Category: Dinar Trade

July 19, 2013

Iraq Oil News: Maliki, Barzani Close to Solving Oil Dispute

MPs from the ruling State of Law Coalition and the Kurdistan Alliance confirmed the presence of positive vibes between the federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil regarding the possibility of passing the Oil and Gas Law, which governs the management of oil wealth in the country. The law is supposed to be passed during the current legislative session, which ends in early 2014.However, the MPs preferred to maintain discretion regarding information on the final draft of the law.

A high-ranking source in the office of Iraqi Prime Minister Nouri al-Maliki told Al-Monitor that “Prime Minister Maliki and KRG President Massoud Barzani discussed during the latter’s latest visit to Baghdad an amended draft of the Oil and Gas Law and agreed on showing it to their partners, so that it can soon be passed in the Iraqi parliament, before the current legislative session ends in early 2014.”

However, the federal government and the semi-autonomous KRG disagree on oil and its imports in the northern provinces. While Baghdad demands that the agreements with foreign and local companies on the drilling operations happen with its knowledge and that the region send the export revenues to the federal government, the Kurdistan region wants the federal government to pay the dues of oil companies working for it, before requiring oil revenues to be sent to Baghdad.

The Oil and Gas Draft Law has undergone several amendments since 2011, but it has not received the needed consensus yet.

On July 7, 2013, Barzani visited Baghdad and met with Maliki amid a positive atmosphere, favoring the resolution of the pending issues between both sides, namely the distribution of oil wealth management powers in the country.

Kurdish MP Farhad al-Atroushi, who is close to Barzani, told Al-Monitor, “The current phase is witnessing an agreement between Baghdad and Erbil regarding the Oil and Gas Law.”

Atroushi, an MP in the Iraqi parliamentary Oil Committee, added, “The Law of Provincial Authorities that was recently legislated and that granted local governments the privilege of participating in the management of oil wealth with the federal government pushes the latter to legislate the Oil and Gas Law, to reach a final decision regarding the situation in the Iraqi Kurdistan Region. Otherwise, chaos will break loose in the Iraqi oil sector.”

He continued, saying, “I cannot say that Barzani and Maliki have agreed on passing the Oil and Gas Law, but they see eye to eye on this matter.”

He said, “This issue will be settled during the discussions of the sub-committees that were set up for this purpose between Baghdad and Erbil.”

According to Atroushi, “It is better for the central government to enact the Oil and Gas Law, even if it grants [the Kurdistan region] broad powers to enter into contracts with foreign oil exploration companies.”

In a news conference held following Barzani and Maliki’s meeting, the latter talked about the importance of “resolving in a realistic and brotherly way” the problems between Baghdad and Erbil. Barzani, however, said that his visit to Baghdad was designed “to send a message to the external and internal arenas that we are brothers, and are keen to communicate [with each other]. This is particularly true since we live in a region full of problems and crises, which we will overcome based on cooperation between us.”

In parallel, Jamal Bahauddin, a member of Maliki’s State of Law Coalition, said, “Ongoing discussions and meetings on the oil and gas legislation between the Kurdistan Region and the federal government are taking place.”

Bahauddin, who is also a member of the Iraqi Parliamentary Oil Committee, said in a statement to Al-Monitor, “There has been a convergence of views, but nothing has been decided yet.”

Asked whether or the Iraqi parliament would pass the Oil and Gas Law before the current session expires, he contented himself with saying that “there are sub-committees, [including members from the various] political blocs, that were set up to negotiate this matter, and they continue to hold meetings.”

The Iraqi parliament formed in September last year a sub-committee to examine the controversial issues in the Oil and Gas Law and to develop a new draft.

Furat al-Shara, a member of the Oil Committee, said, “The heads of Iraq’s political blocs must take advantage of the political calm that followed the visit of the Kurdistan region’s president to Baghdad to pass the Oil and Gas Law.”

Speaking to Al-Monitor, Shara, a member of the Islamic Supreme Council of Iraq headed by Ammar al-Hakim, said, “The Oil and Gas Law is under discussion in all basic, strategic and high level sessions. For this reason, ad-hoc committees were formed to approve it.” He confirmed that “the members of the parliamentary Oil Committee will submit the recommendations of the ad-hoc committee to approve the law.” Yet, he refused to disclose these recommendations.

Shara added that “it seems that everyone objects to allowing this law to be transferred to the next parliamentary session.”

Source: Al-Monitor

July 11, 2013

Stevel Update & Peoples Dinar Member Q & A

Greetings Members, I heard rumors about this and wanted to check it out.
I submitted a ticket to Tampa Dinar asking them this:

President

[ticket: 1471456] Wednesday, July 10, 2013 17:02

Dear Steve, Thank you for choosing T.P. Trade LLC

This is just a quick note to notify you that we have received your support request. A member of our support team will address your request as soon as possible. Your Ticket #: 1471456

Question/Issue: A friend of mine purchased Iraq currency from you in the past I believe using a visa credit card for payment. I am interested in doing the same and do not see any provisions or options for that selection. It looks like you may have recently removed it? If so, why may I ask. I heard that due to a revaluation in the next day or two is the reason? So many rumors now days. Thank you in advance.
…
Read More Link On Right

We’re glad to do what we can to help in any way possible!

Best Regards, T.P. Trade LLC

Here was their answer:

“Hello, We deeply regret to inform you at we are no longer able to process credit card orders. This is due to the impending value changes of the Iraqi dinar. We understand how this can be an inconvenience to you as our valuable customer. To complete your order with us either via E-check, bank ?Wire, or Mail on our website. If you have any other questions / concerns please feel free to contact us the the information listed below. thank you.” Daniel TampaDinar

Stevel: This was a very nice answer I can live with. I love the part This is due to the impending value changes of the Iraqi dinar. Blessings, Steve

buckbmcg, on 10 Jul 2013 – 6:45 PM, said:   Ok, Im gonna ask what your opnion is of this Mr. Steve?

Stevel: As a dealer I am not sure what they know or do not know. I do remember that Dinar Trade said a while back he would have a little notice so he could shut down the selling side of his site.

Ray and I talked about his for a bit the other day. Credit cards can take up to 3 days to process and clear so I think they may be doing this to be on the safe side. I really do not know.

I am not reading too much into this but I also think with the pressure being put on the CBI and now with the article demanding this get done, something has to give. When? You will all find out when we do.

Let’s just stay grounded and let this play out. I just wanted to share this because it is coming from a registered dealer with a good reputation. Just passing on some positive news for you all.   Blessings, Steve

The duchess, on 10 Jul 2013 – 6:53 PM, said: Wow is this an interesting response from them or what…Thanks Steve!!!

Stevel: Personally I think that was a pretty bold statement. They could be losing thousands of dollars in sales by doing this, so time will tell.

If they turn back on the credit card option, then we are back to ground zero. Blessings, Steve

Mally3, on 10 Jul 2013 – 6:58 PM, said: I appreciate the info shared and I hope it really is for what they say it is. I still dont understand the reasoning though. I run a business and take credit cards. Yes it takes a few days to make it into my account but so would a money order through the mail.

Either way I wait until its in my account and then mail the product. Im wondering if there is some kind of regulation regarding using credit cards for something like this? Just thinking out loud. Im excited by the news. Thanks for sharing Steve!

Stevel: Thank you for sharing this. It just came to me know a have a contact in a major credit card processing center that understands the dinar. I will go email them and post the reply back on this thread. Blessings, Steve

Unitedrich, on 10 Jul 2013 – 7:25 PM, said: OK, time for me to come clean. I work for what is called a 3PP, or a 3rd party provider. In other words we process credit card transactions for all major banks. In the industry, there are basically 2 settlement periods, next day settlement, and 2-3 day settlement.

The vast majority, over 90% of transactions are processed on the 2-3 day settlement period, 10% or less are NDT’s or next day transactions. Like NYSteve said, there is a liability function, that is what is termed as a disputable defense,

In other words, someone could buy dinar, and then dispute the transaction, and it is up to the merchant to prove otherwise.

This very well could be the reason for hesitation on the part of the dinar dealers in accepting these transactions. Rich

Stevel:   Thanks Rich. Both Ray and I felt the same way. If I know it was hours or days away, I would not take the risk and be left holding the bag. Disputes can take up to 30 day to resolve. Each dealer takes their own risks.   Thank you for sharing. Blessings, Steve

NYSteve, on 10 Jul 2013 – 7:46 PM, said: When I said I own a business that processes credit cards, my business is the third party processor. We are the ones who set up credit card processing for merchants. I’ve been doing this for 10 years and that is why I discussed charge backs.

The merchant would not only have to pay the money back, but the approximately 2 percent processing fee would still be tacked on to the merchants fees and would not be refunded. 2 percent of a million dollars is $20,000.00 I can certainly see the risk is too great to accept credit cards if the rate is this close

Stevel: I love your feedback and answer. Thank you for sharing. Blessings, Steve

Unitedrich, on 10 Jul 2013 – 7:50 PM, said:   Totally agree Steve. I didn’t even mention the 2% that would be non refundable if in fact it were disputed. Thanks, Rich

Stevel: You guys are awesome. Thanks. Blessings, Steve

A-Rak-i, on 10 Jul 2013 – 7:55 PM, said:    Still not sure where the liability is… If I agree to purchase 1 million dinar for 1100 dollars the transaction should only charge 1100 bucks, no? I sure as heck wouldn’t dispute that…

Stevel: Here is a more detailed reply from my friend.

Steve….I have been in the credit card processing business for over 30 years. There have been many “dinar dealers” that have been able to secure a merchant account for short periods of time….usually under the guise of an existing business and hedging on the real purpose of their business.

Here is the problem….a consumer purchases dinar on a credit card….gets the currency and then when the revalue does not happen in a forecast-ed amount of time…..they charge it back and essentially claim fraud.

The bank returns the consumers money and the merchant is then faced with loss of revenue, loss of product and a chargeback that includes the fraud word. A hard battle for the merchant….plus the consumer has his currency and his money back! So the currency recovery process begins.

The real problem is this…any currency acquisition involves a “future” delivery. That delivery is essentially indeterminable….consequently the processors exposure to the sale is indeterminable plus 18 months….consequently….currency sales via credit card are not accepted by most domestic processors.

Stevel: I am querying my 5 processing partners to determine if there is even an MCC (merchant category code) for currency dealers….my memory says that they are on the restricted list. I will advise if any meaningful info comes up.   Blessings, Steve

July 9, 2013

Dinar Trade Rumor is False

Please be advised that someone is spreading a rumor that Ali left the country and will not honor any of the reserves ordered. This is an absolute fabrication. Ali is currently inside the state of California, and its business as usual.

July 8, 2013

Iraq Construction News: Baghdad has its first modern mall whose construction cost $35 million

The Baghdad Investment Commission has inaugurated a new specialist shopping mall, the largest of its kind in Iraq.

The retail center, which cost 35 million, is located in the smart Baghdad neighborhood of Mansoor.

It specializes in indoor and outdoor shopping with four floors housing some of the world’s most famous commercial brands.

The mall was the largest construction adventure undertaken by the commission and represented one of the biggest private sector investment schemes in the capital.

The commission’s head Shakir al-Zamil said he recently authorized the construction of 2600 housing units for the Ministry of Higher Education and Scientific Research.

Private and foreign investments are pouring into Baghdad, he said, despite the latest upsurge in violence.

Zamil said 14 more projects under construction by private entrepreneurs were to be completed soon.

“The commission is currently negotiating the launch of 30 new projects by private investors in Baghdad,” he added.

Source: Azzaman

July 3, 2013

Iraq Political News: Iraq Free of Chapter 7, The Good and Bad

The lifting of the United Nations’ Chapter 7 sanctions against Iraq is receiving mixed reaction among Iraqis, with some welcoming the move and others worried about its impact, given existing ethnic, sectarian and political tensions.

Minorities have been especially concerned, apprehensive that the Iraqi government — without a leash – could turn into yet another threat, paving the way to renewed dictatorship.

Labeed Abbawy, Iraq’s former deputy foreign minister, believes that the move will enhance Iraq’s diplomatic and political ties.

“Iraq can now have normal relations and sign all sorts of treaties with other countries of the world,” says Abbawy. “We were not getting invitations from the international conferences and some countries would even deny visa to our Iraqi diplomats,” he explains.

Amir Hassan Fayaz, head of the political science department at Nahrein College, believes that the lifting of sanctions will have both negative and positive consequences.

“The positive effects will be Iraq’s ability to use the oil revenues freely, because now part of Iraq’s oil revenues goes to Kuwait as reparations for the (1990) invasion and the rest goes to Iraq’s reconstruction fund.

“Iraq will become a normal country again and will be dealt with as a sovereign state,” he adds. Among the negative effects, he says: “Now all the countries that Iraq is indebted to can ask for payment.”

The Iraqi National Movement (al-Iraqiya), a coalition representing Sunni Arabs in Iraq, says that worries are understood, but the sanctions had to go.

“Although there are fears that lifting the restrictions will free the hands of the Iraqi government against the minorities, this is not an excuse for keeping the imposed sanctions on Iraq,” says Haydar Mulla, an al-Iraqiya MP. He says that the lifting of sanctions has been the wish of all Iraqis.

For the Kurds, the important question is how Iraq will deal with the Kurdistan Region after the lifting of sanctions. Will it use dialogue or military force in solving the issues with Kurdistan Region?

“The lifting of sanctions will allow the Iraqi army to purchase advanced weapons, we should all work on ending those sanctions,” says Sarwar Qadir, a military expert. “The Iraqi army is the army of all the Iraqis, and purchasing heavy and advanced weapons will not threaten the Kurdistan Region,” he believes.

Dindar Zebari, special representative of the Kurdistan Regional Government (KRG) in the UN, believes that lifting the sanctions does not mean Iraq is no longer under the observation of the international community.

“Iraq will remain under observation and it has to respect the role of the United Nations Assistance Mission for Iraq (UNAMI),” says Zebari, who adds, “Iraq is still not a stable country so the UN delegation will keep its presence there.”

Contrary to current belief, Zebari thinks that lifting the sanctions on Iraq will not slow down the economic, political, and diplomatic activities in the Kurdistan Region.

Peshraw Hamajan, political science lecturer at Sulaimani University, says that Kurdish fears over the lifting of sanctions are valid, since Erbil’s diplomatic ties are restricted by the Iraqi constitution. He shares the widespread Kurdish distrust of the Shiite Iraqi Prime Minister Nuri al-Maliki.

“No doubt Maliki and his government will regain full sovereignty and independence,” he says. “All the frozen Iraqi assets will be freed, with which the Iraqi government can buy heavy weapons and sign military treaties.”

Iraqi Foreign Minister Hoshyar Zebari, who is an ethnic Kurd, said that from now on Iraq is a free country, and that it will be debt-free by 2015.

In a speech after the lifting of sanctions, Maliki said that, “Iraq has become a free country and the burden of the restrictions that were implicated by the previous dictator regime are lifted.”

Source: Rudaw

July 3, 2013

Chinese Yuan News: Nagel Says Yuan Has Potential to Become Global Reserve Currency

Bundesbank board member Joachim Nagel said the Chinese yuan may become an international reserve currency and that Frankfurt is trying to establish itself as the trading center in Europe.

“Although international use of renminbi does not reflect China’s economic prowess at present, with its increasing convertibility, the currency has the potential to become one of the future global reserve currencies,” Nagel said at a conference in Frankfurt today, referring to another term for the yuan. “Given China’s growing economic importance, the internationalization of the renminbi seems long overdue.”

China’s currency has increased its prominence, a report by the European Central Bank showed yesterday. Between 2010 and the end of 2012, the share of the nation’s trade in goods settled in yuan increased to nearly 10 percent from almost zero. Still, less than 1 percent of all transactions worldwide are currently settled in yuan, Nagel said.

China has promoted its currency internationally since 2009 and last month signed a three-year swap agreement for 200 billion yuan ($32.6 billion) with the Bank of England to foster trading inLondon. The European Central Bank, based in Germany’s financial capital, may obtain a deal valued at four times that amount, according to lobby group Frankfurt Main Finance. Almost 80 percent of offshore yuan trading is currently settled in Hong Kong.

Offshore Market

“The unique separation of the onshore and offshore currency market, in particular, will facilitate the transition from a currency purely intended for trade to an investment, and potentially, a reserve currency,” Nagel said. “Because of the capital controls still in place, the renminbi is currently in transition from being a pure trading currency to being an investment currency. While both inward and outward direct investment is now possible, portfolio investments will continue to be regulated.”

Nagel said the Bundesbank welcomes Chinese initiatives toward the free movement of capital. The country is Germany’s third-biggest trading partner.

“The high level of interaction between China’s and Germany’s real economies highlights the necessity for a more active renminbi trade, perhaps even using Germany as a hub,” he said.

Source: Bloomberg

July 3, 2013

Iraq Oil News: Maliki, Potential gas reserves reach 170 trillion cubic feet in Iraq

Iraqi Prime Minister, Nuri al-Maliki said on Monday, that the fixed gas reserves in Iraq amounted to about 112 trillion standard cubic feet equivalent to 3.4 trillion cubic meters.

“Iraq has a potential gas reserves estimated at 170 trillion cubic feet,” Maliki said in a speech during the opening of the Second Summit of the Gas Exporting Countries Forum in Moscow briefed by “Shafaq News”.

Maliki pointed out that Iraq began the implementation of a broad program to develop the oil and gas sector that has resulted in “a significant increase in proven oil reserves of more than 150 billion barrels, accompanied by a significant increase in gas reserves”.

“We launched this year , the fifth cycle of licensing that target gas exploration in different parts of Iraq, according to the conducive conditions and arrangements for investors to enable them to develop direct commercial discoveries, as the latest studies notes the possibility of doubling the current gas reserves for it contain of potential reserves estimated at about 170 trillion cubic feet”.

“Developing the power of crude oil production capacity according to the average scenario will produce 9.0 million b / d and will be associated with gas ranging between 6-7 million standard cubic feet per day”.

“The international institutions such as the International Atomic Energy Agency predicts an annual growth of gas production in Iraq up to a minimum of 10% which is the highest growth rate among all the gas-producing countries,” Maliki said.

Source: Zawya

July 1, 2013

Iraq will open doors with world countries, Maliki

Iraq: Premier Nouri al-Maliki stated today that Iraq will continue the policies of open doors with world countries.

In a central festival on the occasion of lifting UN Chapter VII mandate from Iraq, he added that “it is a great victory to the Iraqi people”.

“Iraq has been changed from a threatening country to a participant in world peace”, he added.

Maliki stressed the importance of enhancing national unity and countering abnormal thoughts to preserve Iraqi blood and move towards building it.

He expressed thanks to UN Secretary General Ban Ki-moon for his efforts in this achievement.

Source: Aswat Al-Iraq

July 1, 2013

Med & Dinar Speculator Member Chat

cheeze44(10:01 PM): ? about the dfi funds

With obama extending the protection of those funds. Does that in any way affect there ability to access those funds?

Meaning do they have acess to some or all of the funds? So you know ive been a lurker from the beginning of this site. I’ve been trying to pay attention for years. I’m just not sure if i’ve missed something

med: HEY DS THE ANSWER IS NO

(Hello’s)

cheeze44: Thank You

med: WHEN FUNDS ARE PROTECTED THAT IS JUST WHAT IT MEANS THERE IS NO ACCESS BY ANYONE SEE EVEN THOUGH THEY ARE NO LONGER UNDER VII ALL THE LAWSUITS AND ISSUES THEY HAD AGAINST THEM STILL ARE THERE

IT IS NOW FROM THE 27TH THEY ARE NOW PROTECTED BY INTERNATIONAL LAW
…
Read More Link On Right

        cheeze4: Thank You

        med:        WHICH PROTECTS SOVEREIGN NATIONS FROM BEING SUED        YW        THOSE ASSETS        ARE NOT ALLOWED       TO BE USED FOR CURRENCY ASSETS        EITHER

        THE IMF ALREADY RULED ON IT        THEY HAVE TO PAY JORDAN BACK YET        ACCORDING TO THE IMF        AND THEY ALSO HAVE TO PAY OTHER GOVTS        WHAT IS OWED THEM        WHICH TOTALS ABOUT 360 BILLION USD     120 BILLION ALONE TO THE MIDDLE EAST

        cheeze44: You just answered alot of my ?

        med:       OK GREAT       ANY OTHER ?’S

        ksdunlap: yes .. when & the rate (lol)

        med:        MY GUESS        IS BETWEEN MID SEPT

        otis white: why do they keep sealing there dinars

        cheeze44: can they use the dfi money to pat kuwait?

        med:        TO DEC        YES        IF THEY WANTED TO        BUT THEY HAVE ARGUED IT OUT

        cheeze44: But will they?

        med:        THAT ONLY 5%        IS ALLOWED TO KUWAIT        NOW APPARENTLY THOUGH        AND THIS AS MANY OF US        KNOW WHO HAVE BEEN ON HERE SINCE THE BEGINNING        KNOW THAT THERE WAS A DEAL BROKERED        BY HILLARY        ABOUT UMM        2 YRS AGO        OR MAYBE LONGER

        BUT BAN KI MOON       SCREWED IT UP        KUWAIT WAS GOING TO INVEST ALL THAT WAS OWED THEM BACK INTO IRAQ        WHICH WOULD HAVE SENT THE IQD UPWARD

        BUT AS WE ALL KNOW        IT WAS NIXED BY MOON        NOW THIS FROM WHAT I AM READING        IS WHAT IS ACTUALLY HAPPENING AGAIN

        THE TURN AROUND THOUGH BY THE GOI       I AM REALLY MIFFED       THEY HAVE PROVEN TO BE THE MOST ARROGANT BUNCH OF D.BAGS        THE LAST 6 YRS        THEN ALL OF A SUDDEN

        LIKE MALIKI PUT NEW BATTERIES IN        AND HE IS ACTUALLY MAKING SOUND DECISIONS        NOW

        I HAVE ONLY READ THAT THE DINAR HAS GONE UP AT THE TRADERS        LET ME CHECK OK        TO MAKE SURE        KSD        CAN YOU HELP ME

        ksdunlap: yes med

        med:       I CANT GET DINAR TRADE TO COME UP      I JUST WANTED TO KNOW       IF THEY     INCREASED        IT WAS AT 980        AND ON THE SITE        THERE IS AN UPDATED IQD VALUE        CAN ANYONE SEE MY TYPING        LOOKS LIKE I AM ABOUT TO LOSE SERVICE

        pillsbury: yes

        med: AGAIN

        dulldeb : yes

        med: HELLO

        tomc: yes

        gail46621: yes

        Twindinar: yes

        otis white: yes.

        rtilley: yes

        junebug: 1,020.00

        ksdunlap:

        $1 USD = 1162.983 Iraqi Dinar (IQD)

        selling $1 million for $1020.00

        foamgod: yes

        med:    OK   K I WAS OFF    ABOUT 10 POSTS    CAME UP IN ONE SEC

        pballone: 1 mil dinar is $ 1020.00 from dinartrade

        med:    oK    THEN IT INCREASED   BY 40 BUCKS PER MIL   FROM LAST WK   NOW THIS IS STILL LESS   THAN THE MAX   IT HIT   ABOUT 18 MONTHS AGO IF YOU ALL REMEMBER   IT HIT 1400 PER MIL BUT I EXPECT RAPID        I MEAN RAPID     INCREASE

        AS SOON AS THE NEW INVESTORS        HIT IRAQ        AND I ALSO SEE THEY ARE MOVING QUICKLY        IN PARLIAMENT      TO CHANGE INVESTMENT LAWS      WHICH SHOULD HAVE BEEN DONE YRS AGO

        WHAT PERSON IS MISSING IN ALL OF THIS WHO HAVENT WE HEARD OF FOR ABOUT 3 PLUS MONTHS

        pillsbury: shabbi

        med: LIKE HE GO WIPED OFF THE FACE OF THE EARTH

        cheeze44: istani

        med:        NOPE        NOPE        HOLDS 40 SEATS        IN PARLIAMENT

        pillsbury: sadr

        cheeze44: sadr

        med:       YES       NOT THAT I MISS THE LITTLE PUKE       BUT IT SURE IS ODD      ALL THIS GOING ON       AND NOT A WORD OUT OF HIM       AND

        guardian: he was slamming the u.s. today in an article

        med:        I EXPECTED TO HERE ALLOT        WHEN        ABOUT US COMING IN

        guardian: i think it’s posted here

        med:       AND SUPPORTING THEM       IN WEAPONS       AND TRAINING       I WAS SURE HE WOULD

        YOU KNOW       THESE PEOPLE       LIKE MOST COUNTRIES       WE HELP       YOU GIVE AND GIVE       THEN THEY CRY      YOU DIDNT GIVE ENOUGH       THEY HAVE BEEN WAITING WHAT LIKE LESS THAN 2000 YRS        FOR MOHAMMED        TO COME DOWN FROM THE MOUNTAIN OR WHAT

        LIKE FOAMGOD AND I WERE TALKING     THEY HAVE CENTURIES        TO CATCH UP ON        BUT THEY ARE COMING INTO A CRASH COURSE   CUZ IT WILL BE     EAST   MEETS WEST VERY SOON   OK ANY OTHER ?

        otis white: are they smartre than a 5 grader

        med:        CUZ ***** IS HOME        NO OTIS

        quicksilver26: has there been any other work on what banks will cash?

        ksdunlap:        hawk posted earlier .. The CBI is closed till tuesday will open on Wednesday they are closed because of a Audit.       Ali Agha        CEO

        med:       NO QUICKSILVER       NONE       AND THE REASON WHY       IS THIS IT HAS JUST BEEN RELEASED WHEN THE BANKS REOPEN IN IRAQ       AS THEY ARE   THEY WILL OPEN THE GATEWAYS      TO EXCHANGE AND PURCHASE DINAR AGAIN    IT IS JUST COMMON SENSE IT WILL HAPPEN

        guardian: Citibank is suppose to open July 1st

        med:        THEY JUST GOT TIRED        OF THE BS

        guardian: in Baghdad

        med:        GOOD        THIS WAS PRETTY BIG

        quicksilver26: ok thank you sir.

        med:   CUZ CITI WAS ONE OF THE HOLDOVERS    WHO DIDNT WANT TO MESS WITH DINAR EVEN IF IT RV’D   BUT IT WAS PRESSURE   FROM A SAUDI PRINCE    AND THE US GOVT WHO TOLD THEM THEY WOULD THEY ARE THE TWO BIGGEST INVESTORS IN CB

        (the site went down a minute or so & we lost Med)

June 27, 2013

U.N. council brings Iraq closer to end of 1990s sanctions

The U.N. Security Council broughtIraqone step closer on Thursday to ending United Nations sanctions imposed on Baghdad more than two decades ago after former President Saddam Hussein invaded Kuwait In 1990.

The 15-member council unanimously agreed that the issue of missing Kuwaiti people, property and archives should be dealt with under Chapter 6 of the U.N. Charter – which urges countries to peacefully resolve any conflicts – instead of Chapter 7.

Chapter 7 of the charter allows the Security Council to authorize actions ranging from sanctions to military intervention if states do not abide by council demands.

The move by the council is a significant political boost for Baghdad as it struggles to restore its international standing a decade after a U.S.-led invasion of Iraq toppled Saddam in 2003.

The Security Council resolution recognized “the importance of Iraq achieving international standing equal to that which it held prior to (1990).” U.S.-led troops drove Iraq out of Kuwait in the 1991 Gulf War.

“This is a new beginning for the relations between our two neighborly and brotherly countries,” Iraq’s Foreign Minister Hoshyar Zebari told reporters after the vote. “This is an example for other countries also to resolve their disputes and differences through peaceful means.”

The only issues linked to Iraq’s invasion of Kuwait that remain under Chapter 7 are an arms embargo and Baghdad’s payment of $52 billion in compensation to Kuwait, diplomats say. Iraq still owes $11 billion and has said it expects to pay by 2015.

There are still a range of Chapter 7 issues imposed on Baghdad after Saddam’s ouster in 2003, diplomats say, including the freeze and return of Saddam-era assets and trade ban on stolen Iraqi cultural property.

U.N. Secretary-General Ban Ki-moon has recommended that the U.N. political mission in Iraq should take responsibility for facilitating the search for missing Kuwaitis, or their remains, property and the country’s national archives.

Source: Reuters