Central Bank of Iraq Plans and Ambitions
Another important issue the Iraqi government is carefully addressing, which is setting long-term plans to accomplish efficient business targets while feeding the furnace at Central Bank of Iraq. Iraq Oil Minister Hussain Al-Shahristani unveiled his plan of raising crude oil production to six million barrels per day over the next five years. The current production rate is around 2.4 million barrels per day, nevertheless, the challenge again seems to be achievable.
”The rate of Iraqi oil exports in 2008 were one million eight hundred and fifty barrels of oil per day and this level was almost steady as a monthly average and we have ambitions to be within the 2009 budget, we seek to raise the export rate to two million barrels a day,” Al-Shahristani said.
“The media buzz about the decline in production and export is not true because the production is increasing and not decreasing, but the export is still at the same level of last year and is not at our ambition.”, said Al.
“Any contract is being concluded without the consent of the Federal Government is invalid, and the companies have no right to operate in Iraq without the approval of the Federal Government and this position will not change.”, concluded Al.
On top of that, an Iraqi oil sector dignitary declared that Iraq will reduce the oil shipments selling price in May in order to increase the purchasers from Europe, pursuant to the recently-applied policy to encourage foreign investors. Moreover, Chairman of Iraqi Oil Marketing Company (SOMO) Falah Al-Amiri stated that Iraq reduced Basra crude oil to persuade more American buyers into investing more money in the industry, which would mean pumping more money in Iraqi multi-national businesses.
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This article may be reprinted online and offline
as long as this box remains and its link is
hyperlinked online. Written by Darren Chabluk
for http://DrDinar.com/blog
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I think that is a good sign for the ID to be revalued
soon.
Its not going to happen without a plan.
this kind of progress is very good to see …….much is happening with oil and housing…!!!
All I can say is, go man, go! Sooner or later this nation is going to boom!
All I can say is I hope to see signs that the ID is going
to move up soon!! I like “sooner” rather than “later” !!
I have not been very anxious about whats going on, but Im starting to feel it.
The more that is being done in Iraq, the better. The oil is A BIG FACTOR but a lot more needs to be done before `stabilization` takes place. In my view, this country needs to be staliblized before anything to do with the dinar revaluation can take place.
According to an article in: http://www.dinartrade.com/order.php The government is planning to issue treasury bills in order to raise dollars (2.4 billion) to fix their electricity problem. In doing so, this will suck out dinars out of the economy, thus reducing inflation and strengthening the dinar. Darren how’s that for a plan?
All of this news is in line with an article I read in the Wal Street Journal today, 6/26/09, that NATO and other Organizations are training the future leaders of Iraq to help rebuild strong smart leaders, which will help grow and strengthen the wealth and the economy of the country. I’m getting excited, how about you ?
So when will the ID increase in value. I like the saying “the sooner the better”.
Jackie.. I would have to say ‘the better’ : )
Darren,
Have you heard any good news as to when?
I’ve been waiting 5 years, I feel that most of the wait is over.
My husband and I are about ready to turn ours in. This wait is to long LOL! How long does seem to appear? Anyone?
When stabilistation the dinars?
If the Middle Eastern countries are going for a dinar currency, will Iraq be included or excluded? also if they do become part of this ‘middle eastern country’ currency bloc, what happens to their currency, will it be phased out?