Chat Room – News, Excerpts & Highlights
blackgold: I’m not sure certain Factions will ever let Iraq get it together. Iraq is somehow part of Opec but not international. they can take their oil but not legitimise them in the world.
blackgold: Iraq would have lots of money if people would stop stealing it
sandyf: @firefarmer: well I guess that I will never know what sandy thinks gn all – That is an easy one, I don’t really know what to think in terms of making any profit from the IQD, that is basically what we are all looking for.
When I started in 2004 the expectation was that the IQD would rise to around 10 cents by the end of the 7 year plan in 2010 which on the surface seemed a credible investment.
That all fell by the wayside and the rhetoric of today at around $4 appears to be a bit of a fantasy so I am not holding my breath. Expect the worst and hope for the best.
blackgold: On the low side Iraq has been pumpih about 4 million barrels of oil a day. The last half of 2017 they’ve been pumping 5 million.
4 million multiplied by $40 a barrel a day — on the low side 160,000,000,000.
160,000,000,000 multiplied by 7 days a week = 1,120,000,000,000. 1,120,000,000,000 multiplied by 4 weeks amonth (taking a low number) = 4,480,000,000,000. 4,480,000,000,000 multiplied by 12 (taking a low number) = 53,760,000,000,000.
Tebow: stealing money. :laugh
Tebow: @black gold you got too many zeros in your calculations. 4,000,000 x $40 = $160,000,000 not $160,000,000,000.
Tebow: So @blackgold we are talking roughly $54 billion and in the past their budgets have been in the $40 billions region. Don’t see any stolen money!
chattels: Hakim: The national project needs political will not currently possessed by Iraq http://www.alliraqnews.com/modules/news/article.php?storyid=71228
firefarmer: @sandyf Thank you very much…Sounds like a realistic answer…
blackgold: Funny i remember someone once telling me all oil sales were in USD
blackgold: No stolen money then thats a good sign
blackgold: and my bad math was on the low side, so that means they must be doing really well
blackgold: i like that
Tebow: that many zeros is confusing
blackgold: can’t believe someone is really paying attention
Tebow: jUST seem too loose many zeros
blackgold: i always admit I am mathematically illiterate
Tebow: past employment had to do a lot of numbers. LOL
blackgold: thanks for the correction
Tebow: careful on those taxes
blackgold: i never do them can’t count dyslexic
blackgold: So on the high side we can say Iraq has close to 70 billion in oil
blackgold: not to mention over 80 tons of gold reserve
blackgold: Oil: US$52.5 billion (99.3% of total exports) Gems, precious metals: $214.5 million (0.4%) Fruits, nuts: $53.5 million (0.1%) Raw hides excluding furskins: $30.7 million (0.1%) Plastics: $13.3 million (0.03%) Electronic equipment: $9.2 million (0.02%) Woodpulp: $9 million (0.02%) Machines, engines, pumps: $7.2 million (0.01%) Gums, resins: $4.4 million (0.008%) Medical, technical equipment: $2.7 million (0.005%)
Tebow: who knows what they have in oil, most of Iraq has never been surveyed.
blackgold: i heard their is going to be a surge in US oil when they get all the rigs back here and put them off shore. i hear President Trump ok’d it not sure
blackgold: Maybe we are investing in the wrong things
blackgold: i’m going to keep an eye on it well good night
Tebow: that’s his plan some coastal states will try to block but state waters only go out 3 miles I believe
Tebow: remember old drunk Ted Kennedy was all for wind power until they wanted to put a wind farm off the coast of Mass.
OneHundredWorlds: Iraq² Th e de jure and de facto exchange rate arrangements have been retroactively reclassifi ed to a conventional peg arrangement, eff ective January 15, 2012 (previously classifi ed as de jure fl oating and de facto stabilized).
Th e Central Bank Law gives the board of the Central Bank of Iraq the authority to formulate exchange rate policy, and the board has maintained its policy to keep the offi cial exchange rate at ID 1,166 per U.S. dollar since January 15, 2012.
Th e change is refl ected as of January 1, 2014, corresponding to the fi rst day of the period covered in this year’s Annual Report on Exchange Arrangements and Exchange Restrictions. Stabilized arrangement Conventional peg
OneHundredWorlds: Iraq Effective February 16, 2014, the Central Bank of Iraq set the cash exchange rate at ID 1,190 per U.S. dollar, LC exchange rate at ID 1,184 per U.S. dollar, and transfer transaction rate at ID 1,187 per U.S. dollar.
OneHundredWorlds: Iraq Effective February 16, 2014, the commissions added to the currency selling window exchange rate of ID 1,166 per U.S. dollar to determine the selling rate of the Central Bank of Iraq were increased to ID 18 per U.S. dollar from ID 9 for import payments through LCs; ID 21 per U.S. dollar for drafts; and ID 24 per U.S. dollar from ID 13 for cash sales.
OneHundredWorlds: Effective February 22, 2015, the Central Bank of Iraq buys foreign currency at the daily selling exchange rate minus 0.001% (previously ID 8 per U.S. dollar).
OneHundredWorlds: During the 2014–15 reporting period, Argentina left the group of countries reporting an official exchange rate, and Somalia indicated plans to resume exchange rate setting in the future. Several countries adopted new methods for calculating their official exchange rates (China, Ghana, Iraq, Serbia, Solomon Islands, Ukraine),
OneHundredWorlds: Iraq The IMF staff report for the 2015 Article IV Consultation with Iraq states that, as of July 14, 2015, Iraq no longer maintained any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains three exchange restrictions and one MCP subject to IMF approval under Article VIII, Sections 2(a) and 3.
In 2009, the IMF identified four exchange restrictions, two of which have now been removed. The two exchange restrictions that have been removed were based upon Central Bank of Iraq (CBI) circulars that have now been nullified.
These restrictions arose from :
(1) the requirement to submit a tax certificate and a letter of nonobjection stating that the companies do not owe any taxes to the government before non-Iraqi companies may transfer proceeds of current international transactions out of the country; and
(2) the requirement that before non-Iraqis may transfer proceeds in excess of ID 15 million out of Iraq, the banks are required to give due consideration of legal obligations of these persons with respect to official entities, which must be settled before allowing any transfer.
The exchange restrictions that remain in place arise from :
(1) the requirement to pay all obligations and debts to the government before proceeds of investments of investors, and salaries and other compensation of non-Iraqi employees may be transferred out of Iraq; and
(2) an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement.
chattels: Iraq’s ex-trade minister sentenced to 21 years for corruption By Rudaw http://www.rudaw.net/english/middleeast/iraq/120220183
chattels: ERBIL, Kurdistan Region – Iraq’s former trade minister Falah al-Sudani was sentenced on Monday to 21 years in jail by an Iraqi court. He was involved in a corruption scandal connected to the country’s massive food rations programme. Sudani, from the ruling Dawa party, served as minister of trade from 2006 to 2009.
chattels: David M. Witty ? @DavidMWitty1 UN: there are still 2.6 million displaced Iraqis from ISIS war. http://mobp.as/ceFZk
?chattels: David M. Witty ? @DavidMWitty1 Iraqi Basra Operations Commander: we will use deadly force against the tribes to impose order in Basra province if required. http://mobp.as/nFKZk
chattels: Kirk H. Sowell ? @UticaRisk “There is very little basis for the Iraqi government’s claims that it is fighting corruption, and that’s the real problem…Provinces including Basra, Anbar, Mosul and Saladin are governed so very poorly, and the individuals involved are so thoroughly implicated and…” 1/2
chattels: “…discredited, that until there is a real campaign against corruption, and a change in the political class, then having more money by itself certainly isn’t going to solve many of the problems.” 2/2 https://twitter.com/UticaRisk?lang=en
chattels: Corruption and conflict hamper Iraq’s rebuilding efforts http://en.rfi.fr/20180212-corruption-and-conflict-hamper-iraq-s-rebuilding-efforts/
chattels: Potential donors, including countries that took part in the US-led coalition against the IS, have not exactly jumped on the opportunity. US officials have said Washington does not plan to pledge any money at the Kuwait conference, and France has pledged its support for the reconstruction phase without making any mention of a contribution.
One source of scepticism comes down to doubt that money would go to its intended purpose. “There is very little basis for the Iraqi government’s claims that it is fighting corruption, and that’s the real problem,” says Kirk H. Sowell.