new foreign investment law in August

[Sporter]

Iraq to pass new foreign investment law in August


11 July 2006 (PortAl Iraq)
During his tour to Arab Gulf countries, the Iraqi Prime Minister stated that the new foreign investment law will be discussed by the Cabinet next Tuesday and will be probably voted on by the Parliament by the end of August.

Accordingly, he called for the Arab businessmen to seize the investment opportunities in Iraq, especially in the oil, industry, agriculture, construction and services domains.

Well we should see the "New New Iraqi Dinar any day now, why they have around 45 days to recall and exchange".

http://www.iraqupdates.com/p_articles.php/article/9286

[vipor]

Sport, do you have a link where you got this from?

[investindinar]

11 July 2006 (PortAl Iraq)
During his tour to Arab Gulf countries, the Iraqi Prime Minister stated that the new foreign investment law will be discussed by the Cabinet next Tuesday and will be probably voted on by the Parliament by the end of August.

Accordingly, he called for the Arab businessmen to seize the investment opportunities in Iraq, especially in the oil, industry, agriculture, construction and services domains.

Makes me glad that I've got 10 million IQD on their way into the ISX under the auspices of Al Warka. The other 10 million plus is also with Al Warka earning 6% per annum compounded monthly in a savings account.

Looks like my MBA might pay off after all. :)

It's good to see that Kurdestan has already passed their version. On top of the ISX being opened to foreign investors, we can also look forward to a gradual, but steady increase in the value of the IQD as the CBI lowers the national M1, increases their hard currency reserves as the situation permits, and diversify their reserves into non-USD assets. My conservative estimate of the IQD's worth in the not too distant future? By 2010, the IQD:USD exchange should be at least 100:1 if maintained on a managed float, or currency band, against a basket of currencies and/or oil; and much better if it's free floated. ;)

I'd like to see Dinariswack, DaveDinar, Psycho, Ramis, et al put a negative spin on this one! :p

Incidentally, I'm squarely in the "no zero lop / no new NEW (NITWIT) Dinar / no sudden spastic and unreaslistic revaluations to 1:1 overnight / slow and gradual" school of thought for the revaluation of the IQD. If this little monster takes until 2012 to get to 100:1, that's fine with me too.

Sincerely,

investindinar

[Sporter]

Although I agree with you, won't the speculation eventually catch up with Iraq. There are alot of "birds" sitting on the fence.:confused:

[investindinar]

In real estate, it's all about location, location, location.

In Iraq, it's all about security, security, security.

I think that once we (the US and our non-Iraqi allies) start an earnest withdrawal from Iraq with the intention of leaving only a small token force in Kurdestan, Basra, and the capital, we'll no longer serve as the main lightning-rod for insurgent/resistance/terrorist attacks. The new GoI can get on with handling their own national security, and Al Qaeda will have to beat feet out of the country, and fast. That said, I think that the security situation will improve dramatically this year (2006) and next.

By 2008, we should see the security situation restored 100% in favor of the GoI. If that happens, and I think it will, the IQD will be in a position to appreciate to at least 500:1, maybe even 100:1. Before then, it should have appreciated to at least 1000:1 by EOY 2006, and trending higher by 2008. If the CBI feels that the demand for the currency is sufficiently strong, they may even free float it that year (2008). By 2010, the GCC should have their currency in print, and be well one its way to consolidate all GCC members' currency into one. They'll be lobbying for Iraq to join because of (a) its geographic proximity, (b) its long term economic potential, (c) its vast, under-exploited, and relatively inexpensive energy reserves, and (d) its getting-stronger-by-the-year currency.

If that relatively conservative (by some accounts), but optimistic scenario (by others' accounts) doesn't motivate anyone to buy IQD now, it's because they are risk averse. I've got no problem with that because I'm very risk neutral. If the potential pay off more than makes up for the down side risk, I'll go for it in a big way. The fence sitters are normal people. Those kind of people are not on the bleeding edge of emerging market investment opportunities, innovators, early adopters, etc, and I wouldn't expect them to be. In fact, the way the mainstream investment community approaches this subject, somewhere between handling radio-active debris and the black plague, makes me think the 'fence sitters' are an excellent contrarian indicator.

PS: One sure way to keep speculators from gumming up the works is by a slow and gradual revaluation. If someone caught wind, or the CBI communicated, that they were going to revalue the currency by a large amount, that would certainly bait the speculators to buy and dump. The CBI is being very carefully about this by maintaining a managed float against the USD by pumping more IQD into the supply at the same time that they increase their hard currency reserves.

Sincerely,

investindinar

[Sporter]

Thank you for the reply. Hey BTW where is "Mr. Baggs" with his model.

[hunterdbk]

I agree with Investindinar after reading the article from the god doctor in Big Wave's post (Repurcussions....) zero lop doesn't do the iraqi people any more good than a low reval and their just isn't time to print new dinar and recirculate before they want to put this investment law into full swing...I say go Iraq...full speed ahead and we'll be patient!!!

[tonytz123]

Iraq to pass new foreign investment law in August


11 July 2006 (PortAl Iraq)
During his tour to Arab Gulf countries, the Iraqi Prime Minister stated that the new foreign investment law will be discussed by the Cabinet next Tuesday and will be probably voted on by the Parliament by the end of August.

Accordingly, he called for the Arab businessmen to seize the investment opportunities in Iraq, especially in the oil, industry, agriculture, construction and services domains.

Well we should see the "New New Iraqi Dinar any day now, why they have around 45 days to recall and exchange".

http://www.iraqupdates.com/p_articles.php/article/9286

Do you people really take this iraqupdates.com site for real...
Its owned by a guy in Ca. Who now buys and sells Dinar!!

[shotgunsusie]

Iraq to pass new foreign investment law in August


11 July 2006 (PortAl Iraq)
During his tour to Arab Gulf countries, the Iraqi Prime Minister stated that the new foreign investment law will be discussed by the Cabinet next Tuesday and will be probably voted on by the Parliament by the end of August.

Accordingly, he called for the Arab businessmen to seize the investment opportunities in Iraq, especially in the oil, industry, agriculture, construction and services domains.

Well we should see the "New New Iraqi Dinar any day now, why they have around 45 days to recall and exchange".

http://www.iraqupdates.com/p_articles.php/article/9286
and design and print and transport??? wow, the impression that they are slow must be horsepucky then?? :no:

[Bothoms]

In real estate, it's all about location, location, location.

In Iraq, it's all about security, security, security.

I think that once we (the US and our non-Iraqi allies) start an earnest withdrawal from Iraq with the intention of leaving only a small token force in Kurdestan, Basra, and the capital, we'll no longer serve as the main lightning-rod for insurgent/resistance/terrorist attacks. The new GoI can get on with handling their own national security, and Al Qaeda will have to beat feet out of the country, and fast. That said, I think that the security situation will improve dramatically this year (2006) and next.

By 2008, we should see the security situation restored 100% in favor of the GoI. If that happens, and I think it will, the IQD will be in a position to appreciate to at least 500:1, maybe even 100:1. Before then, it should have appreciated to at least 1000:1 by EOY 2006, and trending higher by 2008. If the CBI feels that the demand for the currency is sufficiently strong, they may even free float it that year (2008). By 2010, the GCC should have their currency in print, and be well one its way to consolidate all GCC members' currency into one. They'll be lobbying for Iraq to join because of (a) its geographic proximity, (b) its long term economic potential, (c) its vast, under-exploited, and relatively inexpensive energy reserves, and (d) its getting-stronger-by-the-year currency.

If that relatively conservative (by some accounts), but optimistic scenario (by others' accounts) doesn't motivate anyone to buy IQD now, it's because they are risk averse. I've got no problem with that because I'm very risk neutral. If the potential pay off more than makes up for the down side risk, I'll go for it in a big way. The fence sitters are normal people. Those kind of people are not on the bleeding edge of emerging market investment opportunities, innovators, early adopters, etc, and I wouldn't expect them to be. In fact, the way the mainstream investment community approaches this subject, somewhere between handling radio-active debris and the black plague, makes me think the 'fence sitters' are an excellent contrarian indicator.

PS: One sure way to keep speculators from gumming up the works is by a slow and gradual revaluation. If someone caught wind, or the CBI communicated, that they were going to revalue the currency by a large amount, that would certainly bait the speculators to buy and dump. The CBI is being very carefully about this by maintaining a managed float against the USD by pumping more IQD into the supply at the same time that they increase their hard currency reserves.

Sincerely,

investindinar

I'm close to agreeing with you, though, I think the value of the dinar will increase just a little faster than you suggest. I believe that we could see 1000:1 or even 500:1 by the end of 2006, and possibly as high as 25:1 by the end of 2007. JMO

[Reymar]

The Minister of Oil stated that the current domestic oil crisis will end this week.

Refineries will resume production after four days of inactivity due to technical problems, with an estimated daily volume of 10 million liters of gasoline. Also the export of crude oil towards was resumed as well as the import of gasoline at a rate of 3 million liters per day.

The Cabinet recently approved and sent to Parliament for adoption a draft law regarding the import of oil products by the private sector.

The Cabinet is currently drafting a law regarding the investments in the oil industry, but the Minister clearly stated that the extraction of oil will continue to remain a state monopoly.

Several refineries will be built during the next three years.

Source: Al -Adala, Al- Mada, Al -Sabah, Azzaman (Translated/Edited by USAID's IZDIHAR)


http://www.portaliraq.com/news/Iraq%27s+Ministry+of+Oil+announces+drafting+of+inv estment+law%2C+construction+of+refineries__1112078 .html

[Weston]

Damnit always waiting with this government :drunk: heh if they say end of aug it will be oct/nov Har Har slow government but anyways Good News is Good News, beter then no news :huge: