Fearless Four

What a load of garbage...

Good news!

Fils my wallet!

Officials Divided Over Dinar ‘Reset’ Posted on 22 July 2013. Tags: Corruption, dinar, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project’s feasibility and the date of its implementation. While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations. In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time. Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee.” Shayya, an MP for the State of Law Coalition led by Prime Minister Nouri al-Maliki, added that the Economic Committee “asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros.” “The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros,” he said. “The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank.” “Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes,” he said. MP Nahida Daini of Ayad Allawi’s Iraqiya List agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project’s implementation. She said, “The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations.” Daini believes that the government’s fears “are mere concerns.” She said, “There are regulators in Iraq who can follow up and ensure the integrity of the project.” Meanwhile, the parliamentary Finance Committee believes that channelling resources toward ensuring the stability of the local currency exchange rate is better than the deletion of zeros. Magda al-Tamimi, member of the parliamentary Finance Committee, told Al-Monitor, “The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction,” which is carried out by the Central Bank to ​​provide merchants with hard currency necessary for import. Iraq’s fiscal policy has come under criticism due to the fluctuation of local currency exchange rates against global currencies. According to Tamimi, “Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros.” The Finance Committee, Tamimi added, “is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar.” “Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros,” she said. Saleh told Al-Monitor, “The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time.” Saleh added, “We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year.” “There are many encouraging positive factors to reform the currency management system,” he said, also noting that the deletion of zeros “does not only involve changing the design of the currency. It implies changing the economic system in the country in general.” Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.

Looks good...another step in the right direction.

Great stuff...thanks!

Go RV..

https://www.youtube.com/watch?v=OBYvssl4pTE

Iraq said on Sunday it has discovered deposits of crude equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years. Read more: http://www.businessinsider.com/iraq-new-billion-barrel-oil-deposit-state-run-maysan-oil-company-2013-1#ixzz2JHVqrsnV My link

See your Doctor, you may need a prescription to help get rid of the infection. Dont mess around, nasal infections are hard to get rid of in some cases.

Hasn't he called it 5 times...doesnt he lose credibillity after the first lie?

Breitlings Monday Show "Great News" http://youtu.be/iT2flC-cE9s

Soon it will be over, what will we do then...

Positive article, this is what they have been talking about for a while...

Delete the three zeros does not lead to the strengthening of the dinarNovember 27, 2011 In this regard, a member of the Finance Committee in Parliament Najiba Najib said the project to delete the zeros of the currency does not lead to the strengthening of the Iraqi dinar against foreign currencies, saying that a mere formality for the restructuring of the currency. Najib said in a statement to (news): that the draft deleted three zeros from the Iraqi currency is not working to increase the value of the Iraqi dinar against foreign currencies, but is a matter of formality for the restructuring of the currency and reduce the money supply. She explained that the project to delete the zeros of the Iraqi currency will make it easier for banks, merchants and owners of large sums of money transfer money from one place to another, contrary to what it is now the currency of the current that they are replaced in a foreign currency. She pointed out that the objective of this project is to restructure the currency and make it the most heavily traded by investors and Iraqi banks and stay away from trading in foreign currency, as it reduces the bloc's monetary currency, and continued on to say: This project presented a proposal by the Central Bank of Iraq had not seen the Iraqi parliament to the details in full, whether occurring meeting just between the Department of the Central Bank and Finance Committee, the parliamentary emphasized that they intend to implement this project. and called a member of the Knesset Finance not to rush the implementation of such a large project time-a few, but must be studied in detail to find out the negative aspects and positive, stressing the need to spread awareness to the citizens through the media of how currency exchange and use. The Deputy Governor of the Central Bank Mudher Mohammed Saleh, said earlier: The draft deleted three zeros from the currency is still exist and has not been affected by any criticism. It faces noting that a national project must be implemented, he said, «that many of the countries of the world has gone through this experience and successful in its application and exceeded all the conflicts and the decline in economic reality to them », pointing out that the project will be deeply studied more and show understanding and explained to the public and it is not legitimate real-time, but long-term needs a long time to apply, likely that they will be applied after more than a year from now .(Source) Iraq Parliment http://edinarfinancial.net/news/?nn=662

They can have their "opinions" I have mine...hold on a bit longer.

Bora Bora Under a one hour flight from the island of Tahiti or Moorea, the island of Bora Bora, with a lagoon resembling an artist's palette of blues and greens, is love at first sight.Romantics from around the world have laid claim to this island where the castle-like Mount Otemanu pierces the sky. Lush tropical slopes and valleys blossom with hibiscus, while palm-covered motu circle the illuminated lagoon like a delicate necklace. Perfect white-sand beaches give way to emerald waters where colored fish animate the coral gardens as they greet the giant manta rays. Simply said, Bora Bora is the most beautiful island in the world. 1.) 2.) 3.)

Eid-al-Adha or Feast of Sacrifice Eid al-Adha or Feast of Sacrifice is the most important feast of the Muslim calendar. It concludes the Pilgrimmage to Mecca. Eid al-Adha lasts for three days and commemorates Ibraham's (Abraham) willingness to obey God by sacrificing his son. Muslims believe the son to be Ishmael rather than Isaac as told in the Old Testament. Ishmael is considered the forefather of the Arabs. According to the Koran, Ibrahim was about to sacrifice his son when a voice from heaven stopped him and allowed him to sacrifice a ram instead. The feast re-enacts Ibrahim's obedience by sacrificing a cow or ram. The family eats about a third of the meal and donates the rest to the poor. http://islam.about.com/od/hajj/a/adha.htm

Iraq Stock Market Report Posted on 31 October 2011. Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th October 2011). The RSISX index ended the week at ID1,540 / $1,768, -4.5% (weekly change). The number of weekly traded shares was 19.8bn and the weekly trading volume was ID34.7bn ($29.6mn). Note: Iraq Stock Exchange (ISX) will be closed from November 4, 2011 (Friday) to November 12, 2011 (Saturday) due to the religious holiday, Eid al-Adha. The first trading session will be on November 13, 2011 (Sunday). http://www.iraq-businessnews.com/2011/10/31/iraq-stock-market-report-9/

Thanks for the post, what goes up must come down...vice versa!

Sure... +1 For All!

Cheers to that...Thanks Adam

Help, lost mine also...+1 for everyone!

The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The dust has still yet to settle after the recent shrinking of the Iraqi government. That process – and the question of what to do with the sacked ministers – is intertwined with the lingering conflict about the validity of the parliamentary membership of several deputies who gained their seats through a messy process of replacement when party members became ministers in the Maliki government in December 2010. In August this year, the Iraqi press widely reported an alleged decision by the consultative assembly of state – a somewhat shadowy administrative court – to the effect that the sacked ministers could revert to the seats they formerly held in parliament if they so desired. More recently, this description of the situation has been modified somewhat through the publication of the actual court ruling, which is in fact more limited in scope. In its ruling 85 dated 16 August 2011, the court says former ministers can return to their seats provided they remain unoccupied (shaghir). It should be added that the jurisprudence behind the decision seems somewhat Delphic. Most of the points listed have absolutely no relevance to the decision (such as the reference to the separation of powers between the executive and legislative branches of parliament), and the argument that is used to settle the case is somewhat extraordinary: There is no law that prevents the sacked ministers from returning to vacant seats!To give someone a seat in the assembly simply with the reference to the absence of laws explicitly forbidding such allocations certainly seems somewhat contrived as long as there are very specific constitutional provisions governing the allocation of those seats. In theory, the sacked ministers are Iraqis like everybody else. One might even argue that their sacking in late July was implicitly a verdict of incompetency on behalf of the national assembly. At any rate, in accordance with the ruling, one of the ministers of state, Falih al-Sari who belongs to the Hizbollah in Iraq party within the broader ISCI/Badr coalition of parties, recently got his seat back and was sworn in again as a deputy. There had been rumours last winter that he was about to be replaced in parliament by someone else from his party but this apparently never happened. Accordingly, in this case the action by parliament was at least consistent with the ruling by the consultative state assembly. Most others of the sacked ministers will not become members of parliament, either because they were never deputies in the first place, or because someone else was given their seat during the first half of 2011. There are however at least two other cases that remain in focus because of inconsistencies in the way parliament – and parliament speaker Usama al-Nujayfi in particular – has opted to deal with them. Firstly, there is Ali al-Sajri, whose replacement in parliament, Jawad al-Bulani, recently lost his seat based on a court ruling. Accordingly, that seat remains just as “vacant” as that which was given back to Sari and it seems unclear why parliament should have any legal reason not to give it back to him. Secondly, there is the problematic case of Jawad al-Batikh, who was recently replaced in parliament by Ammar Hasan Abd Ali from Iraqiyya. That decision by parliament has been challenged by White Iraqiyya, the breakaway faction from Iraqiyya that was formed by Batikh and others around the time he was promoted to minister of state in the Maliki government. They say that subsequent to the split between Iraqiyya and White Iraqiyya, Batikh and Ammar Hasan belong to different blocs. Like Sajri, Batikh is demanding his seat back. It cannot escape notice that both Sajri and Batikh belong to the secular circles that have opted to remain separate from the rest of Iraqiyya. They are now complaining that Usama al-Nujayfi, the parliamentary speaker from Iraqiyya, is deliberately preventing them from returning to parliament based on political motives. The sudden promotion of Ammar Hasan to replace Batikh in parliament just days before the ruling of the consultative assembly of state is cited as particularly suspicious in this regard, given that Batikh would have automatically regained his seat had not Ammar Hasan won it so suddenly in August (the seat had remained vacant since March). To some extent, then, this whole matter seems to be about Prime Minister Nuri al-Maliki relying on the court system to get potential allies back in parliament (his adviser Tariq Harb recently lauded the ruling of the consultative assembly of state), whereas Nujayfi is trying to oppose these moves by applying the rulings selectively and manipulating the agenda of parliament to this end. On the balance, one can certainly argue that the decision by the consultative assembly of state to reinstate the members is in itself legally problematic. But if Nujayfi wants to protest it he should at least do so in a consistent fashion. If dirty tricks are used on either side of the divide between the executive and legislative in Iraq, it will be even more difficult to develop healthy political alternatives to a government increasingly described by its opponents as “authoritarian” in nature. http://www.iraq-businessnews.com/2011/10/21/nujayfi-maliki-and-the-seats-of-the-iraqiyya-breakaway-factions/

Posted on 19 October 2011. ExxonMobil, BP and Eni plan to spend around $100 billion to upgrade their three oilfields in southern Iraq, Thamer Ghadhban, top energy adviser to the Iraqi Prime Minister said on Wednesday. According to the report from the Wall Street Jounal, some $50 billion would be spent to upgrade Exxon’s supergiant West Qurna Phase 1 oilfield, with the remaining $50 billion being spent by BP and Eni to upgrade the Rumaila and Zubair oil fields respectively. “The bulk (of the finance) is for West Qurna 1 because the Rumaila and Zubair fields were well advanced in terms of development, such as number of wells, oil field facilities, other infrastructure, while West Qurna phase 1 needs more,” he told reporters at the Iraq Mega Projects conference in Istanbul. The three fields are now pumping around 2 million barrels a day, which is the bulk of Iraq’s total oil output of 2.9 million barrels a day. A BP spokesman said it was too early to forecast the exact size of the group’s investment in Rumaila. “We’re working with our partners and the Iraqi government on a detailed field development plan. Obviously, our plan is to invest enough to reach the production targets agreed in our contract,” said the spokesman. (Source: Wall Street Jounal) http://www.iraq-businessnews.com/2011/10/19/oil-giants-in-100-billion-iraq-investment/