Iraqi Dinar News today july 20 2011 : Iraq Finances Ministry compensates for Anbar residents : 75 billion Iraqi Dinar were allocated as special compensations for Anbar residents damaged from military and terrorist operations in the province, Anbar province said on Tuesday. In a statement to Alsumarianews, Anbar spokesman Mohamed Fathi Hantoush stated that the Finances Ministry has sent special compensations to citizens damaged from military and terrorist operations. Compensations include 25 billion Dinar to Fallujah, 25 billion Dinar to Ramadi and 25 billion to Al Qaem District.
Foreign investment begins to pour into Iraq
The amount of new foreign investment deals is on track to double this year, according to a report by Dunia Frontier Consultants, which specializes in emerging markets. In the first half of this year, Iraq attracted $45.6 billion in foreign investment, about $3 billion more than all of last year, the report says.
The rush of investment this year reflects a new confidence in Iraq's stability and a reduction in risk, analysts say. "This is money talking," said Campbell Harvey, professor of finance at Duke University in North Carolina.
U.S. companies have been slow to get in on the investment opportunities in Iraq, even lagging behind countries that opposed the war, such as France.
Last year, French companies represented 9.9% of the foreign investment in Iraq, compared with 4.7% for American companies, the Dunia report says.
"U.S. companies tend to be more risk-averse than their European counterparts and certainly their regional counterparts," said Nicholas Skibiak, emerging markets director at Dunia.
Re-evaluate the Iraqi market
U.S. business interest is growing. Iraq's commercial attaché office in Washington received 2,251 applications to do business in Iraq in the first half of this year, compared with 1,369 in the same period last year.
Still, Naufel Alhassen, Iraq's commercial counselor in the U.S., said public perception of Iraq remain out of date.
"American business needs to re-evaluate the Iraqi market with a vision of 2011 — not with eyes of 2006 and 2007," he said.
He said Iraq's market is growing fast and that U.S. businesses risk missing opportunities. "If you keep waiting you are going to miss it," Alhassan said.
South Korea was the largest foreign investor this year, representing 24% of the foreign money flowing into Iraq, according to the report.
Businesses in the rest of the world seemed poised to exploit the market's growth. Foreign investors' confidence grew and foreign dollars flowed in after Iraq's political landscape stabilized. Following months of political fighting after national elections last March, Iraqi political leaders agreed on a government in December.
Nouri al-Maliki remained as prime minister and Oil Minister Hussain al-Shahristani was kept in the government as deputy prime minister for energy. Investors saw the continuity as a positive sign. "A lot of people through 2010 were sitting on sidelines watching the national elections," Skibiak said.
This year they came off the sidelines.
Many needs and much money
After decades of war and sanctions, Iraq's needs are great, and it has money to spend. Iraq ranks fourth in the world in proven oil reserves, and the rising price of oil has buoyed its cash reserves.
Iraq has been issuing contracts to develop its oil fields and has sought help to rebuild its decrepit electrical grid in an effort to keep up with skyrocketing demand as people buy TVs, air conditioners and other appliances.
Iraq is also facing a housing shortage. Last year, Iraq announced it was awarding a contract of $11.28 billion to a Turkish consortium to help rebuild Sadr City, a sprawling Shiite slum in Baghdad, according to the Dunia report.
The contract calls for building 75,000 homes, in addition to schools and mosques in a slum where sewage puddles in the streets and families are crammed in aging buildings.
Analysts caution that Iraq remains a risky place to invest. Corruption remains a problem, and there is always the risk of renewed violence and political instability. "The level of risk is still high," Harvey said.
Showing posts with label dinar. Show all posts
Showing posts with label dinar. Show all posts
Wednesday, July 20, 2011
Sunday, July 17, 2011
Iraqi Dinar News today july 18 211
Iraqi Dinar News today july 18 211 ; North Iraq’s Kurdistan government grants 25 billion dinars to support mini-projects for unemployed young men. The government of north Iraq’s Kurdistan Province has allocated 25 billion (b) Iraqi dinars for a special fund to help the unemployed young people to open mini-projects, according to Kurdistan’s Labor & Social Affairs Minister, Asus Najib.
On his part, the Ministry’s Media Director, Abbas Akram told Aswat al-Iraq news agency the Ministry had distributed 1,300 documents for unemployed young people, with ages between 18-35 years, to grant each of them a 15 million dinar credit to start a mini-project.
“The credits had been granted for unemployed young people, who are not linked to the state bodies or the private sector,” Akram said, adding that there won’t be a limited number of such documents.
Iraq names Trade Bank president
Iraq's government has appointed Hamdiya al-Jaf as chairwoman and president of state-owned Trade Bank of Iraq after its former manager fled the country due to alleged irregularities, a bank official said on Sunday.
Jaf, who moves up from adviser at the government's Rafidain Bank, replaces Hussein al-Uzri, who was accused by the government of committing "multiple violations" costing millions of dollars. Uzri denied the charges.
Iraq plans new Europe accounts to protect oil money
Iraq will open accounts at three European central banks to protect oil revenue from claims by commercial creditors when immunity at the U.S. Federal Reserve runs out, a senior central bank official said
Iraq holds the bulk of proceeds from its oil export sales in the Development Fund of Iraq (DFI) account at the New York Fed but will lose legal immunity on that account next May.
It plans to move at least part of that money to central banks in Britain, France and the Netherlands where the money would be protected.
On his part, the Ministry’s Media Director, Abbas Akram told Aswat al-Iraq news agency the Ministry had distributed 1,300 documents for unemployed young people, with ages between 18-35 years, to grant each of them a 15 million dinar credit to start a mini-project.
“The credits had been granted for unemployed young people, who are not linked to the state bodies or the private sector,” Akram said, adding that there won’t be a limited number of such documents.
Iraq names Trade Bank president
Iraq's government has appointed Hamdiya al-Jaf as chairwoman and president of state-owned Trade Bank of Iraq after its former manager fled the country due to alleged irregularities, a bank official said on Sunday.
Jaf, who moves up from adviser at the government's Rafidain Bank, replaces Hussein al-Uzri, who was accused by the government of committing "multiple violations" costing millions of dollars. Uzri denied the charges.
Iraq plans new Europe accounts to protect oil money
Iraq will open accounts at three European central banks to protect oil revenue from claims by commercial creditors when immunity at the U.S. Federal Reserve runs out, a senior central bank official said
Iraq holds the bulk of proceeds from its oil export sales in the Development Fund of Iraq (DFI) account at the New York Fed but will lose legal immunity on that account next May.
It plans to move at least part of that money to central banks in Britain, France and the Netherlands where the money would be protected.
Wednesday, July 13, 2011
Kuwaiti dinar Exchange rate july 13 2011
Kuwaiti dinar Exchange rate july 13 2011 : Exchange rate of the Kuwaiti dinar increased to KD 0.274 per dollar, and stabilized against the euro, recording KD 0.384, the Central Bank of Kuwait said on Wednesday.
The Kuwaiti dinar increased against the Sterling Pound to KD 0.437, meanwhile remaining at the same level against the Japanese yen at KD 0.003, whereas it showed an increase against the Swiss Franc to KD 0.330, Kuwait's state monetary authority said in its daily bulletin.
tag ; kuwaiti dinar exchange rate july 13 2011 kwd, bahraini dinar exchange rate july 13 2011, omani rial exchange rate july 13 2011, maltese lira exchange rate july 13 2011
The Kuwaiti dinar increased against the Sterling Pound to KD 0.437, meanwhile remaining at the same level against the Japanese yen at KD 0.003, whereas it showed an increase against the Swiss Franc to KD 0.330, Kuwait's state monetary authority said in its daily bulletin.
tag ; kuwaiti dinar exchange rate july 13 2011 kwd, bahraini dinar exchange rate july 13 2011, omani rial exchange rate july 13 2011, maltese lira exchange rate july 13 2011
Monday, July 11, 2011
Iraqi Dinar Revaluation news july 11 2011
Iraqi Dinar Revaluation news july 11 2011 : The dinar collapsed after the United States invaded Iraq and toppled Saddam. Prior to U.S. invasion, the Iraqi currency was trading over USD3 to one Iraqi dinar on the strength of the country's massive oil industry. After the collapse, the dinar was trading significantly lower. At one point, a single dollar purchased one thousand Iraqi dinar.
U.S. national debt will exceed $14.5 trillion by the end of the summer.
Speculators began to take positions in 2004 hoping someday, the dinar would recover and the UN economic sanctions would be lifted, allowing the currency to be revalued. Since then, there has been much speculation regarding how and when that would occur.
However, the Treasure does say it did an initial currency swap with Iraq to fund their government and Ministries...
Exactly how many dinars were traded is not mentioned, but it does make reference to “billions of U.S. dollars” traded to Iraq.
About two months ago, Iraqi dinars could no longer be purchased; the recent Dodd Frank bill appears to have legislation related to the revaluation of a foreign currency and preventing mass hysteria.
From what I have been able to gather, it sounds like this plan was originally put together by George Bush, Dick Cheney, Alan Greenspan, and others years ago as a way for the U.S. government to be repaid (read: get kickbacks) for their efforts in Iraq.
Experts speculate the U.S. government received nearly 4 trillion Iraqi dinars at an exchange rate of 4,000 dinar to USD1.
If this is even close to true — and the UN allows Iraq to revalue their currency up to USD1: one Iraqi dinar — the U.S. government would stand to profit in trillions... as would anyone else who speculated on the dinar over the years.
Bush’s statement, “This is a war that will pay for itself,” will be true 10 times over. Check out how the House of Saud got taken for $267 billion of their own crude oil.
Speculating on these matters, however, is essentially useless. There is little to nothing that can be done to change it now.
Rather, our attention should be focused on what we can do to protect ourselves and establish security for the future before the house of cards finally topples.
And I maintain the best place for investors right now is portfolio positions in physical precious metals, quality mining and mineral exploration stocks, and more recently, cash.
I typically don't keep a lot of cash in my trading accounts. But I think it's important to keep a little cash in your portfolios right now, because I believe we will see some exceptional buying opportunities within the junior mining sector in the next six to eight weeks.
U.S. national debt will exceed $14.5 trillion by the end of the summer.
Speculators began to take positions in 2004 hoping someday, the dinar would recover and the UN economic sanctions would be lifted, allowing the currency to be revalued. Since then, there has been much speculation regarding how and when that would occur.
However, the Treasure does say it did an initial currency swap with Iraq to fund their government and Ministries...
Exactly how many dinars were traded is not mentioned, but it does make reference to “billions of U.S. dollars” traded to Iraq.
About two months ago, Iraqi dinars could no longer be purchased; the recent Dodd Frank bill appears to have legislation related to the revaluation of a foreign currency and preventing mass hysteria.
From what I have been able to gather, it sounds like this plan was originally put together by George Bush, Dick Cheney, Alan Greenspan, and others years ago as a way for the U.S. government to be repaid (read: get kickbacks) for their efforts in Iraq.
Experts speculate the U.S. government received nearly 4 trillion Iraqi dinars at an exchange rate of 4,000 dinar to USD1.
If this is even close to true — and the UN allows Iraq to revalue their currency up to USD1: one Iraqi dinar — the U.S. government would stand to profit in trillions... as would anyone else who speculated on the dinar over the years.
Bush’s statement, “This is a war that will pay for itself,” will be true 10 times over. Check out how the House of Saud got taken for $267 billion of their own crude oil.
Speculating on these matters, however, is essentially useless. There is little to nothing that can be done to change it now.
Rather, our attention should be focused on what we can do to protect ourselves and establish security for the future before the house of cards finally topples.
And I maintain the best place for investors right now is portfolio positions in physical precious metals, quality mining and mineral exploration stocks, and more recently, cash.
I typically don't keep a lot of cash in my trading accounts. But I think it's important to keep a little cash in your portfolios right now, because I believe we will see some exceptional buying opportunities within the junior mining sector in the next six to eight weeks.
Subscribe to:
Comments (Atom)