Butifldrm

http://www.presstv.com/detail/189451.html Kuwait says it is planning to build four nuclear reactors near Iraqi coasts by 2022 and it needs to go ahead with the project to generate enough electricity to meet its growing domestic demand, a Press TV correspondent reported. The Iraqi officials, however, have expressed concerns about the sheikhdom's nuclear projects, accusing Kuwaiti officials of acting as US instruments to weaken Iraq's economic and political status. “What Kuwait is doing is part of a US plan to weaken Iraq. The move gives a justification for the US occupation forces to extend their presence in Iraq. We want them to stop this project,” Iraqi lawmaker Jawad al-Bazuni said. Members of Basra Provincial Council have also urged Kuwait to stop its project, planned to be launched in Warbh island less than four kilometers away from the Iraqi coasts south of Basra. They say the Iraqi government must adopt a strong position regarding the issue. “We have discussed Kuwaiti projects like the Mubarak port and the nuclear reactors. We consider them as dangerous projects that would affect our economy and security,” said Vice-President of Basra Provincial Council Ahmad al-Sulaiti. The Iraqi government spokesman Ali al-Dabbagh has said that the foreign ministry will do its best through diplomatic channels to block Kuwait's nuclear project. Iraqi officials in Basra also insist that the Kuwaiti nuclear project would have damaging environmental consequences for Iraq. The contentious relations between the two Arab states remain highly politicized after the former regime of Iraqi dictator Saddam Hussein invaded the Persian Gulf state in 1991. Ironically, The invasion of Kuwait by Saddam Hussein forces came despite the US-backed Kuwaiti regime offered tens of billions of dollars in aid to the Iraqi dictator to support his war effort against neighboring Iran. The eight-year Iraqi war against the Islamic Republic was fully backed and supported by all of the US-backed Arab dictatorships in the Persian Gulf and the Middle East. AO/AKM/MB

Well, I just woke up and it looks like a small auction was held 116,936,000. I say small, because the banks were closed for three days. I guess I will get some sleep tonight.

Thanks proteus. 1.00 KWD = 3.65230 USD http://www.xe.com/ucc/convert/?Amount=1&From=KWD&To=USD

Yes, very strange indeed. I can't wait to wake up tomorrow and see if they actually held a banking day. I am no pumper, but with all of the news coming out of Iraq, If the CBI is closed for four days, I won't be able to sleep Sunday night, there Monday!

It's very interesting, that Iraq would schedule 2 Holidays, Banking Holidays back to back with a weekend . The 14th is Revolution Day and The new one Sunday the 17th as National Day, giving them a four day Banking Holiday. http://mycalendar.org/Holiday/Iraq/2011/07/ National Day Of Iraq on SundayOccasionJuly 17, 2011, 8:00amMANILA, Philippines — Sunday is the National Day of Iraq. Known as the “Cradle of Civilization,” Iraq was the site of the Sumerian civilization which began in the Tigris-Euphrates river valley. The Sumerian era was succeeded by the Akkadian Empire in the 24th century BC followed by the Babylonian civilization in the 18th century BC. A series of invasions followed – the Persians, the Archaemenid Empire, the Romans, the Mongols, and the Ottoman Empire. Iraq was occupied by a multinational coalition of forces, mainly American and British, during the invasion of 2003. Sovereignty was transferred to the Iraqi Interim Government in mid-2004. A new Constitution of Iraq was then approved by referendum and a new Government of Iraq was elected in October 15, 2005. Iraq’s population is around 31 million. Around 75-80 percent of the population is Arab. The other ethnic groups are the Kurds at 15-20 percent and the Assyrians, Iraqi Turkmen, and others comprising 5 percent. The oil sector is the lifeblood of Iraq’s economy, accounting for about 95 percent of foreign exchange earnings. With 112 billion barrels of proven oil, Iraq is second to Saudi Arabia in the amount of oil reserves. The United States Department of Energy estimates that up to 90 percent of the country remains unexplored. Unexplored regions of Iraq could yield an additional 100 billion barrels. Iraq’s oil production costs are among the lowest in the world. We congratulate the people and government of Iraq led by Their Excellencies, President Jalal Talabani and Prime Minister Nouri al-Maliki, Foreign Minister Hoshiyar Zebari, Finance Minister Rafie Al-Esawi, and its Embassy in the Philippines, headed by Ambassador Wadee Batti Hanna Al-Batti, on the occasion of their National Day. We wish them all the best and success in all their endeavors. http://www.mb.com.ph/articles/327143/national-day-of-iraq-sunday

Well, the cool thing is these stats are from May. So inflation climbing about 1% a month and M2 down to 12%, Shabs needs to do something.

Usama al-Nujeify, he's so lucky we did not turn his whole country into glass. Please read the following, look at everyone of their faces,read how they died and you will truly believe there is no amount of money worth this. http://militarytimes.com/valor/search.php?conflict=1&nm=1 .

I don't know about anyone else, but these guys seem evil to me. There's a right way and a wrong way to handle transparency. Cyber criminals cost us the public a lot of time and money. They are a detriment to our society. To make them out heros, seems rather perverse. JMO.

Yes, I have looked over their site and found this, http://www.safedinar.com/BuybackInq.asp basically, they will buy back now. I have seen seen no cash in services post RV. Who knows just like a lot of the banks, once the IQD becomes internationally traded, SafeD, may provide a cash in service.

I have ordered a bunch from www.safedinar.com without any problem. I just looked at their site and they are still selling. The only denoms they are back ordered on are 1K notes.

Best decision and post you have made easy. I am so glad things worked out fo you.

Sounds like more than just an embassy ! And we have no money. Thanks k98nights

Hmmm, there was a boots on the ground post earlier yesterday, that stated a friend in Iraq had gone to the bank and there was a note posted that the banks would be closed. Remember, a lot of people ripped him a new one. Thanks Markisa for the post. No rip pin here.

Well, we will know more about this at 12 pm CST. Should be around 8am Sunday when Iraq starts business.

Hey Doc, Good to see you. I hope you and your family have a wonderful 4th of July.

Thanks easy. I think I remember reading thru the vast oceans of intel, that Iraq would have to revalue their currency prior to lifting all Ch. 7 sanctions. Who knows, but I still think we are close.

Thanks Adam, Looking forward to your text.

Dave can you post the link. I remember reading something about that but would like to see the article again? Thank You

That's weird, wonder why they did't have an auction yesterday, and todays auction was very low.

Hmm, I am amazed of the timing of event going on.

Wow, that is interesting.

Z, lots of recycled news going around now. Some of the latest news articles look like 2- 3 articlescut and pasted together.

If they are closed today and tomorrow, and their normally closed our Thursday and Friday.. That would give them a total of 4 days to do their magic. Just a thought and a wish.

CBI has not updated exchange rates and Currency auction since yesterday the 27th. http://www.cbi.iq/index.php?pid=CurrencyAuctions

Butifldrm, on 27 June 2011 - 08:00 AM, said: WaycoolJr, I have a question to ask you. What is the purpose for the redenomination? 1. We pretty much know I raq is going to release lower denominations (raise the three zeros) 2. The denominations should come out in 1's 5's 10's up to 100's 3. So by what you are insinuating when the average Iraqi goes to market to buy a loaf of bread which cost 3.00 USD with the newly released 1.00 IQD's he will have to take 3,510 IQD in 1.00 denominations to market to buy a loaf of bread, at the present rate of 1170 IQD per 1 USD. the whole idea for the redenomination is to ease such transactions. IMO, there will have to be a rate increase for these new denominations to be of any value. Read more: http://dinarvets.com/forums/index.php?app=forums&module=post&section=post&do=reply_post&f=41&t=72237&qpid=544861#ixzz1QVIOX8XY Voltar, this article gives a different description. Iraq to bring banks to the masses – by mobile By Jacques Clement Agence France-Presse First Posted 11:32:00 05/15/2011 Filed Under: Banking, mobile phones, Computing & Information Technology BAGHDAD – Just a fifth of Iraqis have bank accounts, but 70 percent have mobile phones, so Baghdad is hoping to close the gap by getting people to open accounts, make payments and transfer cash – all via mobile. In a country that is one of the most corrupt and violent in the world, the initiative is aimed at securing Iraqis' funds, and strengthening the banking sector as higher revenues resulting from a greater number of transactions boost profits. "It's a very important project" in terms of "increasing the capacities of private banking," Sinan al-Shabibi, the governor of the Central Bank of Iraq, told reporters at a conference on the initiative organized by the bank and USAID. Shabibi said he hoped the project would be ready "in the coming year". Only about 20 percent of Iraqis hold a bank account, according to experts. That figure is markedly lower than the average for developing countries, which a World Bank report released last year pegged at 28 percent among adults. By contrast, 81 percent of adults in developed countries held bank accounts, the "Doing Business 2011" report said. While much of Iraq's low bank account penetration has to do with a lack of confidence among Iraqis in banks, other factors are also at play. "It can... be attributed to long period the country was at war, international sanctions, isolation from the outside world, prevailing security situations, coverage of banks in remote areas," said Indrajit Roy Choudhury, a banking expert working as a consultant for the state-owned Trade Bank of Iraq. Choudhury added that a lack of modern banking facilities and poor financial literacy among Iraqis' was also to blame. In addition, most Iraqis are paid in cash, with many avoiding the tedious procedures of dealing with the country's bank branches, where queues are long and customers often spend a great deal of time simply in order to deposit funds that they often end up spending within a month. Others who receive their salaries in cheques typically withdraw the full amount in cash and eschew making deposits or opening an account. "This situation is changing," Choudhury noted, pointing out that several banks were opening branches in more of Iraq's provinces, networking those branches, and coming out with more "customer-oriented products". Iraq is hoping to use the relative popularity of mobile telephones here, with market penetration estimated at 70 percent, to accelerate the development of the banking sector. A 2009 report by India's National Bank for Agriculture and Rural Development notes that "lack of access to finance for...weaker sections of the society has been recognised as a serious threat to economic progress, especially in developing countries." It added: "Moreover, prolonged and persistent deprivation of banking services to a large segment of the population leads to a decline in investment and has the potential to fuel social tensions causing social exclusion." According to Carl Rosenquist, an expert who is working on the Iraqi project, it is likely that younger Iraqis will be the system's guinea pigs. "Experience shows that the take up of mobile financial services attracts initially the young and subsequently the take-up will increase up the age ladder," said Rosenquist, who has worked on similar initiatives in the Philippines, Mongolia, Jamaica and Kenya. If the project is fully realized, all it would take for an individual to open a bank account would be a phone call. Iraqis would be able to make transfers, pay bills, or withdraw funds from non-banking agents such as general stores, who would receive a commission in return. It is all part of a larger project, estimated to cost between $15-20 million, to unify Iraq's banking system. "The biggest obstacle is regulation ... The law is far behind," said Rosenquist, who complained that Iraqi banks are not required to be linked to a central payment system. "We have a system and they are not all members. ... If they (regulators) don't mandate the use of it, then it's useless." Discussions are also ongoing between certain banks and mobile phone operators to develop mobile banking, with the chief executive of Kuwaiti firm Zain's Iraqi arm acknowledging that his own company was in talks with two Iraqi banks. "We're working with a couple banks here in Iraq," Emad Makiya said in an interview with AFP, adding that he could not name which banks as a result of a non-disclosure agreement. "We're just studying this right now. ... We should strike something by the end of this year. We will help them out with their mobile banking." http://newsinfo.inquirer.net/breakingnews/infotech/view/20110515-336636/Iraq-to-bring-banks-to-the-masses--by-mobile