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Iraqi Dinar News
Iraq will increase T-bill activity in 2010
March 10, 2010
Iraq expects to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster a secondary treasury market, the Central Bank and Finance Ministry said in a submission to the IMF.The Iraqi dinar has all reasons to grow stronger
March 9, 2010
Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq.
Iraqis abroad begin Voting in Iraq's election
Thousands of Iraqis living abroad lined up at polling stations to cast ballots in their homeland's crucial parliamentary elections Friday, a constituency Iraq's Sunni Arab minority hope will boost their showing.
Iraq Opening to Major Oil Companies for First Time Since 1972
March 4, 2010
BP Plc and Exxon Mobil Corp. took the best deal they could get in Iraq last year when they won the largest oil contracts since Saddam Hussein was toppled in 2003. Oil companies may wait a long time to get a better one.
Read more: Iraq Opening to Major Oil Companies for First Time Since 1972
Baghdad investment budget exceeds 1 billion USD in 2010
March 2, 2010
The investment budget of the capital Baghdad will reach $1 billion U.S. dollars in 2010, Baghdad’s governor said on Tuesday, adding that 40 percent of the budget will be allocated to finance projects from 2008 and 2009.
Read more: Baghdad investment budget exceeds 1 billion USD in 2010
Iraqi economy progressing substantially
March 2, 2010
The Executive Board of the International Monetary Fund (IMF) concluded a consultation with Iraq and discussed with officials the country's economic developments and policies showing significant progress.
Central Bank of Iraq says current exchange rate is reasonable
The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate.
Read more: Central Bank of Iraq says current exchange rate is reasonable
Iraqi dinar revaluation has to do with economic conditions
March 1, 2010
Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.Read more: Iraqi dinar revaluation has to do with economic conditions
IMF approves $3.6 billion loan for Iraq
February 25, 2010
The International Monetary Fund on Wednesday approved a $3.6 billion loan program for Iraq to cover balance of payments needs.
Iraqi Prime Minister gambles issues most aggressive budget in country's history
February 24, 2010
Iraq’s 2010 budget, considered one of the most controversial in the country’s history, was finally endorsed at the end of January by parliament and the presidential council. The US$72 billion (84 trillion dinar) bill was divided between funding for investment projects (US$20 billion/23.6 trillion dinars) and operational expenses (US$52 billion/60.9 trillion dinars).
Read more: Iraqi Prime Minister gambles issues most aggressive budget in country's history
Iraqi economic conference in Kurdistan
February 24, 2010
An Iraqi economic conference began today in Kurdistan with the participation of 200 traders and businessmen, chairman of the Federation of Chambers of Commerce and Industry in the region said.Iraqi Trade Ministry wants to improve Iraq’s international role
February 23, 2010
The Iraqi Trade Ministry wants to improve Iraq’s international role that has been hampered due to wars and embargo over the past two decades.Read more: Iraqi Trade Ministry wants to improve Iraq’s international role
Australia ready to invest in Iraqi oil field
February 22, 2010
The Australian Industrial Chamber of Commerce has expressed its readiness to invest in a Wassit oilfield, a local official said on Sunday.
China negotiates projects in Karbala Iraq
February 18, 2010
A Chinese delegation has visited the Shiite city of Karbala and expressed its readiness to conduct several projects there, Karbala’s first deputy governor said on Thursday.
Iraq seeks to raise Thi-Qar’s oil production to 750K barrels per day
February 18, 2010
The Iraqi minister of oil has revealed plans by his ministry to raise oil production in Thi-Qar province to 750,000 barrels per day (bpd).
Read more: Iraq seeks to raise Thi-Qar’s oil production to 750K barrels per day
US troops at lowest level since Iraqi invasion
February 16, 2010
The number of American soldiers in Iraq has dropped below 100,000 for the first time since the 2003 U.S.-led invasion in a clear signal the U.S. is wrapping up its nearly seven-year war to meet a deadline for leaving the country, the U.S. military said Tuesday.
Iraqi election begins with concern over candidate disqualifications
February 16, 2010
Campaigning opened last Friday for Iraq’s parliamentary elections in an election season marked by high-profile attacks and overshadowed by the banning of more than 500 candidates for alleged ties to former dictator Saddam Hussein's outlawed Baath Party.
Read more: Iraqi election begins with concern over candidate disqualifications
Baghdad to build underground railway system
February 15, 2010
A deal with a French company will soon be concluded to supervise a project to build an underground railway / subway in the Iraqi capital Baghdad, the local mayor said.
Iraqi conference with 25 British firms to encourage investment
February 13, 2010
The chief of the Basra Investment Commission announced that the province is hosting on Saturday a conference attended by representatives of British companies working in different fields as a means to encourage investment there.
Read more: Iraqi conference with 25 British firms to encourage investment
Iraq accepted into the EITI
February 11, 2010
The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday.
Iraq seeks to boost oil prices
February 10, 2010
Iraq’s oil strategy will rely on boosting prices, not only production, th Iraqi Oil Minister said on Wednesday.
Iraq seeks strategic economic partnership with US
February 9, 2010
Iraqi Trade Ministry said on Tuesday that Iraq needs the U.S. as an investor and strategic partner to form a developed economy.
Read more: Iraq seeks strategic economic partnership with US
Iraqi five year development plan completed
February 9, 2010
The Iraqi minister of planning said that his ministry has finished its development plan for the years 2010-2014.
Iraq Planning Currency Redenomination
February 8, 2010
The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money.
Iraqi oil project to set up new refinery in Ninewa
February 6, 2010
The Ninewa Investment Commission asked the Iraqi oil ministry to approve a project to set up an oil refinery west of Mosul city withy a capacity of 100,000 barrels per day (bpd) through funding from a foreign company, the commission director revealed on Saturday.Read more: Iraqi oil project to set up new refinery in Ninewa
Iraqi integration into OPEC quota system
February 4, 2010
Iraqi oil production has been steadily increasing over the past several years and is expected to continue increasing in the years to come as Iraq continues to rebuild into an economically prosperous country.
200 new houses built in Falluja
February 3, 2010
An Iraqi construction company has begun the development of a residential compound of 200 low-cost houses in northern Falluja city.
Stock market opened in Arbil Iraq
February 3, 2010
A stock exchange has been inaugurated in Arbil, the capital city of Iraq’s Kurdistan region, the market’s director said on Thursday.
Lukoil and Statoil sign Iraq contract
President and CEO of Statoil, Helge Lund, together with president of Lukoil, Vagit Alekperov, have signed the development and production service contract for West Qurna 2, near Basra, the Norway Post newspaper said.
Iraq's Green Initiative
February 2, 2010
An Iraqi farmer cooperative is helping to revive the war-torn nation's agricultural economy by providing farmers with technical assistance, farm supplies and credit. In December the co-op celebrated the grand opening of its new office and warehouse facilities and held its first board of directors meeting.
Korea seeks 1.5 Billion in Iraqi oil investments
February 1, 2010
South Korea’s Gas Corporation (KOGAS) said on Thursday that it seeks the investment of $1.50 billion into Iraqi oilfields as part of a consortium led by Russia’s Gazprom, according to a release by the company.
Iraqi oil production to hit ten million barrels per day by 2020
January 29, 2010
Britain’s giant British Petroleum (BP) expected on Thursday that Iraq’s oil production would hit ten million barrels per day by the year 2020.
Read more: Iraqi oil production to hit ten million barrels per day by 2020
Iraqi parliament approves 2010 budget
January 27, 2010
The Iraqi parliament on Tuesday passed a 2010 budget that sets federal spending at 84.7 trillion Iraqi dinars (around $72.4 billion) and a deficit for this year of 22.9 trillion dinars ($19.6 billion).
Exxon and Shell sign deal for Iraqi Oil Field
January 27, 2010
U.S. oil companies Exxon and Shell signed a final contract on Monday for the development of Iraq's 8.7-billion-barrel West Qurna oilfield.
Iraq has the World's Biggest Oil Reserves
January 25, 2010
This month Iraq will finalize contracts with the likes of ExxonMobil, Royal Dutch Shell and BP to develop some of its biggest oil fields. These giants are among the world's last remaining pockets of so-called "easy oil." They don't require ultradeep drilling or innovative production techniques, just the application of Big Oil know-how. No wonder the oil companies agreed to develop Iraq's fields without even getting an ownership stake in the fields and collecting as little as $1.15 per barrel recovered.
Iraq seals $20 billion oil deal with Eni-led consortium
January 24, 2010
Iraq's state-owned oil companies South Oil Company (SOC) and Missan Oil Company (MOC) yesterday finalised a $20 billion contract with a consortium led by Italian energy giant Eni SpA with partners Occidental Petroleum Corporation (Oxy) of the US and Korea Gas Corporation (KOGAS) to develop the Zubair oil field near Basra in Iraq.
Read more: Iraq seals $20 billion oil deal with Eni-led consortium
Iraqi central bank governor predicts lower rates
Iraq’s central bank governor, Sinan al-Shibibi, told Reuters rates are likely to fall below their current 7%, depending on inflation.
Land Rover enters the Iraqi Market
January 18, 2010
Dubai Land Rover, a premium SUV manufacturer, announced yesterday that the company is entering the Middle East market by expanding into Iraq.
Kurdistan welcomes calls to settle oil contracts issue with Baghdad
The Kurdistan Regional Government (KRG) has welcomed called by Iraqi Prime Minister Nouri al-Maliki to settle the issue of oil contracts, saying it is ready to pump 100,000 barrels of oil a day and give their revenues to the National Oil Company.
Read more: Kurdistan welcomes calls to settle oil contracts issue with Baghdad
The Cost of Dealing With Cash in Iraq
January 14, 2010
Iraq may not be ready for Paypal, but with the help of the U.S. Army, the southern Iraqi provinces of Dhi Qar, Maysan and Al Muthanna are moving closer to a cashless system in order to deal with the mounting costs of dealing with cash.
Iraq has no plans for a third oil auction
January 7, 2010
Oil Minister Hussain al-Shahristani said, denting expectations the country might offer up further acreage following two previous rounds.
Is Iraq ready for American Investors
January 7, 2010
At the end of her speech to more than a thousand US and Iraqi businesspeople packed in a hotel ballroom, Secretary of State Hillary Rodham Clinton threw an American spin on an Arab proverb: "Dawn does not come twice to wake a man - or a woman." Her point...? It's time to invest in Iraq.
Iraq signs key deal with Shell
January 7, 2010
A group led by Royal Dutch Shell signed a deal to develop Iraq's Majnoon supergiant oilfield, pledging to spend tens of billions of dollars on the project over the next two decades.
China initials Halfaya contract
January 7, 2010
The Chinese National Petroleum Corp is a step closer to getting its third Iraq oil contract finalised after a ceremony at the Iraqi Oil Ministry headquarters where officials initialed a draft contract.
Will New Oil Deals Provide Jobs For Iraqis?
January 7, 2010
Iraq recently completed the second round of bidding on its oil fields, which will hopefully usher in the return of international petroleum companies to Iraq that will bring in much needed investment and know how. This round went much better than the first with deals for seven of the ten fields up for auction.
More than 10,000 new cars entered Kurdistan in 2009
January 7, 2010
More than 10,000 new vehicles entered Kurdistan Region in 2009, a source said.
Read more: More than 10,000 new cars entered Kurdistan in 2009
Biggest-Ever Japanese Team Joins Iraq Economic Forum in Baghdad
January 7, 2010
A Japanese group consisting of around 100 public and private sector members, the biggest of its kind since the 2003 Iraq War, met Sunday with Iraqi government officials at Baghdad International Airport to deepen bilateral economic ties and promote Japanese investment in the war-torn country, the Japanese news agency (KYODO) reported.
Read more: Biggest-Ever Japanese Team Joins Iraq Economic Forum in Baghdad
Government to redevelop Sadr Township in Baghdad
January 7, 2010
The Iraqi government has drawn up plans to build 30,000 housing units in the low-income neighborhood of Sadr City, a slum area where more than 2 million people live.
December first month without US combat death in Iraq
January 7, 2010
December was the first month since the U.S.-led invasion of Iraq nearly seven years ago in which no U.S. forces died in combat in the country.
Read more: December first month without US combat death in Iraq
Republic of Iraq Monetary Summit Briefing
The Republic of Iraq National Government, United States of America and its coalition allies are in the midst of confirming the 18 December 2009 date to discuss monetary terms concerning our globalization of the New Iraqi Dinar. Confirmations have been established by 13 of the 22 parties needed to proceed with these dealings (15 are needed to validate hearings).
Prime Minister content with UN protection of Iraqi funds
U.N. Security Council resolution to extend its protection to Iraqi funds will keep them away from “big financial corruption,” the deputy head of the Iraqi parliament’s economic committee said on Tuesday.
Read more: Prime Minister content with UN protection of Iraqi funds
Electronic Trading Accounts
Most of the rumors about the uncertain future of the Iraqi Dinar are started by businesses or individuals looking to profit from investment into their own “secure electronic Iraqi bank accounts.” In order to drive potential investors in the Iraqi Dinar to these accounts, articles based on unfounded information are marketed by these business owners. Read the full article here.
Iraq changing its currency?
Recently, many rumors have been circulating about possible changes to the Iraqi Dinar One such rumor is that the Iraqi government is considering changing their national currency from the new Iraqi Dinar, which was introduced in October 2003 following the removal of Saddam Hussein from power, to an entirely different currency with new notes and denominations. Another suggests the large 25,000 dinar note will be made obsolete and unable to be exchanged. Read the full article here.
Iraqi Economy - challenges ahead
The Iraqi government, a bundle of contracts with major foreign oil companies in its pocket from a weekend auction, plans to start boosting the country's oil production to challenge world leader Saudi Arabia.
Feature Article: Iraqi Dinar Revaluation
December 15, 2009
Will the Iraqi Dinar be revalued?
When will the Iraqi Dinar be revalued?
How will the Iraqi Dinar be revalued?
To put it simply, the Iraqi Dinar is currently worth less than 1/10th of a US penny (Approximately $1000 US dollars buys 1 million Iraqi Dinar). Historically, the Iraqi Dinar has been worth over 3 US dollars for every Iraqi Dinar (Over $3,000,000 US dollars purchased 1 million Iraqi Dinar). Put another way, 1 million Iraqi Dinar is currently worth a little less that 1000 US dollars and historically 1 million Iraqi Dinar has been worth well over $3,000,000.00 US dollars. So, the question is: Will the Iraqi Dinar increase in value? And if so, how? And when?
Iraq celebrates second annual oil auction
Iraq's oil minister began counting the money Saturday even before the first wells were drilled, dubbing the country's second postwar oil auction a triumph even as international oil companies largely snubbed the most violent regions in the Middle East's last major oil bonanza.
Recap of oil fields awarded in Iraq oil auction
A breakdown of the fields and the winners in Iraq's second international oil licensing round which ended Saturday.
Feature Article: Understanding the Iraqi Dinar Exchange Rate
December 7, 2009
So what’s your Iraqi Dinar worth?
Why is there a difference in price for different denominations?
What’s the difference between circulated and uncirculated and does it change the price?
Where do the “exchange rate websites” get their calculations?
How do I know my Iraqi Dinar comes from legitimate sources?
Why is there a difference in price for different denominations?
What’s the difference between circulated and uncirculated and does it change the price?
Where do the “exchange rate websites” get their calculations?
How do I know my Iraqi Dinar comes from legitimate sources?
If you have ever asked or wondered about these questions, today is your lucky day because we have the definitive answers from the experts.
So what is your Iraqi Dinar worth? Well, the short answer is: your Iraqi Dinar is worth exactly what someone else is willing to pay for it. Because the Iraqi Dinar is not openly traded on the world financial markets, there is no set rate for exchange.Read more: Feature Article: Understanding the Iraqi Dinar Exchange Rate
Iraq clears way for parliamentary elections
December 6, 2009
BAGHDAD – Iraqi lawmakers approved plans Sunday to hold parliament elections early next year that are seen as an important step toward political reconciliation and easing the withdrawal of U.S. troops.
Iraq seeks full WTO membership
Iraq will attend the World Trade Organization (WTO) ministerial conference to be held in Geneva on Monday within third-round negotiations to be granted full membership in the world body, according to an Iraqi Trade Ministry media source on Sunday.
Debt. Crisis in Dubai wont Affect Iraqi Economy
Dubai’s credit default will not affect the Iraqi economy, which does not have significant investments in Dubai’s stock markets, an Iraqi economist said on Monday.
Iraq resumes oil exports to Turkey
Oil exports to the port of Ceyhan in Turkey resumed on Monday through Kirkuk after a five-day interruption because of sabotage to a pipeline in northern Iraq, an Oil Ministry spokesman said.
Key Economic Indicators Affecting the Iraqi Dinar
Following are the latest Iraqi economic indicators, including data from the Central Bank, the Central Organization for Statistics and Information Technology (COSIT), the Oil Ministry and the State Oil Marketing Organisation (SOMO).
Read more: Key Economic Indicators Affecting the Iraqi Dinar
Iraq's Oct oil exports top 58 million barrels
November 22, 2009
Iraq exported 58.2 million barrels of crude oil in October 2009, making a total revenue of $4.187 billion U.S. dollars, the Iraqi Ministry of Oil said on Sunday.
Dinar Banker Releases New TV Commercial - Watch the Video!
November 11, 2009
Dinar Banker has finished production of a new television commercial that will be airing across the United States. Watch it here!
Read more: Dinar Banker Releases New TV Commercial - Watch the Video!
Maliki defends Iraqi oil contracts
November 11, 2009
The next government in Iraq will not have the authority to cancel oil contracts signed by the current administration, said Iraqi Prime Minister Nouri al-Maliki.Iraqi Cabinet approves Exxon Mobil-Shell oil deal
November 10, 2009
Iraq's prime minister says his Cabinet has approved a deal with a consortium led by U.S.-based Exxon Mobil to develop a prized oil field in the country's south.
Read more: Iraqi Cabinet approves Exxon Mobil-Shell oil deal
Iraqi lawmakers pass election law
November 8, 2009
Iraq's parliament on Sunday passed a long-delayed election law paving the way for a national election in January after overcoming disagreements over the disputed city of Kirkuk, a lawmaker said.
1st round oil permissions will boost production to 6 million barrels
The Iraqi Oil Minister Hussein al-Shahrestani said on Tuesday that the first round of permissions, granted for foreign companies according to oil services contracts, will boost the Iraqi oil production level to more than six million barrels per day (bpd) during the coming six years.
Read more: 1st round oil permissions will boost production to 6 million barrels
Inside Iraq's Exchange CNBC Video
November 1, 2009
"Inside Iraq's Exchange" - CNBC Video
Special report on how to capitalize on opportunities in Iraq, with Taha Abdul, Iraq Stock Exchange CEO and CNBC's Erin Burnett. The Iraqi Stock exchange has begun official sessions, and is looking to expand trade in several industry sectors.
Patriots and Profits Iraqi Dinar CNBC Video
October 21, 2009
"Patriots and Profits" - CNBC Video
A look at two former soldiers who are going to Iraq to invest, with Douglas Ollivant, Monument Capital Group and John DeBlasio, Sallyport Global Holdings. Investment opportunities are increasing in Iraq, and service menders are choosing to get in on the action.
Jim Cramer Iraqi Dinar Currency Investment Recommendation
Jim Cramer on Iraqi Dinar
Click here to watch the video of Jim Cramer recommending investment in Iraqi dinar.
From CNBC's Mad Money - October 20, 2009
Read more: Jim Cramer Iraqi Dinar Currency Investment Recommendation
Jim Cramer of Mad Money recommends the Iraqi Dinar
Today on CNBC's "Stop Trading!" segment, Jim Cramer announced a strong demand for investment opportunities in Iraq. "My viewers are desperate to play Iraq, People do believe there is an oil-based recovery that could last for years."
Read more: Jim Cramer of Mad Money recommends the Iraqi Dinar
LUKoil ready to participate in Qurna oil project on Iraqi terms
Russia's largest independent oil producer LUKoil is ready to participate in the West Qurna-1 oil project in Iraq on Baghdad's terms, CEO Vagit Alekperov said on Thursday.
Read more: LUKoil ready to participate in Qurna oil project on Iraqi terms
Motorola signs multi-million dollar contract with Zain Iraq to manage network
Motorola, Inc. announced the signing of a multi-million dollar contract with Zain Iraq to provide managed services to the operator. The contract will enhance Zain Iraq's overall network performance, improving the customer experience and enabling subscribers to enjoy feature rich services.
Read more: Motorola signs multi-million dollar contract with Zain Iraq to manage network
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