DrDinar Blog

Warka Bank started out as one of the first private banks in Iraq. The company was set up in 1999 during the final years of Saddam Hussein’s regime. Since then, the Iraqi banking industry has changed substantially, from one with only a few banks limited to the opening of saving accounts in dinar currency to one with higher competition and service portfolios starting to catch up with their international peers.

Warka Bank is currently the fifth largest bank  and the largest private bank in Iraq. The company has experienced a steady development since 1999, reaching a capital of IQD51 billion. From only two branches and 400 clients in 1999, it now has 110 branches and over 60 thousand customers. The bank’s ATM network is the largest in Iraq. At the moment, the bank has 200 fully operational ATM networks and another 500 in the warehouse. They also have the largest Iraq Western Union Network in the country and is in talks for signing a partnership with MoneyGram International.

The company invests heavily in the IT system in order to be prepared to cater for the increasing number of transactions. They were the first to introduce the SWIFT system, which is considered the most advanced system for banking, and also has a banking system from ICS (International Computer Systems). Backup and recovery solutions are also installed at every branch and they have a disaster recovery center in Amman in case something serious happens in Iraq.

Warka Bank has won major corporate and state government accounts, such as World Bank and the US Embassy. In December 2008, the company signed a partnership with Citibank enabling customers of both banks to make wire transfers, cash payments and trade transactions.  

(See next weeks DrDinar blog post for part 2)

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This article may be reprinted online and offline as long
is this box remains and hyperlinked online. Written by
Darren Chabluk for http://DrDinar.com/blog
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Either proudly independent, or hiding ruthless tactics, or some Iraqi leader just knows that independent fighting amongst Iraqi forces must happen and it must happen now. There are multiple possible motives for Iraqi forces declining American help during raids in Baghdad, quite possibly a combination of several motives.

American troops just outside of urban areas wait on bases, some soldiers feel like they are under ‘house arrest’ as they must stay on the base. American soldiers out in rural areas are still in full gear out on the streets helping enforce laws, train Iraqi forces, and weeding out insurgency.

Dinars will totally replace US Dollars on the streets of Iraq sometimes around October ’09 experts are saying. It will come to the point (this fall) that Dollars will simply not be exchanged at local banks, enforcing Dinars as the King of trade in Iraq. Several serious Government deadlines seem to be on schedule by show of toughness by Iraqi forces.

Baghdad would be the main test of victory for Iraqi forces. Accomplish raids in Baghdad independently is the reason for American forces given last minute orders to ‘stay on the base and wait/ready for action’.

Actions are louder than words and the actions equal a growing momentum of proud victory for Iraqi forces. All US troops are scheduled to leave Iraq by end of 2011. Much can happen still for good, or bad. It’s too early yet, let alone - to declare an ominous victory. There is obvious unrest and these insurgency cells are being dealt with one by one with the full unconstitutional (hopefully) no holds barred furry of Iraqi forces.

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This article may be reproduced online and offline
as long as this box remains, and hyperlinked online.
Written by Darren Chabluk for http://DrDinar.com
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Has this ever happened to you or someone you know… A properly trained fighter is to expect one thing when a knife is pulled against them.  Expect to get cut, just expect it.  Then it won’t be a shock when it happens and ability to survive and even win the fight is greatly preserved.  Let’s use this analogy for the Iraq troop withdrawal now. 

Last week of June we all expected coalition forces to retreat to the perimeter of major cities thus allowing Iraqi forces to unleash their true potential against the enemy.  Iraqi’s frontline force is now defending the people and their economy, primarily the Iraq Dinar currency. 

June 30th was the official withdrawal date, and on that exact day 37 people were killed by a car bomb in Kirkuk Iraq on THAT day.  For everyone who expected to get cut, that would be it.  The bombing in Kirkuk is symbolically a cry from the enemy, an enemy that wanted to make a direct obvious statement against massive progress (the troop pullout).  Elimination of the euphoria of the troop withdrawal is about the only thing that was accomplished so far by the enemy.

The problems are not over, yet, however, public swimming pools are now opened across Iraq in major cities much more so in years.  Public pools are a common target due to large gatherings of people beating the summer heat. 

“Senseless”, and…
“difficult days ahead”, were the words of Obama regarding the June 30th bombing in Kirkuk adding
“an important milestone”, Obama mentions about the pull out.  Critics blamed the June 30th bombing on the local police for lifting concrete barriers in front of the open market.  Removal of the concrete blocks permitted a car packed with explosives to park right in front of store fronts and crowds of shoppers at the market. 

Kirkuk Iraq is suppose to have 13,000 local police, but has only 11,000 due to its budget.  The local Government of the city declares Kirkuk as the least protected city in Iraq. 

Oil prices of $145 per barrel in July 2008 down to $67 a barrel a year later in 2009 is said to be the reason for lack of revenue in beefing up the Kirkuk police force without additional Government funding (yet).

5 years ago the insurgency consisted of: Pro Saddam Against Coalition forces.  Today’s fighting is said to be Shiite Muslim and Sunni Muslim fighting over control of the new Iraqi Government.   A definitely bloody way of saying – progress.  

All victims were Kurds, in the market area.  They pressured the police to remove the concrete barriers and offered to get their own security, which never happened.  Many locals in the Kirkuk market believed that extra security was not needed since the Americans were leaving.  I don’t know about you but as a chess player myself I would have deemed the pull out as a reason to beef up local security and keep the concrete barriers.  Satin found a juicy target for that special day.

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This article may be reproduced online and offline
as long as the link remains in this box and the link
is hyperlinked online.  Written by Darren Chabluk
for http://DrDinar.com/blog
*******************************************************

American contractor is a friend of mine whom I’ve chatted with online thru-out the years.  He keeps his personal information close to his chest as he is a personal security expert right there in Iraq.  Here is a recent newsletter he published on his own blog, all original material researched himself right there in Iraq.  An exellent source of information and he watches our blog too.  American Contractor enjoys blogging and has his own unique style of covering progress in Iraq.

June 24, 2009

Number 0013

Important Iraq Dates
June 23, 2009 – Oil Minister al-Shahristani questioning at Iraq Parliament
June 29-30, 2009 – bids from International Oil Companies to be revealed
July 25, 2009 – KRG Parliament Elections
Mid July, 2009 – U.N. Security Council Special Sessions meeting on Iraq
Mid August 2009 – Ratify Oil Contracts w/Iraqi Parliament
August 21st to September 19th  2009 – Ramadan
October 16-17, 2009, Getenergy for Iraq 2009, to be held in Istanbul, Turkey – New Post
October 2009 – International Compact with Iraq– Date to be Announced – Baghdad
December 7-9, 2009 Iraq Petroleum Conference London U.K.
December 31, 2009 – Development Fund for Iraq (DFI) expires
December 31, 2009 – Article Seven U.N. Charter expires
January 16, 2010 – Iraq Referendum Vote (SOFA Security Agreement)
January 16, 2010 – National Parliamentary Elections
Important Iraq Dates Update

A new date and conference has been added to the Important Iraq Dates. In October you havethe Getenergy for Iraq 2009, which is hosted in Istanbul, Turkey. The Iraq Ministries of Oil, Higher Education, and Science and Technology will be host.

Iraq Chapter Seven Update

The information that is coming out in regards to Iraq Chapter Seven changes every week and there is new information being reported in a London Arab Newspaper Al-Hayat dated 23 June.

They have not posted the story on Al-Hayat web site. Good luck viewing there web site.
Information from the position of the US Embassy has leaked out about there stand on the
Chapter Seven. What is being proposed is a New United Nations Resolution be imposed and at the same time lifting the Chapter Seven from Iraq as long as Iraq pays the war reparations to Kuwait in future bilateral talks. A signed agreement between the two countries.

There will be a special session at the United Nations Security Council (UNSC) next month (July) for Iraq as you fully aware of this by looking at my Important Iraq Dates. At about the same time is when PM Maliki will be visiting the United States. Do you think this might be a coincidence?

Nothing as of yet is concrete or set in stone this is the current position of the US Embassy
Baghdad in regards to Iraq and Chapter Seven which the U.S. fully supports Iraq being
removed.

My guess is that Iraq will not be removed at the earliest until after the Special Session UNSC meeting next month.

If you go back and read the SOFA agreement in the articles it states Iraq is no threat to any of its Arab neighbors and just another reason Iraq will have the Chapter Seven lifted soon.

On another matter and still looking at getting more information on this. The Iraqi government is proposing a 70 Billion dollar plan to rebuild infrastructure in Iraq. The Iraqi government does not have the money so it is looking at lines of credit, direct investment, or by partnering with the private sector. The Iraqi government is also asking one more thing, and that is Companies don’t get paid for five years or maybe longer. Ouch!
 
Now thats a great way to get foreign Companies to invest in your country tell them your not going to get paid for five years or more.

The Iraqi government wants a list of all Iraqi’s that make more than 1.5 million dinar that hold a Ration Card. Remember those stips on the IMF SBA loan I mentioned a few newsletters days ago, I am sure you all are paying attention. Well, the Iraqi government wants a list of all the names of Iraqi’s that make more then (salaries) 1.5 million dinar and those people that do will be dropped from the Ration Card distribution. This all a Trade Ministry operation and the acting Trade Minister is not playing. Maybe …Just maybe they will say something about currency! Maybe PM Maliki will talk about that when he comes to the US of A next month and talk about trop withdrawal, Politics and economics. I hear is going to some Investment Conference also.

The GOI is still needs to work on those other Stips for the SBA Loan like the State owned
Enterprises, those former Iraqi employees there are still paying salaries too. Surely the GOI is not going to fire them and add more to the unemployment line or would they.
There will be more to follow…

Please keep the emails coming I read and enjoy every one of them even the hateful one’s.
The American Contractor blog just gives you a different view of things and is just his opinion and commentary.

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American Contractor
http://www.americancontractor.com