Iran is slowly and determined everyday to gain a strong foothold in Iraq and is succeeding to a point. With there recently signed energy oil and fuel contracts and having a proxy army (militia) that not only control southern Iraq but also a large part of the Iraqi government to include several cabinet ministries it is a wonder why Iraq hasn’t exploded. I believe 2007 will be far worst then 2006 it will be business as usual with PM Maliki and his soon to be newly appointed cabinet ministers next month. Nothing will change watch and see.
The Large corporations are just waiting for the new Oil investment law to be signed but as I have said before in earlier posts, as soon as he (PM Maliki) does then he won’t be needed anymore. Expect a quick departure and going possibly into retirement to a nice place in Dubai, or London something nice to live out a nice comfortable life.
And as I said before if he does sign the Oil Law then he will impose a restriction on it so that it is not fully implemented saving his position in the Iraqi government. Like postponing the inevitable to a later date, just like the previous PM Jafari did. Remember he went go kicking and screaming but not before him and his cronies possibly, how should I say this…..lost some money.
A private Bank from Iran called the Modern Economic Bank, will be opening very soon two branches one in Baghdad and the other in Sulaymania, to facilitate the large contribution of one billion dollars from the Iranian government.
The Iraqi Dinar exchange rate will continue to drop in the foreseeable future until the target exchange rate is accomplished. (unable to reveal the target rate at this time). Don’t worry all you cash physical Dinar holders living abroad outside the country of Iraq…you will still have some great wallpaper to hang up in the spring.
Visiting some of the Dinar forums/dealers sites that are out on the internet still the same old buzz just now it is the new people and all the old veterans who pushed this Dinar dream well they have faded away. You don’t see them posting as much or none at all. I wonder if they know about what that congressman wrote about or maybe they made enough money off Dinar sales they left.
You do know that the Iraqi Dinar has never been an international traded currency in its existence ever but there are people out there swear it will be on the Forex next week. Here is a news tip for you wannabe Dinar holders that think you will walk into a western bank and cash in for millions. It’s not going to happen, not ever. Remember, the State of Utah listed the Iraqi Dinar has the top ten scam in 2005. I am sure it will make the list again in 2006.
Then there is the infamous Al-Warka Bank…..
The Ministry of Finance Jabr Al-Zubaydi, stated recently in an interview that the Iraqi Cabinet and Parliament have approved a new wage scale raising state employees salaries 50-70 percent starting in early 2007. I would like to see this happen to them so it would boost morale and also increase there living standard.