11-3-12 Butifldrm: Iraq has become a prominent investment opportunity in the Middle East. "After a break of nearly 23 years, as well as companies from Syria, Iran, Turkey, Jordan, Germany, France, India, Japan and America, the Netherlands, Spain, Sweden, South Korea and the Czech Republic and Italy.
With Maliki pledged a package of changes to the economic laws and make them appropriate policy (open market), which confirmed the constitution to pursue, assured all the companies and capital willing to invest and work in Iraq, economic and political volatility, pointing out that Iraq is ready to adopt or amend any laws that guarantee the safety of the investment process in the country." http://www.alsabaah.com/ArticleShow.aspx?ID=38140
Transformations to Open Market Operations http://www.imf.org/external/pubs/ft/issues5/index.htm
By buying or selling bonds, bills, and other financial instruments in the open market, a central bank can expand or contract the amount of reserves in the banking system and can ultimately influence the country's money supply.
Read More Link On Right
When the central bank sells such instruments it absorbs money from the system. Conversely, when it buys it injects money into the system.
This method of trading in the market to control the money supply is called open market operations.
Open market operations are the major instrument of monetary control in industrial countries and are becoming important to developing countries and economies in transition.
Open market operations allow central banks great flexibility in the timing and volume of monetary operations at their own initiative, encourage an impersonal, businesslike relationship with participants in the marketplace, and provide a means of avoiding the inefficiencies of direct controls.
11-3-12 LoriC: It was announced that the National Meeting will be held in the next few days!! The meeting will include about 70 important items for Iraq's recovery and this news comes during a very successful International Fair with over 1,000 companies in attendance from 20 countires, where Iraq made it clear they are making changes to economic laws to be more appealing to the open market.
All the news continues to be very positive and I will also be looking forward to hearing what Ban Ki Moon says about Iraq's release from Chp 7 in his next report.
11-3-12 Deborah L: "Nassif Announces put 70 items to put in the National Meeting to be held during the next few days." One of these days, they'll get their act together to the point of at least being able to revalue the currency.
Or else they'll do so at the end of UN rifle barrels, I guess. LOL, remember when Talabani was still in Germany, and we were told the NM would be held in 2 days of his return - something like that? Then, in 2 weeks. Then, in 4 weeks. Regardless, if not now, when? They've made progress, though through gritted teeth and fisticuffs. Let's see this NM in the next few days.
11-3-12 Tilak: One of 70 items will be a reinstated or RVd currency. The infrastructure law won't pass first (IMHO) because they need a strong currency allowing their citizens to quickly purchase things.
Iraq needs a strong currency to pay foreign contractors, countries, etc. A wire transfer is quicker payment than shipping a barrel of oil somewhere expediently. There are more wheels in the cog when processing oil for trade.
Iraqi citizens might be sitting on oil among other resources but they can't readily trade oil for new power lines, water treatment plants, etc. This isn't all about Maliki either.
Remember, Shabibi worked for the IMF. Shabibi is equivalent to Ben "print the USA into hyperinflation" Bernake as the Federal Reserve Chair and Timothy, "Tax Cheat" Geithner, as the Secretary Treasurer, who also worked at the IMF. Just saying these guys don't have your best interests.
Shabibi with his artificial program rate of 1166 working at the direction of the IMF and World Bank is holding Iraqi citizens in poverty. Can you Imagine if the US dollar was 1166 to the Canadian Loon? RV time. The Iraqi Parliament knows this and will make it happen nudging the Central Bank of Iraq along to the right thing.