By John Lee.

Shares in Irish-based exploret Petrel Resources jumped more than 37 percent on Friday, following the announcement of a possible deal in Iraq.

The Board said that negotiations on “a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation.

(Sources: Petrel Resources, Yahoo!)

By Haider Najm.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Recently conservatives in Baghdad closed several cafes by force, claiming they were fronts for immoral behaviour, prostitution and drugs. Liberals say it’s not so – and that this is just the latest campaign to clamp down on Iraqis’ everyday rights.

Recent raids on, and closures of, some of Baghdad’s more modern, youth-oriented coffee shops are a “sign of Iraq’s future,” writes Mushriq Abbas, a Baghdad journalist. “They show the country at a cross roads, looking down one road or another. The question of whether Iraq will become a carbon copy of Iran or Afghanistan, or whether it will be a modern civil state, remains.”

Abbas is just one of many locals angered by the apparently unofficial closure of a number of coffee shops in Baghdad’s central Karrada neighbourhood. Among the reasons given for the closures were arguments that the coffee shops were employing under-age females, that they were fronts for brothels, that there was immoral contact between the sexes going on there as well as drug dealing and that the cafes were open at illegal hours.

In his recently published article, Abbas call the closures “religious raids on the personal freedoms of the Iraqi people” and criticises local security forces, who did nothing to prevent the closures which Abbas feels violate the Iraqi Constitution. Some of the cafes appear to have been forcibly shut down by local religious and tribal groups.

In fact, various reports indicate that the coffee shops were not actually closed because of any official violations or because they were contravening rules on when food can be served during the month-long Muslim festival of Ramadan. During Ramadan, when most practising Muslims fast during the day, only a handful of restaurants are usually given special permission to open. But this was not the case with these modern, some would call them “trendy”, cafes.

By Reidar Visser.

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.

Anti-Maliki Forces in the Iraqi Parliament Reach Another Milestone

In many ways, the approval by the Iraqi parliament this week of a Sadrist nominee as head of the country’s de-Baathification board is significant also as an indicator of the shrinking parliamentary support base of Prime Minister Nuri al-Maliki.

Ever since his accession to the Iraqi premiership in 2006, Maliki’s strength has been the ability to avoid outright showdowns with the Iraqi parliament despite persistent and growing frictions. In some cases, this has been done simply by letting parliament quarrel among themselves regarding key legislation whereas Maliki governs based on Baath-era laws: The oil and gas law is a case in point.

In other cases of problematic legislation, Maliki has relied on the judiciary to strong-arm the national assembly into obedience. This approach proved itself successful in a number of cases – and perhaps most spectacularly so when the supreme court struck down early attempts to decentralize the provincial powers law in 2010, as well as in Maliki’s moves to attach the independent commissions administratively to the executive and to limit the right to question ministers.

And again other potential conflicts have been defused in the last minute by the resuscitation of sectarian alliances, sometimes with reported Iranian support. First, there was of course the last-minute détente with the Sadrists that largely helped save Maliki’s premiership in early summer 2012 when things almost reached a critical level. As late as January this year, only months before the provincial elections, Shiite parties similarly sided with Maliki and failed to attend an emergency session of parliament intended as a show of support for growing political unrest in Iraq’s provinces.

By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

On July 19, outgoing Iranian President Mahmoud Ahmadinejad paid his last official presidential visit to Iraq, where he was received by Iraqi Vice President Khodair al-Khozaei.

Ahmadinejad’s first visit to Iraq in 2008 was of significant importance for Iranian and Iraqi parties, as well as for the US, which was holding talks with Iran at the time about Iraq and other issues. Back then, he was received by Iraqi President Jalal Talabani accompanied by then-Vice President Adel Abdul-Mahdi, Deputy Prime Minister Barham Salih and a number of other senior Iraqi officials.

Ali al-Moussawi, adviser to the Iraqi prime minister, described Ahmadinejad’s visit as “a symbolic visit on the occasion of the end of his term, and it will be devoted to the visit of holy sites.” He added, “We do not expect that there will be any formal agreements.”

Moussawi also announced a planned visit by Iran’s incoming President Hassan Rouhani to Iraq, and expressed hope that a new chapter will start with Iran on the basis of common interests and mutual respect.

At the diplomatic level, this rhetoric conveys dissatisfaction toward Iran’s policies on Iraq under Ahmadinejad. What’s more, the anti-Iraqi government forces have expressed that Ahmadinejad is not welcome in Iraq. It is worth mentioning that the visit was scheduled to take place a year ago but was postponed several times due to the illness of President Talabani, according to a statement by Iranian Foreign Ministry Spokesman Abbas Araghchi.

Key talks were held during this visit between the two parties on Syrian affairs, according to Iran’s al-Alam news channel. This was confirmed by several political figures from the major blocs in the Iraqi parliament, including the Kurdistan Alliance and the Iraqiya List.

Picture

Iraqi US $$  & Gold Reserves verses
Exchange Rate


 QUOTE “Central Bank has $76 billion of oil (this is a typo and should be cash) reserves and 7 billion dollars in gold reserves, distributed in the Bank for international settlements as a cover for the Iraqi currency.”

Link:  CBI to bolster gold reserve due to decrease gold price

FULL ARTICLE & LINK AT END OF POST

  Let’s see,

Iraq had $10 billion in reserves in 2003 at an exchange rate of 1477 dinars to each $1 US dollar.

Read More Link On Right



_


Iraq has $83 billion in reserves now…… at an exchange rate of 1166 dinars to each $1 US dollars.

Revaluation of the dinar over 10 years: 311 dinars or a 126.6723842% appreciation or 1.26% revaluation annually, each 10 years.

Growth of Iraq reserves over 10 years: $73 billion for a total reserve of $83 billion to cover the Iraqi currency or a total of 830% appreciation or 8.3% annual growth over each of the past 10 years.

Increase in Iraqi M2 (money supply) of 8.3% annually, if you believe that number to be correct?

As you can see the dinar has revalued at a yearly pace of 1.26% but the reserves have increased at 8.3% each year and so the CBI SHOWS an average increase in the money supply just to balance out the annual reserves at the same pace, 8.3%.

Are they growing the reserves at a record pace to keep up with money supply or are they trying to show the increase in money supply to artificially keep the dinar value down? I believe it to be the latter, here I will explain!

So if you look at this math you must ask yourself; why has the dinar revalued at all if the reserves and the M2 keep balancing each other out?

The answer is simple, if you look at the August 31, 2012 Inspector General’s Report to the US Congress it stated on page 79 that due to the stability of the “market rate” of the dinar as of January 17th, 2012 the CBI revalued by a TOKEN of 4 dinars.

A TOKEN to me means that there is much more to come but yet they should not have increased it at all because of the increase in money supply, ACCORDING to the CBI it is increasing at the same rate as the reserves, unless they are hiding the real value from everyone. But they wouldn’t do that right? Wrong!

Let me explain further: We have also heard that the market rate has increased to as much as 1320:1 US$ but yet the CBI did not devalue the dinar at all.

That is a decrease in value by 154 dinars to each dollar for an extended period of time I must say and according to many articles, so again you must ask yourself this question; why?

Why if the CBI increased by 4 dinars did they not decrease the value when times are tough? It is because it is a smoke screen. The only way to hide something is to artificially balance it in the first place.

We continue to read about the physical dinar banknotes in the market place falling apart and the CBI saying that they will replace it with new ones but the shop owners and taxi cab drives say that the CBI has not replaced them.

Does the CBI have it to replace, I’m sure they do but not for much longer in my opinion because most of it is out of their country now, we investors have it. We have also read here lately that countries have shown much interest in the dinars, so what’s to say they haven’t been speculating on them too?

Here is my theory in a nut shell, they have increased their M2 to keep up with the ever growing auction sales and not with the market itself, they have US dollars to help that out.

This is why we have read about the weathered and worn out dinars in the market place for 2 years now come September.

Add Iraq’s other wealth into the equation or find out that the real money supply inside Iraq’s borders are really only 25 or 35 billion dinars now and the dinar outside their borders will in fact be another world reserve currency, like we have read about.

Either way this proves that the Iraqi dinar is undervalued and there really is a way to make a lot of money on the internet for the little guys and gals like us.

Have a great day,  Stryker

FULL ARTICLE AND LINK HERE

CBI to bolster gold reserve due to decrease gold price

Member of the Economic Committee & the MP from Al Iraqiya Noura Salem Al Begari, confirmed that low gold on the world market doesn’t effect on the reserve at the Central Bank.

She stated, “Central Bank has $ 76 billion of oil reserves and 7 billion dollars in gold reserves, distributed in the Bank for international settlements as a cover for the Iraqi currency.”

She added that it is in fact a great opportunity for the Central bank to enhance its gold reserve for the future as this is the perfect time to invest on Gold as the market situation is presently down.

It has to be noted that due to the economic crisis in United States, gold price has experienced rapid fall recently.

However, investors are considering this as the best opportunity to invest in the gold. On the other hand, Iraq has taken a major step to strengthen its reserves of gold to join other central banks from emerging market economies such as Brazil and Russia to diversify foreign reserves.  LINK

7-26-2013 Intel Guru SteveI At this time, from everyone I have talked to, including Ray and may others, there is no negative news that would cause me to be concerned about any outstanding issues. none of our contacts can confirm the smart card rumors going around. Another thing we have been told, do not worry about the street violence because the rest of the world is not going to let their investment go down the tubes due to civil unrest. Many countries are waiting and watching. From what I am being told, everything is still on track as to achieving their goal in the economic world. It will show up when you least expect it.
 

By John Lee.
Shares in Irish-based exploret Petrel Resources jumped more than 37 percent on Friday, following the announcement of a possible deal in Iraq.
The Board said that negotiations on “a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation.
(Sources: Petrel Resources, Yahoo!)

Source: Iraq-BusinessNews.com.

Post your commentary below.

By Haider Najm.
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Recently conservatives in Baghdad closed several cafes by force, claiming they were fronts for immoral behaviour, prostitution and drugs. Liberals say it’s not so – and that this is just the latest campaign to clamp down on Iraqis’ everyday rights.
Recent raids on, and closures of, some of Baghdad’s more modern, youth-oriented coffee shops are a “sign of Iraq’s future,” writes Mushriq Abbas, a Baghdad journalist. “They show the country at a cross roads, looking down one road or another. The question of whether Iraq will become a carbon copy of Iran or Afghanistan, or whether it will be a modern civil state, remains.”
Abbas is just one of many locals angered by the apparently unofficial closure of a number of coffee shops in Baghdad’s central Karrada neighbourhood. Among the reasons given for the closures were arguments that the coffee shops were employing under-age females, that they were fronts for brothels, that there was immoral contact between the sexes going on there as well as drug dealing and that the cafes were open at illegal hours.
In his recently published article, Abbas call the closures “religious raids on the personal freedoms of the Iraqi people” and criticises local security forces, who did nothing to prevent the closures which Abbas feels violate the Iraqi Constitution. Some of the cafes appear to have been forcibly shut down by local religious and tribal groups.
In fact, various reports indicate that the coffee shops were not actually closed because of any official violations or because they were contravening rules on when food can be served during the month-long Muslim festival of Ramadan. During Ramadan, when most practising Muslims fast during the day, only a handful of restaurants are usually given special permission to open. But this was not the case with these modern, some would call them “trendy”, cafes.

Source: Iraq-BusinessNews.com.

Post your commentary below.

By Reidar Visser.
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.

Anti-Maliki Forces in the Iraqi Parliament Reach Another Milestone

In many ways, the approval by the Iraqi parliament this week of a Sadrist nominee as head of the country’s de-Baathification board is significant also as an indicator of the shrinking parliamentary support base of Prime Minister Nuri al-Maliki.
Ever since his accession to the Iraqi premiership in 2006, Maliki’s strength has been the ability to avoid outright showdowns with the Iraqi parliament despite persistent and growing frictions. In some cases, this has been done simply by letting parliament quarrel among themselves regarding key legislation whereas Maliki governs based on Baath-era laws: The oil and gas law is a case in point.
In other cases of problematic legislation, Maliki has relied on the judiciary to strong-arm the national assembly into obedience. This approach proved itself successful in a number of cases – and perhaps most spectacularly so when the supreme court struck down early attempts to decentralize the provincial powers law in 2010, as well as in Maliki’s moves to attach the independent commissions administratively to the executive and to limit the right to question ministers.
And again other potential conflicts have been defused in the last minute by the resuscitation of sectarian alliances, sometimes with reported Iranian support. First, there was of course the last-minute détente with the Sadrists that largely helped save Maliki’s premiership in early summer 2012 when things almost reached a critical level. As late as January this year, only months before the provincial elections, Shiite parties similarly sided with Maliki and failed to attend an emergency session of parliament intended as a show of support for growing political unrest in Iraq’s provinces.

Source: Iraq-BusinessNews.com.

Post your commentary below.

By*Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
On July 19, outgoing Iranian President Mahmoud Ahmadinejad paid his last official presidential visit to Iraq, where he was received by Iraqi Vice President Khodair al-Khozaei.
Ahmadinejad’s first visit to Iraq in 2008 was of significant importance for Iranian and Iraqi parties, as well as for the US, which was holding talks with Iran at the time about Iraq and other issues. Back then, he was received by Iraqi President Jalal Talabani accompanied by then-Vice President Adel Abdul-Mahdi, Deputy Prime Minister Barham Salih and a number of other senior Iraqi officials.
Ali al-Moussawi, adviser to the Iraqi prime minister, described Ahmadinejad’s visit as “a symbolic visit on the occasion of the end of his term, and it will be devoted to the visit of holy sites.” He added, “We do not expect that there will be any formal agreements.”
Moussawi also announced a planned visit by Iran’s incoming President Hassan Rouhani to Iraq, and expressed hope that a new chapter will start with Iran on the basis of common interests and mutual respect.
At the diplomatic level, this rhetoric conveys dissatisfaction toward Iran’s policies on Iraq under Ahmadinejad. What’s more, the anti-Iraqi government forces have expressed that Ahmadinejad is not welcome in Iraq. It is worth mentioning that the visit was scheduled to take place a year ago but was postponed several times due to the illness of President Talabani, according to a statement by Iranian Foreign Ministry Spokesman Abbas Araghchi.
Key talks were held during this visit between the two parties on Syrian affairs, according to Iran’s al-Alam news channel. This was confirmed by several political figures from the major blocs in the Iraqi parliament, including the Kurdistan Alliance and the Iraqiya List.

Source: Iraq-BusinessNews.com.

Post your commentary below.