in the context of Iraqs extrnal debt restructuring identify and propose to write off all non performing loans to defunct state owned enterprises we propose a course of action on the remaining unreconciled accts.
Listen to this guys....after the balance sheets have been cleaned up we will revalue the remaining foreign currency denominated balance sheet items.
CBI will follow the guidelines to diversify currency composition and establish an apropriate duration and credit risk profile.
Joey: So they will restructure the currency after they do what? After they clean up the balance sheets
Joey walks down memory lane and shares 3 articles about counterfeiting, etc (Listen to recording for all articles)
Joey: They caught these people and the people of Iraq demanded that they die because they tried to destroy their currency.
Joey reads about Mr. Maliki:
Al-Maliki: Investigative procedures on the commercial bank of Iraq stop each time because of the involvement of big figures in corruption, and analysts say this a sign of weakness of personal Al-Maliki
28/08/2011 ad-2: 00 |
Prime Minister nouri Al-Maliki revealed the same for several times to pay the special procedures of the file of corruption in the commercial bank of Iraq during the last period but surprised to the proceedings.
Al-Maliki Said in an interview before Sunday night on one of the satellite channels: that there is an integrated file of corruption in the Iraqi commercial bank with a list of names is, however, the Investigation and stop every time because of the involvement of major corruption. Al-Maliki his belief that the fight against corruption requires an integrated system of action does not fear from any personal or political, on the one hand
Hinting to the involvement of a very large personalities as long as their voices heard in demanding an end to corruption and the like. The prime minister said to steal millions of dollars in Iraqi Commercial Bank which required him to ask the integrity commission on more than one occasion to conduct Investigations in the matter, but he surprised, the follow-up action on the Investigation of the figures is very influential in fear of the integrity of accountability.
Political analysts say that if the right in a statement to Al Maliki, this shows the weakness of the prime minister, to such an extent that the integrity commission does not fear Al-Maliki but fears powerful figures accused of corruption, pointing out that the state is going to the bottom, especially after revelations that Al-Maliki could not follow-up one file on corruption.
Joey: Investigation stopped every time because of corruption. Analysts say this is a sign of personal weakness.
Joey adds: So now you know why the UN and US Government is there, and Basil 3 requirements are being followed to prevent counterfeiting, that they’ve printed a new currency; so it can not be counterfeited - and Shabibi said this is a very important thing. Our whole economy depends on this..... It’s very important to get this fixed.
Joey reads: The CBI ….New Currency that cannot be forged
Central Bank: the new currency can not be falsified
The Central Bank of Iraq that the new currency is expected to work out can not be forged. This came during an interview the President of the Finance Committee in the House of Representatives Haidar Abadi, with the Central Bank Governor Sinan al-Shabibi.
During the meeting, according to a statement issued by the commission received "morning," a copy of it, search the project to delete the zeros of the Iraqi dinar and the reasons and legal requirements and accounting and procedural preparations conducted by the Central Bank of the process of printing, transfer and distribution of new currency, in addition to the role of the Finance Committee in support of this project.
The statement quoted Shabibi assertion that the new currency attributes are difficult to falsify, in addition to the fortifications that put the new currency, pointing out that the project if implemented will enhance the Iraqi dinar exchange rate against foreign currencies .
The two sides agreed to hold further meetings to finalize discussions on the project. The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh announced mid-month that the central bank raise the bill to delete the zeros of the Iraqi currency to the government and parliament for consideration and discussion and approval in the event was approved.
Saleh explained in a press statement that the bill included all the details of legislative and executive on a subject to delete the zeros and the positive economic effects that would leave in the event of approval.
He pointed out that the bill included proposals for a new currency and the groups that carried and details of technical and economic and Saleh stressed that the law, if approved, will have a positive impact in the Iraqi currency in several aspects of the need during the next phase.
Joey: Guys, can you say Yipppeeee!??? Isnt that amazing......I mean, how much more do they need to tell us? They’ve told us about everything they can possibly tell us, all that they’ve been talking about....as far back as ....her favorite article 6-28
Iraq is seeking to restructrue the currency 28/06/2011
Joey: Let me read my all time favorite dinar article from June paraphrased for people: In a move aimed at the development of the payments systemof Iraq, the CBI announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper. . It is NOT commensurate with the payment systems so it is need of large currency transactions large and small to exchange for small transactions.
Her favorite line from any DINAR article is.....He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages. Why did he say this the adoption of this is much delayed and that its implementation will encourage investments.
Yukon asks: What do we need this news for? News isn’t important! Why would anybody want Joey to read these updates and help them understand what it means and how it effects news from a few weeks ago? (somewhat facetiously)
Joey: Right, anyone who says that news and intel are the same? Is just another brick in the wall. Many people have died through and for the written word. This, these articles should give us so much faith. We gather together as human beings, because we want to be informed.
Yukon: And this really brings a balance for people to help know where we were a few months ago, and how close we are now.
Joey: To say that news is intel is ignorance. There are a lot of people dying to create this news, and to bring it to us.
Deb: It is an insult. We know people are often unable to tear this news apart. The way we are able from experience to decipher an article and break it down for people, is very helpful to many people. And I am so excited about the ‘Imminent’ article…
Joey: explains that previously, last week we read an article that was significant. We were strongly stifled from what we could say, but here it is again, being reposted again, a very similar one found by Bondlady, not exactly the same, and we feel this is a very significant article. The word Imminent can have various different estimations of time in it’s meaning or definition, but we think it also has to do with a serious intention, an absolute affirmation that something will happen. Deb is going to read this article.
Deb adds that the reason Diana looked for a half day and found another source which was the second similar article, and Bondlady’s from today is the third article today posted on Dinar Vets using this ‘Imminent Implementation’ term:
Economist: Central Bank of tools to install the exchange rate raised the inflation rate
Baghdad / Conference
The economic expert Dargham Muhammad Ali that the causes of rising inflation in recent years caused by the tools used by the Iraqi Central Bank to stabilize the exchange rate with the lifting of the value of the dinar and maintain the stability of the market.
Ali said in a study sent by (of the Agency news) said Thursday that the causes of rising inflation in the years latter caused by the tools used by the Iraqi Central Bank to stabilize the exchange rate of Iraq and raise the value of the dinar and maintain the stability of the market in conjunction with government policies wrong in drawing tracks economic cross-rein shocks inflationary raised the rates of inflation. He explained that the rates of inflation growing, in recent months, a matter of return for the reasons non-cash, but for reasons of legislative and legal, by imposing some restrictions of imports and the imposition of customs on imported goods, leading to high rates of annual inflation to (6.5%) during the two months the last. He added that this rise worrying signal needs to processors shared between the government and the central bank without the need to change interest rates current as at acceptable rates, where the group must be at the exchange rate if Matovrt flexibility to reduce the dollar exchange rate in conjunction with the imminent implementation of the policy to delete the zeros by the Central Bank. He said that making the annual inflation rate ranges during the last year and the beginning within the limits of (3 and 4%) which is internationally accepted depending on the dinar exchange rate stable and the relative stability of legislation and income levels. The expert stressed the economic need to ensure increased support for basic food commodities through the ration card which factors as a whole will lead to the absorption rate of inflation in conjunction with the need to work to improve the country's energy as it adds an element of the local product and the cost of basic services, in addition to the need to pressure non-essential government expenditures in the operational side.
Diana found another source to the article that was read with the word imminent in it - The link to the 1st article just could not be found that everyone had the other day…hmmm Here is that source..
Joey: Third time seeing that, I love it.
Deb: I’d say if we keep seeing it from 3 different news agencies, over a week or so, it makes it very important.
Joey: Like the gospels writers were all different and had different occupations, these are three different journalists, with 3 different perspectives, all coming up with similar terminology, similar examples from different interviews, there is a consistency developing that is very telling.
Yukon: Let me throw something at you guys. Looks up different terms of the word Imminent and reads different definitions. Concluding that Imminent is very strong.
Joey remembers other IMPORTANT sentences from several articles unnamed: (Listen to recording for more information)
Speech from Shabibi CBI :
The CBI has approved switching the old currency after deleting the 3 zeros, without specifying a date for circulation
Joey remembers: The timing will be determined by who? By the GOI and Parliament
…generally coming days, will be determined either to REVALUE if the demand is high enough globally
Budget article...etc etc
Joey reads about the Importance of Journalists - How important they are to her, us and the world
Iraq loses US$22 m due to "extra" Eid holidays
Baghdad, AUgust 27 (AKnews) - SEVERAL LINES FROM THE ARTICLE
Iraqi economists say the country will lose US$22 million because of "extra" holidays of Eid al-Fitr that the Iraqi government has announced.
According to the preliminary estimates, Iraq will lose approximately US$22 million due to the suspension of the stock market during the six days"
Vic: 22M is alot of money to lose...day of happiness..3 day festival....value religion more than they do money.......he believes it is a great thing....6 days Bank off....and speaks about the S & P
HCL Passed ‘The draft of the oil and gas law has been approved and referred to parliament,’ a cabinet statement said on Sunday.
DINAR DADDY...AUGUST 28TH, 2011 09:42 AM · POSTED IN NEWS (IRAQ & WORLD CURRENCY)
BAGHDAD, Aug 28 (Reuters) – Iraq’s cabinet has approved a long-awaited draft oil law and sent it to parliament for final passage, a measure seen as key for foreign investors seeking more solid legal guarantees.
The new hydrocarbons law has been in the making for years but has faced opposition over who controls the world’s fourth largest oil reserves, mainly from semi-autonomous Kurdistan in the north of Iraq.
‘The draft of the oil and gas law has been approved and referred to parliament,’ a cabinet statement said on Sunday.
Iraq’s parliament last month warned the government it would force through a new draft of the law if the cabinet continued to hold up the original legislation, regarded by investors to be a crucial mark of stability in the OPEC country.
‘Any other previous drafts should be considered void and should be withdrawn. This draft is the only one presented to parliament,’ the statement said.
Investors have been waiting for the law’s approval to assure a more stable legal framework for exploration. The law is also seen as pivotal to reconciling Iraq’s factions — especially Iraqi Arabs and Kurds — as the country rebuilds after years of war.
Even without the law, Iraq is already developing oil-fields, signing billions of dollars in contracts with international companies under legislation dating back to before 2003 when a U.S. invasion ousted Saddam Hussein.
The draft oil law was approved by cabinet in 2007 but faced opposition in parliament and was sent back to the government for amendments. In June, Iraq made some changes to the law, which were being reviewed by the cabinet’s energy committee.
(Reporting by Aseel Kami and Ahmed Rasheed; Editing by Serena Chaudhry and David Holmes) Keywords: IRAQ OIL/LAW
Joey says: And the only changes they made to that law, had to do with the rights of Kurdistan..they had to have an Oil Ministry Committtee that did fall under Malikis control and all proceeds from the oil had to be audited by the UN for the protection of the Kurds.
As the article we read Thursday night said....New law is exactly the same as the old law including amendments even the same wording...pretty amazing....why would it take months to pass something exactly the same as before...when all they had do is get the Kurds to agreed to it and they did that on 6-25 when members of our govt were over there along with Melkert. They said as long as we can account for everything we are good to go. Sure takes them a long time to do something out of nothing.
Deb also shared another article and chat from Kaperoni during the Q & A she was excited about:
Kaperoni Saturday night short chat (emailed in from Tdar)
kaperoni] Ok, This is a spontaneous late night chat…but the article I found is too good to wait. Amazing! I might follow up on our site DinarAlert tomorrow night with another longer chat. These articles the last few days are to good to pass up.
[kaperoni] Here is the article..
[kaperoni] Ship and the Sea of the central authorities - 8/28/2011
[kaperoni] Link http://www.alaalem.com/index.php?aa=news&id22=35236
[kaperoni] This is a great article because it is written by someone who has followed the events as we do.
[kaperoni] I am going to post several quotes from this article…All amazing…
[kaperoni] “It seems that the steps taken by the Central Bank on the reform of the currency system began to take a serious turn towards the application, “
[kaperoni] “Recent developments that give signals that the countdown for the project has become the moments of peak recently, “
[kaperoni] “recent meeting that brought together the Central Bank Governor; Shabibi, with Mr. Haider Abadi, the Finance Committee of the Council of Representatives”
[kaperoni] “where they discussed what could be called the "touches the final project,"
[kaperoni] “and thank him that those discussions touched on the most important thing in this project and its details Kalmttlebatt legal, accounting and procedural preparations, and central printing and transporting and distributing the new currency. “
[kaperoni] Wow! I mean this is simply amazing. We can see how close we really are to the end.
[kaperoni] There is much more in this article. They confirm the comments from the Advisor to the Prime Minister regarding corruption or counterfeiters. They also make there point that its there responsibility of security to prevent and prosecute these if found.
[kaperoni] But here is what I like at the end of the article…
[kaperoni] “The last can be cited in this regard that the central lead ship of the draft lifting of the zeroes on the rhythm of quiet, “
[kaperoni] “and rudder key for this ship is the inventory of game comments but "speaking" one exchange roles sometimes with the governor, a move that will be the main goal it to maintain not to spoil this project is sensitive,”
[kaperoni] “which may result in a tactical error which to provoke a wave of negative reactions on the entire project, a project that may have positive effects significant in the event of the command ship “
[kaperoni] “survived smoothly to safety, while the hurdles the project before its completion may be catastrophic and costly to the economy and the central and Characters.”
[kaperoni] They are pretty clear that the actual procedures are being kept quite…that is tatical and in the best interest to prevent issues.
[kaperoni] We need to sit back and watch this unfold. It is about to happen. What a great night!
Deb: I read this to Joey this morning, and Joey said this is everything we’ve been saying for weeks, slow, gradual, quietly,… Yippeee
Vic: brings details about the concerns that the US is dealing with. Regarding the Mafia, in this day and age, with technology, it’s hard to understand how some groups could want to try to copy the Iraq currency. Turkey has spent a lot of money in Kurdistan. Years ago, the Shah of Iran stopped the allowance of the growth of Poppies, for opium that then went to Afghanastan. People think that the Russians or Italians are the largest Mafia, but really the Turks are the largest, and it has become a huge narco-terrorist group, that are really trying to hold Iraq back from it’s democratic growth. Turkey’s economy is blistering, very strong, one of the only strong economies now. The economy of Turkey is not drug related; but this is just to help people relative to the fact that Shabibi and the US have their hands full in this region, protecting the borders and the fragile public sector economy and they have to be very careful that some organization is not poised to hurt our gradually released event. And that’s Vic’s 2 Fils on this topic.
Q & A - listen to recording
Yukon: Reminds people that many emails were lost in the transition. So if you want updates and reminders about calls and future services, email your requests to: TheIQDTeam@gmail.com . Debbie also requests professional licensed services that may be interested in sharing RV related financial advise as guests to the call, please also email your interest, your area of expertise, and the ideas or experience they might have for presenting an organized topic that could help our audience or to help us get back up and running
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