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

Central Bank: six banks had introduced electronic clearing

The adviser to the CBI on Wednesday that the government and private banks began using the electronic clearing system.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank began a practical way to activate the Automated Clearing System through activation of instruments computing, which operates according to a magnet and encryption between banks within the program of electronic links between banks participating in this system."

He pointed out that "banks, which now operates within this system is the six private banks, is expected to work with all government and private banks in this system in July (July) next year."

He continued that "the electronic clearing system will reduce manual transactions, and banks will raise the capacity of electronic business transactions and will pay cash in Iraq toward a modern banking technologies."

Saleh explained that "the work according to the electronic clearing system will enhance the central bank's ability to reduce corruption and manipulation of financial operations as it is an important step in the development of banking capabilities."

And the World Bank allocated $ 10 million for the restructuring of state banks and activate the electronic dealings.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

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/2/222337/

CBI plans to the Board of Finance for payments in 2013

February (Rn) - The Central Bank of Iraq, for the formation of the financial payments 2013, according to the plan developed by the World Bank.

The adviser said the central bank, the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Council of financial payments will be organized protocols and agreements and transactions undertaken by banks, governmental and non-governmental organizations, particularly with regard to the mail and insert programs computing to work the cash."

"The Council of monetary payments that would be managed by the central bank will share the membership of the Ministry of Finance, the Integrity Commission, the Office of Financial Supervision, banks, government and private."

The benefit, "The Council will begin its work in providing legal cover for the developments in electronic banking and cash which the banks have started to work."

He pointed out that "the Council of monetary payments is established one of the important pillars in the development of the internal structure of the banking business for both private and government sectors in the country," noting that "the central bank, confirmed on Wednesday that the government and private banks began using the electronic clearing system."

And the World Bank allocated $ 10 million to restructure state banks and activate the electronic dealings.

The unit announced restructuring banks in Iraq earlier that it was extended unit banks for a period of one year because of security concerns.

Iraq had decided the beginning of 2006 the restructuring of banks in order to get rid of heavy debt.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

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, the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/222367/

Foreign companies submitted bids to build residential units in Basra

Chief Investment Authority controls Basra, said residential investment, which was published last week contributed to the promotion of investment and led to the submission of many Canadian companies and U.S. offers to build more than two thousand housing units in the province.

A source in the body, told the independent press for Engineer Haider Ali Fadel said that the controls have contributed to promoting investment within the province of Basra and the various districts, counties and encouraged the residential investment and led to the progress of many Canadian companies and U.S. offers to build more than two thousand housing units valued at more than three hundred million dollars.

http://radionawa.com/Ar/NewsDetailN....243&LinkID=155

Ministry of Planning: The unemployment rate in Baghdad, 11%, which is treatable

Announced that the Iraqi Planning Ministry that the rate of unemployment in the capital, Baghdad, up to 11% of the total population of Baghdad.

He said ministry spokesman Abdel Zahra al-Hindawi told a news briefing that the rate of unemployment in the capital Baghdad hit rate of 11% of the total population of Iraq who are unable to work which is quite good.

He added that the issue of unemployment in Iraq is resolved in private sector development and job creation is similar to the public sector to ensure the rights of workers in this sector.

He said all countries in the world can not eliminate unemployment, but once you develop appropriate plans for the development of the private sector, according to a report on the results of a survey of employment and unemployment rate of unemployment in urban areas, 30% versus 25.4% in rural areas.

http://radionawa.com/Ar/NewsDetailN....236&LinkID=155

Asia-stop torrent of interconnection with a group of numbers are not licensed to Zain

announced Asiacell mobile phone for a suspension of interconnection with a group of numbers are not licensed to Zain Iraq. The company said in a statement received Agency (news): "After a request from the media and communications last February from all mobile phone companies, the company has to stop Interconnection with Antqp figures for the company Zain Iraq from the beginning of this March."

The company indicated in its statement that "the suspension came after failing to obtain the Zain Iraq, fundamentalism and legal approvals from the media and communications."

The company said the suspension came in response to instructions of the Information and Communication official letter, when he referred to the book is not possible to Zain or any other company and marketing of any activation numbers without the approval of the advance.

The company, the regulatory decision of the Commission asked all the companies separate the numbers are not immediately licensed under penalty of legal liability. Accordingly, the Asia-Cell to separate these lines in order to avoid any legal sanctions that may result from maintaining contact with non-licensed figures.

She Asia-Cell in its statement on it, still retains its legal right to return to Zain request for compensation by causing the launch of Zain in millions of slides illegal, damaging a large site Asia-Cell's competitive position and its inability to fulfill the Iraqi market is right from the slides and figures and things that had company to recycle previously used numbers to some of the presentations.

She Asia-Cell in its statement that it prompted a torrent Asia to launch new offers in the interest of the Iraqi citizens in all governorates.

In order to maintain professional credibility and impartiality in the (News Agency of the sons) Astaadadnna to announce the publication of any book of Zain Iraq belongs to the subject and below a copy of correspondence in this regard between the two companies

http://www.ikhnews.com/news_view_9370.html

Amer Winner: We have not received yet been invited to amend the investment law

Confirmed Amer winner deputy National Alliance and a member of the Commission of Economy and Investment Committee had not received any draft of the Prime Minister to amend the investment law. The winner of the statement (of the Agency news) on Thursday: "We have not received yet any bill from the Prime Minister in this regard", Noting "that this law needs a lot of adjustments."

The member of the Finance Committee: "to expand the powers of local investments in the provinces based on the principle of decentralization and the one window through which the investor gets all transactions and actions without having to review many circles to obtain approvals and licenses."

He called al-Fayez to be the allocation of land within the purview of the Investment Authority, "which takes the treatment allocation and time-consuming," said Chairman of the National Astosmarsami Araji seek to develop new mechanisms to encourage investment and tackling unemployment through job creation, calling for amending the Investment Law.

The Araji said during a news conference the end of February: "The private sector has been suffering many problems, but today the help of Iraqi Chambers of Commerce seek to develop a new mechanism to address problems of unemployment and to develop solutions to them."

Araji added: "We need to restore the Iraqi economy, and the participation of all sectors involved in the country through Toverwrs work and promote the private sector."

Araji said: "The private sector needs to laboratories and workshops are based on the backbone of small and medium industries," calling to amend some provisions of the Investment Law (2009).

He continued: of the most important amendments to the land titling Msttmralajunbi, where we could get approval from the House of Representatives that the ownership is only for housing projects, revealing on the status of a special clause in the investment law requires that bodies in the provinces take the main role in the independence of investment.

Acharalaargi and that the private sector needs to secure the rings and repair internal and external.

http://www.ikhnews.com/news_view_9355.html

Versar Wins $1.5 Training Contract in Iraq

Versar, the Springfield Virginia-based project management company, has announced it was awarded an approx. $1.5 million contract from the United States Forces in Iraq for the training of Iraqi Ministry of Defense personnel.

The contract will continue through September 2011. This contract will train and certify over 300 Iraqi engineers and technicians to operate and maintain electrical generation, water and waste water, and other mechanical systems related to the United States multi-billion dollar investment in the reconstruction effort of Iraq. Since 2004, Versar has provided training and development of the Iraqi workforce.

Tony Otten, CEO of Versar, Inc., said “We are very proud to again be selected in the training and development of the Iraqi workforce. We believe these efforts are directly contributing to the advancement and stabilization of the region and Iraqi people.”

Last year, the company won a $17.1 million contract from the US Army Corps of Engineers (USACE) to carry out electrical inspections.

http://www.iraq-businessnews.com/201...tract-in-iraq/

Central Bank: the demand for merger of private banks is very weak

... said the central bank adviser, Dr. appearance of Mohammed Saleh, said that the bank had not received any initiative for the integration of the private banks, only two initiatives a year ago. Saleh said in a statement (of the Agency news) today: "I have not received the bank any initiative for integration by private banks, only two initiatives, although there is no information to the intention of some banks to merge, but did not provide anything official."

The central bank adviser: "The aim of our call for private banks to merge is not dispersing the money and building large banks," noting that "the requirement of capital for the merger will increase in 2013, to 0.250 billion dinars at a minimum".

http://www.ikhnews.com/news.php?action=view&id=9490

Why Western and Swiss Banks move against Arab dictators only shortly before or after their downfall?

The uprisings staged by Arab masses against their rulers have unnerved major western powers and their banks, particularly in countries such as Libya, Egypt and Tunisia.

But the scene, particularly from a financial point of view, is one of hypocrisy and double-standard.

Western countries and Swiss banks wait for the people of a particular Arab country to rise against their political system in order for them to start freezing Arab leaders’ accounts and slapping sanctions.

Before the uprisings, the leaders of these countries were welcomed with open arms in the West and were considered respected personalities with a stake in democracy, justice and reform and a hand in combating terror.

This is an obvious contradiction in Western stands. It also demonstrates a contradiction in the attitude of Western intellectuals – with only a few exceptions.

I think the countries and governments bragging about decisions to freeze accounts and assets of this or that Arab leader are first condemning and denouncing themselves because they only took that step when it became clear to them the leader in question has either been removed or is about to be overthrown by his own people.

This is why these countries and governments and their financial institutions fail to provide a convincing reason for why they agreed in the first place to requests by such leaders to place massive deposits in their banks.

Why did not these countries conduct an independent investigation of the billions of dollars of stolen money and assets they claim these dictators had stashed away in their banks and invested in their property, industry and funds while these leaders had full control of their countrieswere in power.

It only appeared to them that these billions were illegally deposited when these dictators reign of terror was about to crumble.

The position of Western governments and their banks runs contrary to all their barking about the rule of law, democracy and human rights.

In one sense, there is no difference at all between a Swiss bank and a bank in the lawless Somalia.

Double-standard and hypocrisy are overwhelming in the way the West and its banks have been handling the uprisings in the Arab world.

http://www.azzaman.com/english/index...3--04\kurd.htm

Source of production of West Qurna oil will rise 10% in the coming weeks

Iraqi oil official said that it expected to raise U.S. production of Exxon Mobil first phase of West Qurna field, 10% above the minimum agreed upon during this month or early April.

Abdul-Mehdi al-Amidi, director of licenses and contracts in the Oil Ministry to increase production will equip the Exxon and its partners to start to recover the cost of investment, having already achieved the goal of primary production in West Qurna, an increase of 268 thousand barrels per day.

Should be on the two companies Exxon and Shell Almtorten the West Qurna field to continue the highest rates of production for 30 days before Tsttie recover development costs and investment.

http://radionawa.com/Ar/NewsDetailN....607&LinkID=155