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

Iraqi Central Bank raises bonds worth 400 billion dinars per month

Iraqi Central Bank said on Wednesday, it begs the bonds worth 400 billion dinars per month in accordance with interest rates ranging from 4.5 to 8%, depending on the amount of supply and demand by the Ministry of Finance and government banks.

The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank sells bonds to the Ministry of Finance of up to $ 200 billion dinars every two weeks."

"The size of the interest charged by the Bank on these bonds depends on the liquidity of funds in these banks and the amount of supply and demand by the Ministry of Finance."

Saleh explained that "the value of the interest rate hit 4.5% in case there is an abundance of funds in banks, while the rise of the interest for up to 8% in the case of a shortage of liquidity for banks."

He continued that "the interest rate determined by a consensus between the Bank and the Ministry of Finance and affiliated banks," noting that "the central bank conducting a policy of borrowing to cover the deficit in the NA financial liquidity."

The Iraqi Federal Court issued a decision in January 18 of this attachment provides independent bodies referred to in the Iraqi constitution, including the central bank, as prime minister directly, not the House.

He criticized the Central Bank of the Federal Court decision, saying in a statement Monday that the decision poses a threat to the Iraqi funds.

The court's decision on the inquiry of Prime Minister Nuri al-Maliki is considered to be linked to some independent bodies with the operational nature of their work in the House of Representatives is not in conformity with the competence of the Council and contrary to the principle of separation of powers.

Indicates Chapter IV on "independent bodies" in the Article (102) that is the UN High Commissioner for Human Rights and the Electoral Commission for elections, and the Integrity Commission, independent bodies under the control of the House of Representatives, and organize their work by law.

While recalling Article (103) of the first section is the same that all of the Iraqi Central Bank, the Office of Financial Control, and Communications and Media Commission and the endowment offices, bodies, financially and administratively independent, and the law regulates the work of each of them.

As indicated in paragraph II of the same article that the Central Bank is accountable to the Iraqi Council of Representatives and the Financial Inspection Office and the Information and Communications House of Representatives, while the third point of the same article that linked Endowment Council of Ministers.

http://www.aknews.com/ar/aknews/2/213427/

Planning and the central bank were discussing a mechanism to address Iraq's debt

Minister of Planning and Research Agency with Nassar al-Rubaie of the Iraqi Central Bank Governor Sinan al-Shabibi a mechanism to address the accumulated debt of Iraq.

A statement from the Ministry of Planning Wednesday that al-Rubaie met with Iraqi Central Bank Governor Sinan al-Shabibi his office in the ministry's headquarters in Baghdad.

During the meeting they discussed ways ta'zeer cooperation between the Ministry of Planning and Central Bank of Iraq was discussed during the meeting the debts of Iraq and the treatment mechanism also addressed the meeting to discuss monetary policy in Iraq and the issue of inflation indicators in Iraq.

The statement added that the central bank governor praised the significant role played by the Ministry of Planning and special Central Bureau of Statistics and support it continued to the Central Bank with all the indicators for inflation important in preparing for monetary policy.

http://radionawa.com/Ar/NewsDetailN....747&LinkID=155

Central reveals the financial restructuring of banks-governmental organizations during the current year

The central bank adviser said Wednesday that this year will see the financial restructuring of banks after the government succeeded Pttaiwiramlh banking during the last period.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the government banks run by the Ministry of Finance will see a financial restructuring after it made a clear performance in banking during the past years."

Saleh added that "the central bank will adopt three main axes for the development of banking in the country, a system of payments and the participants and the electronic address system, made after the Ministry in organizing the work of banks through three axes in spite of the obstacles encountered in their work."

He explained that "more than 90% of cash transactions in Iraq depends on the good bank and Iraq deployed throughout Iraq, which requires developed between now and then the other."

Salih noted that "the government banks had made progress in electronic banking transactions through the introduction of the smart card system and the efficiency of workers in the development of electronic banking."

And Ministry of Finance announced the Iraqi quest over the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Ministry refuses to transfer to the privatization of government banks, despite pressure from the International Monetary Fund and activating the role of private banks and increasing their number in the country.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier in the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/213543/

U.S. withdrawal from Iraq to take place in assigned date, Embassy spokesman says:

The U.S. withdrawal from Iraq shall take place on its scheduled time, at the end of 2011, according to the Strategic Agreement, signed between the two countries, to be followed by cooperation in the fields of defense and security, the official spokesman for the American Embassy in Baghdad said on Wednesday.

"The Strategic Agreement between Iraq and the United States, had reiterated that cooperation would continue after 2011 in the fields of defense and security, but such line would change from a military command into a civilian command after the withdrawal," the Saudi Al-Sharq Al-Awsat (Middle East) Newspaper quoted David Ranz as saying.

He said there "is another network of training programs, included in the Strategic Agreement between Iraq and the United States, including a program, to be led by the U.S State Department."

"The U.S. forces shall leave Iraq, according to the Security Agreement, as the departure of those forces shall mean that the last soldier under the U.S. Army shall leave Iraq," he said, adding: "naturally thee will be American officers, to work under the command of the U.S. Ambassador in Iraq, the Military Attache or the Security Assistance Office and the Guards, who shall stay in Iraq."

Meanwhile, the U.S. Embassy's official spokesman in Baghdad, has denied "the existence of any negotiations with Iran, regarding the situation in Iraq," adding that "Washington's talks with Iran is based on its talks with the Five-Plus-One States, about Iran's Nuclear Program."

As regards to the easing out of the U.S. charges for Iraq's neighboring states towards the recent operations witnessed against Iraq recent, he said: "there is a good improvement and development in Iraq's relations with its neighbors."

"We have noticed a clear support for the new Iraqi government by its neighbors in the Region, and we have noticed that a number of Presidents, Ministers and high-ranking officials of the Region in Iraq, from Jordan, Turkey, the Arab League's Secretary General, Amru Moussa, as well as Iran," he added.

He said that the important development had been the historic visit by Kuwait's Prime Minister, which had been the first since Iraq's occupation of Kuwait, thing that had expressed Iraq's return to the regional and international community, followed by the great example, reflected in the decision to hold the Arab Summit in Baghdad.

http://en.aswataliraq.info/Default1....&id=140707&l=1

CBI sells $63 million on Wednesday

The Central Bank of Iraq (CBI) dollar sales went up slightly on Wednesday to $63.970 million at an exchange rate of 1170 Iraqi dinars per dollar, compared to the previous session’s $50.153 million.

"The demand hit $450.000 in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $63.520 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 10 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/Default1....&id=140717&l=1

Planning minister, CBI governor discuss boosting cooperation

Planning Minister Nassar al-Rubaie held a meeting on Wednesday with Governor of the Central Bank of Iraq Senan al-Shabibi to discuss ways of boosting bilateral cooperation, according to a ministerial statement.

"The two officials discussed Iraq's debts and mechanisms to handle them," said the statement received by Aswat al-Iraq news agency.

"The meeting dwelt on Iraq's fiscal policy and the inflation indications in the country," the statement added.

The governor praised the role played by the planning ministry, mainly the central bureau of statistics.

The meeting was attended by a number of Iraqi officials.

http://en.aswataliraq.info/Default1....&id=140716&l=1

Zebari is expected to be a crucial year in Iraq

Sign and Iraqi Foreign Minister to be a crucial year in Iraq, stressing that the government is required to Ptnevz obligations and commitments in order to prove that it is able to move Iraq to a better location.

Hoshyar Zebari said in an interview with Reuters that the challenges facing the Iraqi government for many, the most important political aspect of which is to complete the current line-up because many of the countries monitored relative political stability in Iraq was now.

Zebari said the security challenge is that the current year will witness the end of the American military presence, according to the security agreement signed between Iraq and the United States.

http://radionawa.com/ar/NewsDetailN....678&LinkID=158

Iraq exported less oil but earned more in 2010

Iraq exported slightly less crude in 2010 compared to the previous year but still earned 26.3 percent more due to an increase in global oil prices, an official statement said on Wednesday.


The country racked up $52.2 billion (38.1 billion euros) from oil exports last year, compared to $41.3 billion in 2009, the oil ministry said.

It said exports totalled 689.9 million barrels in 2010, compared to about 695.5 million barrels the previous year.

Global oil prices reached about $91 a barrel last year, compared to around $46 a barrel at the beginning of 2009.

Exports from Iraq's southern terminals, which have a current export capacity of about 1.8 million barrels per day (mbpd), stood at 524.1 million barrels last year, compared with 539.3 million barrels in 2009, the statement said.

Iraq's 2011 budget is based on an oil price of $73 dollars per barrel, with exports expected to total 2.25 mbpd, bringing in a total projected income this year of $66.7 billion dollars.

After flirting with $100 a barrel earlier this year, oil prices pulled back last week and in Asian trade on Wednesday New York's main contract, light sweet crude for March delivery, was at $86.41 per barrel.
Iraq sits atop oil reserves of 143 billion barrels, one of the world's largest. Oil exports account for the vast majority of the government's revenues.

http://ae.zawya.com/Story.cfm/sidANA...re%20in%202010

Originally Posted by Seaview

Hertj Oil announces major gas discovery in Iraqi Kurdistan

Hertj Oil Company announced today the discovery of large gas west of Miran in the region of Kurdistan in northern Iraq, is perhaps the biggest discovery in the country since 30 years. As company announced today.

After completion of the deepening and testing of a field west of Miran 2 well, the management company Hertj estimated that the well may include P90 - P50 of the total quantities of gas, ranging between 6.8 and 9.1 trillion cubic feet, with 42 to 71 million barrels of intensive and between 53 and 75 million barrels of oil.

The chief executive said Hretj, Tony Buckingham, "The discovery of a large field of gas up to 12.3 trillion cubic feet in the same place with exceptional flow rates making it one of the largest gas fields discovered in Iraq."

And it is estimated that Buckingham Hertj will the first production of oil and gas from the well in 2015.

"This discovery has the potential to generate more from the benchmark value for our shareholders and benefit the people of Kurdistan and Iraq."

http://www.aknews.com/ar/aknews/2/213563/

Heritage gas discovery met with disappointment

Shares in Heritage Oil, the independent explorer, fell nearly 18 per cent in early trading on Wednesday after the company announced a large gas discovery in northern Iraq.

Investors had hoped that Heritage would find oil at the Miran West 2 well in the Kurdistan region. Instead, the upstream company reported that tests on the exploration well had indicated the presence of between 6,800bn and 9,100bn cubic feet of gas in the geological structure.

In the best case, the Miran West structure could have 12,300bn cubic feet of gas, translated into a risked level of 744m barrels of oil equivalent. The cumulative flow rate was estimated to be a healthy 75m cubic feet per day.

"The discovery of a major gas field of up to 12.3 trillion cubic feet in-place with exceptional flow rates makes this one of the largest gas fields to be discovered in Iraq," said Tony Buckingham, chief executive of Heritage Oil.

"This well has substantially de-risked the field, so we have the confidence to accelerate the work programme on Miran. We are considering various development options including a tie-in to planned infrastructure that will achieve first production for both oil and gas in 2015."

However, the announcement appeared to confirm investor fears about the complexity of the Miran West geological structure, which appears to be one of the largest gas fields in Iraq, but without a similar abundance of oil. Based upon tests of the Miran West 2 well, Heritage estimates that it contains between 53m and 75m barrels of oil.

Heritage added that it will begin drilling the Miran West 3 appraisal well in the second quarter of this year. A second rig will begin drilling in the autumn. Work on the Miran West-2 well has been suspended and it has been marked as a future producer.
Shares in Heritage fell 77p to 359.6p in morning trading.

http://ae.zawya.com/Story.cfm/sid201...disappointment

Iraq's oil pipelines witness minor attacks in 2010 than previous 7 years:

The year 2010 had witnessed less corruption attacks on Iraq's oil pipelines than those that took place over the previous 7 years, the Iraqi Oil Ministry's official spokesman said on Wednesday, adding that 2010 had witnessed 65 attacks, compared with 250 attacks in 2004, the largest since 2003.

"The Oil Ministry's Technical Department had prepared a statistic on the number of attacks against oil installations that reached 65 attacks in 2010, compared with 81 attacks in 2009," Assem Jihad said, pointing out that the number of attacks on those installations have recorded more than 250 attacks in 2004."

Jihad said that June, 2009, had witnessed "more intensive operations against Iraqi oil pipelines, whilst February had witnssed the smallest number of attacks the same year, with an average of two attacks per day, targetted against oil export pipelines, along with the pipelines exporting gas and oil products.

In conclusion, Jihad said that his Ministry's engineering and technical cadres have managed to repair the damage caused by those attacks in a comparatively short time, in order to enable those pipelines to continue their activity.

http://en.aswataliraq.info/Default1....&id=140705&l=1