Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

Adopted in a gesture of Trade Bank of Iraq

Training of cadres of the state to international accounting standards

Ended the 197 trainees representing the managers of financial staff in the implementation of commercial contracts and the opening of documentary credits in the state departments trained on how to adopt a development of international accounting standards adopted. This was announced by "cost-morning," Director General of Commercial Bank of Iraq, where Hussein Azri the bank to adopt such activities, aiming to reach workers in the field of contracts and provisions of the errors that may occur during their implementation of it.

And said: "The session included a number of general managers and directors of departments of Finance and Business in the government departments in order to train cadres developed in the State in terms of reference for financial contracts and provisions on how to properly handle and in position to improve their performance and in line with international norms that require precision in dealing with the contracts and appropriations."

He added that the course program supports international accounting standards organized by the contracts and required by foreign countries in commercial transactions. He stressed that the bank as the first pilot in such transactions in the opening credits with the banks and the countries of the world finds its responsibility For workers in the state on the latest developments and changes in accounting processes and conditions developed for implementation.

Azri said in his speech for economic (morning) that there are three courses in this direction after the trainee gets a certificate to qualify to work in such activities in his ministry and given the importance of the development of appropriations in conformity with their acceptability in most international banks. He said that the bank follows all the changes and developments in the contracts signed and explained to workers in these fields, including payment terms and payment mechanism and contract.

And on the Q's (economic Sabah) on the prospects of the banking business and plans for the year 2011 Azri said that the Trade Bank of Iraq is to digress institutions and the Ministry of Finance is moving towards investment and corporate finance and banking companies and the opening of the marketing departments to serve customers.

The Bank closely follows the draft corporate governance and risk management and economics in banking operations as well as combating money laundering and accuracy in dealing with foreign transactions from the principle of preserving the reputation of the bank as the bank is subject to the laws and instructions of the Central Bank of Iraq. And comply with all instructions and procedures, cooperation and coordination with the World Bank in all activities as a safety valve for the Iraqi funds.

Also that there is a serious bank jointly investing in the projects through funding and there are four projects for investment in electricity in Basra, Amarah, Samawah, Diwaniyah launched by the Ministry of Electricity Investment and the bank will study the possibility of entering into such projects. He pointed out that there are studies with the bank to contribute to the housing projects and financing within the bank's plans in cooperation with the investment of Baghdad. Azri between that the bank has adopted a number of training courses for directors of financial departments and business circles in the State outside Iraq, too, in Turkey and Lebanon during the years 2008 and 2009 within the program of financial rehabilitation of cadres and introduce them to international accounting standards adopted.

He noted that in his closing remarks that the Bank is working to increase the number of its branches inside and outside Iraq, where the number of branches in 15 branches in the inside there is an intention to open two branches in London and Beirut.

http://www.alsabaah.com/ArticleShow.aspx?ID=3258

Originally Posted by Seaview

Expert confirms the creation of sovereign wealth fund in Iraq

Expect an economist to pour the process of rising oil prices, global interest of supporting the budget and some strategic projects in Iraq, especially that built its budget on the basis of the general default price of oil was 76.5 dollars a barrel.

He said the appearance of Mohammed Saleh al-Sabah newspaper, said the financial planning to build Moznat of the country does not depend mainly on the price shocks that Iraq could use these increases in oil prices and the surface of Finance to issue a sovereign wealth fund, which stressed that the Fund is able to provide extra resources can then by proper planning and support of many of the vital facilities in the general budget Kalptaqp ration.

http://radionawa.com/Ar/NewsDetailN....781&LinkID=155

Expert confirms the creation of sovereign wealth fund
Invitation to benefit from high world oil prices

Expect an economist to pour the process of rising oil prices, global interest of supporting the budget and some strategic projects in the country, particularly that Iraq had built its budget on the basis of the general default price of oil was 76.5 dollars a barrel.

The appearance of Dr. Mohamed Saleh during his speech for the (morning): The financial planning for the construction of Moznat of the country does not depend mainly on price shocks, but that Iraq could exploit the gains in oil prices and the surface of Finance to issue Fund (sovereign wealth), which confirmed that Fund is able to provide extra resources can then by proper planning and support of many of the vital facilities in the general budget Kalptaqp ration.

And the benefit of what we can leave such an increase in oil prices globally have a positive effect on the economic reality in the country, particularly since the default value that is built on the basis of which the general budget estimated price of a barrel of oil at 76.5 dollars, now stands at the gates of the $ 100 or higher , and the difference between the two rates hurt the interests of the general budget, is that Saleh stressed the importance that does not rely so much on the price variables taking place in the world oil markets, likely not to continue these altitudes for long periods, which invited him to stress the importance of the exploitation of these gains in support of some important areas in the general budget.

And Saleh said the budget was built on according to the installed dynamically, and in the case of a financial surplus which is the (buffer) is hedging it, especially since the country depends on the financial resource of one, stressed that the reactivation of sovereign wealth fund is important in the protection of the financial resources of the public budget.

http://www.alsabaah.com/ArticleShow.aspx?ID=3257

Attorney-Furat al-Shara: .. soon to host the Minister of oil to the oil and gas .. And not to the House of Representatives

A member of the Iraqi parliament and a member of the Commission on oil and gas in the House of Representatives "Furat al-Shara, said" Many of the projects for the oil and gas in the parliament, had been marginalized during the previous periods, indicating the host and the oil minister in the coming days to the Commission on oil and gas, and not to the House of Representatives.

The MP said "Furat al-Shara," the newspaper Basra electronic today, that the host's oil minister will be on the oil and gas law, which requires more consultation and dialogues, as well as to discuss many of the projects necessary to be raised, and in particular the most important of them during the coming period.

He added: that the Commission has Mtadpp projects and proposals will be discussed with the minister of oil, according to priority, including two important research projects, and 66 humpbacks."

Noting the marginalization of a number of projects after the end of the minutes of the meeting which discussed the project, although presented as drafts and proposals, adding to the hosting of the Deputy Prime Minister for Energy, "Hussein al-Shahristani," last Wednesday to discuss the purpose of oil and gas law.

http://www.basraelc.com/news.php?action=view&id=4886

Iraqi officials: In Washington, the United Nations doubts about the movement of Iranian money, but we're lacking evidence
Washington warns Baghdad of "link Iran's increasing," the banking sector

Senior officials in the Ministry of Finance and Central Bank of Iraq said there were "doubts" the existence of financial transactions with Iran are banned in Iraq, through warnings received by Baghdad to the UN, while a senior U.S. official hinted that there was "increasing association" to Iran, the movement of the financial sector in Iraq.

Iraqi officials say there is no conclusive evidence on the movement of Iranian money in spite of the suspicions that some banks are civil, "interfaces" of the activity of Tehran, which you may want to bypass international sanctions by opening outlets in Iraq.
But the central bank recognizes that its work in the fight against money laundering is still limited and need support from the international community, which explains the possibility for the transfer of funds is illegal and hidden from the monetary authority.

Deputy U.S. Treasury Secretary Neil Laughlin discussed in Baghdad during the period February 12 to 14 ongoing with Iraqi officials the challenges and re-directing the course in Iraq, and the threat of the association increasing Iranian development of the financial sector in Iraq and the need to develop anti-money laundering and combating the financing of terrorism and action against activities illicit financial because that role in supporting the integration of Iraq into the global market and attract foreign investment.
Commenting on the American concerns, said Undersecretary of the Iraqi Ministry of Finance, Dr. Fadel prophet in the United States "has a constant fear of financial activities in Iran, considering Iran is the closest to Iraq and the most influential person."

He says "America is reluctant to be some banks, Iraqi civil and interfaces to manage the money Iran that is to say their capital originated in Iran, but for us we do not have any income sinks the Iraqi civil and the Central Bank is responsible for following up the work of these banks," he said: "We share U.S. suspicions on some private banks, but we do not have any evidence of Iranian capital works Iraqi interface and there is no gripping or documents that confirm our fears."

But the official confirmed that he was "at the government level the Ministry of Finance, we do not have any deal with the Iranian state banks, and Iraq will not deal financially formally with Iran as a state under siege and there are international resolutions on Iraq to respect."

For his part, said a senior adviser at the Central Bank the appearance of Mohammed Saleh, "We can not deny or confirm the existence of money Iranian interfaces Iraq, but we as an institution monitor the movement of money in Iraq, received a lot of transactions doubtful to be audited, but we are working alone is almost a must to have the support of the rest Aalmnip actors. "and adds" We have received warnings from the United Nations that Iranian financial dealings in Iraq and that it happened before the remarks, Deputy U.S. Treasury Secretary, but there are continuing concerns of this matter."

And on the Iranian financial institutions operating in Iraq, he explained that "there is a bank financial Iranian works in Baghdad and banks Iranian partnership with a local bank of Iraq, which regulates trade between the two countries, and there is a difference between a branch and a private company in both cases is an Iraqi, even if the capital of a foreigner 100 per cent."

"The warnings came as the United States acceptable to the terrorist attacks, and there are a lot of those trying to divide their security, according to my knowledge there are regional and international cooperation on combating money laundering and we are part of this system."

It is noteworthy that Iraq has "a law on combating money laundering issued in 2003, but remained vague as a result of the transfer to the political, did not materialize, but the idea of law at the founding of the Anti-money laundering within the Central Bank of Iraq in 2007 and a limited number of employees." But he says that the idea of these employees "limited the fact that Iraq was closed for the global environment specialized in this regard, this office has begun issuing instructions according to international standards and we have received international aid and began to create a money laundering unit within each bank customers to know my family." He says that the central gripping tariff began asking more than ever before the merchant, who intends to transfer money overseas, "the papers ask him to prove that his money went to pay the bills for goods known."

But Saleh noted that "70% of transactions are outside the banks through the offices of the currency shift, and there must be points of sequencing and of course this is not the responsibility of the Central Bank."

In the same context, says economic expert Majid picture he is in the "security situation and economic and all indications are that there is smuggling of Iraqi capital, whether by the private sector or by some workers from the state and in various ways, and there are banking operations are placed outside the banks, inter alia, money transfer companies in hard currency and local communities can not control and there is no control of the central bank in addition to all that there are many ways to defraud in order to bring hard currency into the country and across all ports."

He adds "the process of money laundering is difficult at present to control at the same time difficult to control the smuggling of money in light of the rampant corruption in the joints of the state and especially the border."

But economist Abdul-Jabbar Hilfi is noted that "not everything that the United States says is true and the statements of Deputy U.S. Treasury Secretary is not only a media and political propaganda." He adds that the embargo imposed on Iran and the nuclear standoff with the West "is far from the Iraqi banking sector has not been proved so far, and a breakthrough for the banking sector of Iraq did not hear, not in secret or in public and there is no breakthrough has been made and these banks are cautious in investment and loans due to the pressure of the Central."

He Hilfi that Iran "is the first trade partner of Iraq, so have banking transactions with its businessmen and has a branch of Bank Melli Iran in Basra, but the Americans Iholon this issue because of the magnitude of money being transferred between the two countries due to imports and investment."

However, the financial expert, contrary goldsmith confirms that there are Iranian banks operating in Iraq supports Iran's nuclear program outlawed internationally. He said that the work of Iranian banks in Iraq is not an obstacle, but there are some of them in the black list, because it had the transactions related to Iran's nuclear program, and these banks if they have attempted to work inside Iraq is supposed not to deal with this issue, so as to avoid any problematic political class basis . He pointed out that foreign banks and its work in Iraq is running normally, because the Central Bank after 2003 allowed her to work in the Iraqi market under the umbrella of the private banks because the work of foreign banks with local banks in Iraq comes in the framework of strengthening relations and the introduction of modern methods and advanced technologies to banks and upgrading the financial capacity of the banks and give financial transactions according to methods developed by the regionally and locally.

http://www.uragency.net/index.php?aa=news&id22=17267

Alldorki: oil and gas law since 2007 is included on the agenda of the House of Representatives .. Report

A member of the House of Representatives for the National Alliance Fouad Alldorki that "the law of oil and gas since 2007 is included on the agenda of the House of Representatives but failed to acknowledge the result of political differences."

The Alldorki in a statement to the radio station "if the approval of oil and gas law in the previous parliamentary session to Iraq was producing large quantities of oil and we have the sufficient cash flow from the money that solves a lot of bottlenecks and problem particularly with regard to the operation of hands unemployed and the provision of the ration card items.

He added "We have a draft resolution to the House of Representatives to make the roof top of the salaries of officials and members of the House of Representatives and to reduce the salaries of all special grades from the President and the Prime Minister and to below that will carry the allocations to social welfare and the ration card which will see a marked improvement during the next two months, he says.

http://imamhussain-fm.com/news.php?act=sh_news&id=3593

Originally Posted by Seaview

PM sets 100-day period to evalulate govt. activity

Iraq’s Prime Minister Nouri al-Maliki set a 100-day period, starting from today (Sunday), to evaluate his government’s activity and each ministry aside.

“Maliki set a 100-day period after which the activity of the government and different ministries would be evaluated,” according to a cabinet statement received by Aswat al-Iraq news agency on Sunday.


“Maliki said that after the end of the said period, each ministry would be evaluated, whether had succeeded or failed in its activity, beginning from today (Sunday),” the statement said, adding that “Maliki had reiterated that changes would take place, according to the result of that evaluation.”

Maliki, the statement pointed out, spoke about means to fight corruption, confirming the “responsibility of each Minister for his ministry’s activity, before sending it to the Integrity Commission and other institutions, in charge for fighting corruption.”

Speaking about recent demonstrations in Iraq, Maliki said: “an investigation shall take place about the incidents and violations that took place during the demonstrations to account those behind them, whether they were the protesters or the security forces.”

The Iraqi capital of Baghdad had witnessed on Friday, Feb. 25, 2011, broad demonstrations in its al-Tahrir (Liberation) Square, during which 7 policemen were injured by stone-throwers, whilst at least 2 demonstrators were injured, according to security reports.

http://en.aswataliraq.info/Default1....&id=141215&l=1

Expert confirms that 100 days is not sufficient to change the Iraqi economic pattern

Economic expert said that the peace Sumaisem percent day is not sufficient to change the economic pattern, unless state facilities are managed properly.

Sumaisem said in a press statement, said Monday that a day or a hundred years old as a nation is not sufficient to change the economic pattern unless the facilities are managed correctly to the State by people who are qualified and interested in economic affairs and familiar with the reality of living in Iraq.

She added that what will come Sumaisem percent on the case after an unknown factor makes blurry flopped expectations the economy will be a state of uncertainty and concern which would affect the economic transactions in the market.

She said if we note that the period between last Thursday and today to the increased volume of cash withdrawals from private banks because of fears people their money, noting that this fear and anxiety has a role on the investment decision, which leads to the high volume of danger.

http://radionawa.com/Ar/NewsDetailN....950&LinkID=155

Oil: We are working to avert a fuel crisis and the reform of the Baiji refinery will take two month

- said Undersecretary of the Ministry of Oil Mutasim Akram Sunday that he had been discussed to take swift action to meet any potential shortfall in demand for fuel by pumping large quantities of strategic stockpiling and agreement on the import he needs the domestic market of oil derivatives until the completion of repair the damaged parts of the Baiji refinery ...

An official source in the North Refineries Company in Baiji, the engineering staff began assessing the damage and repair work on the units affected by the bombings on Saturday in a refinery north, likely repairs that will take "some months".

The source, who preferred anonymity, said that "the engineering cadres of the North Refineries Company and technical support from several points of oil and Salahuddin province, began assessing damage to Bmcefy North on Saturday due to injury five production units suffered major damage after detonated improvised explosive devices and special units, furnaces refining and evaporation".

The source added that "the work ongoing reform of the affected parts several meals over 24 hours and the expectation to complete the work within two months to return the refinery to full production capacity amounting to 150 thousand barrels a day."

The gunmen stormed on Saturday refinery north, the largest refineries in the complex refineries, Baiji, killing the guard who intercepted and then planted five explosive in several production units at the refinery that resulted in the death of an engineer and injured technician injured and the outbreak of a large fire at the refinery and stopped completely because of the paralysis that has suffered in the blast.

This is a complex refinery of Baiji, the largest complexes refining capacity in Iraq, where it provides more than 10 provinces of Iraqi oil derivatives, has five refineries stop them filtered Salah al-Din for the purposes of maintenance for a period of six months starting from the beginning Hmaaam 2011 and was targeting the refinery north yesterday, is a threat of occurrence of a crisis in the derivatives oil in the coming months.

http://www.irqmedia.com/siteapps/352...atest&Itemid=1

Iraq-Kuwait contacts to help in ending suspended dossiers between both countries, official says

The Legislature in Iraq's State of Law Coalition, Ali Al-Allaq, has said on Monday that high-level meetings between Iraq and Kuwait would share in ending the suspended dossiers between the two countries.

"The visits by President Jalal Talabani and Prime Minister Nouri al-Maliki to Kuwait had a major impact on closer relations between the two sisterly states and peoples, along with bringing viewpoints and understanding closer, regarding the suspended dossiers between the two countries," Allaq told Aswat al-Iraq news agency, adding that "the continuation of such contacts on high levels, along with those by specialists and advisors, shall contribute in ending the suspended dossiers."

Iraqi President Jalal Talabani had visited Kuwait last Friday, in response to an invitation by the Emir (Prince) of Kuwait, Sheikh Subah al-Ahmed al-Jaber al-Subah, where he attended the national celebrations there.

The Iraq-Kuwait relations dossier comprises several suspened issues, including the compensations paid by Iraq due to its invasion of Kuwait in 1990, and Kuwait's position towards Iraq's exclusion from the UN Charter's 7th Article, along with the demarcation of joint borders between the two countries and the issue of the remains of Kuwaitis lost in Iraq.

As regards to the issue of naming the vacant positions in the new Iraqi cabinet, Allaq said: "The naming of the security cabinet ministers and the National Council for Strategic Policies (NCSP), are standing rights and the Prime Minister is serious in treating this dossier together with the related political blocs," adding that "the issue lies in naming the candidates, who shall gain the satisfaction and approval of all political blocs."

Noteworthy is that the Iraqi Parliament had granted trust to the new Iraqi government on 21/12/2010, comprising 42 cabinet posts (including 12 state ministries), whilst Prime Minister, Nouri al-Maliki, kept the Ministries of Interior, Defense and National Security, temporarily under his adminstration on "acting" basis.

http://en.aswataliraq.info/Default1....&id=141225&l=1

Iraq's Parliament decides to postpone its next session for Saturday

The Iraqi Parliament has decided postpone its session on Saturday to hold its next session, scheduled to convene on Monday, for next Saturday, Member of al-Iraqiya Coalition, Mohammed al-Daamy said.

"The Parliament's chairmaship has decided on Saturday night to postpone the Parliament's next session, scheduled to convene on Monday, for Saturday next," Daamy said, adding that the session "shall discuss the demands of the masses," giving no futher details.

http://www.zawya.com/Story.cfm/sidZA...for%20Saturday

Oil exports from the port of Basra returned to 1.872 million barrels per day

A shipping source said that oil exports from the port of Basra returned to 1.872 million barrels per day on Monday, after fell to 1.2 million barrels per day in the past two days due to bad weather.

The source, who requested anonymity, said there are two tankers are loaded, each with two million barrels and two other tankers anchored waiting for the download.

He said: "The weather is sunny and the rate of flow from the port of Basra returned to the rise."

http://www.radiodijla.com/cgi-bin/ne...?id=2011-02-28