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

Economist warns of a "crazy high" oil prices in the world

economic expert has warned Lebanese Tuesday of a "crazy high" oil prices in light of the crisis in Libya, pointing at the same time that it will lead to higher prices for products and food all over the world

He said most Hawthorn to Kurdistan News Agency (Rn) that "in the short term there will be a negative impact on the global economy and high world oil prices because of the events taking place in Libya," adding that "there is real concern of a disruption to supply," oil on Libyan territory.

And warned several economic studies of economic disaster in the event of Gaddafi clung to its position and stay in Libya's what could lead to more chaos, as warned by observers from the feet of Gaddafi's crazy to step through the burning of oil wells and stop the export.

But the Colonel's son Saif al-Islam Gaddafi, Libyan denied on several occasions and there are plans to Ahakar oil wells in Libya, and said it was the king of the Libyans.

The price of a barrel of oil continues to rise gradually to coincide with the violent clashes in Libya, and the instability of the situation in Iraq and Yemen.

It is noteworthy that Libya's production of 1.58 million barrels per day in January, and Libya occupies the twelfth place among the largest exporters of oil in the world in 2009 and amounted to the largest proven oil reserves have 44 million barrels as of January 2010.

The economic expert's warning comes at a time when prices have fallen Brent crude fell below $ 115 a barrel today on news that the Libyan leader Muammar Gaddafi is seeking to find a way to step down and end the fighting, which caused a drop in the country's oil exports.

And the disruption of up to one million barrels per day of production from Libya in clashes between forces loyal to the Libyan leader Muammar Gaddafi and his opponents, or about two thirds of the country's output, and this is a little more than one percent of daily global consumption.

The Al-Jazeera television reported on Tuesday that Libyan leader Muammar Gaddafi is seeking to reach an agreement allowing him to step down, could not yet know the health of the news.

Al Jazeera said that Gaddafi was presented to the armed opposition held a meeting of the General People's Congress to allow him to step down certain safeguards.

Hawthorn said that "the most serious problem faced by the importers of oil is an extension of disturbances to the Kingdom of Saudi Arabia."

Hundreds of Saudis on Friday in the eastern region of Saudi Arabia, where the majority of Saudi Shia to demand the release of a cleric who was released later.

Referred to as the Saudi Interior Ministry imposed Saturday a ban on demonstrations in the kingdom's "incompatible with Islamic law," and said that security forces had snapped authorized "all measures" to prevent "attempts to breach the system", according to agency Anbaouasaudip official.

http://www.aknews.com/ar/aknews/2/223686/

CBI sells $156m in daily auction

The Central Bank of Iraq (CBI) sales on Tuesday registered $156.410 million, compared to the previous session’s $130.834 million at an exchange rate of 1170 Iraqi dinars per dollar.

"The demand hit $1.950 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $154.460 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.

http://en.aswataliraq.info/Default1....&id=141367&l=1

Update - Trade Bank of Iraq to Launch Private Equity Fund

The state-run Trade Bank of Iraq plans to set up a $500 million private-equity fund to invest in projects in the country, and will next month look to identify a global player to act as the fund’s general partner, according to a report from Reuters.

Hussein Al-Uzri, president and chairman of the bank, said it aims to launch the private-equity fund this year, which will invest in medium-sized projects in industries including oil services, power and hotels.

The bank also plans to open branches this year in London and Beirut, and eventually aims to open offices in North America, east Asia, and possibly China, as Iraq attempts to attract investment to fund its rebuilding.

“Iraq will need major investment in infrastructure — in housing, oil, power, and so this will need capital investment into the country, and we are counting on the private sector, both Iraqi and foreign, to participate,” Uzri told Reuters.

Iraq expects private investment to triple to $30 billion this year, a senior government official told Reuters last month. Overall, Iraq needs $600 billion of investment to rebuild, according to the National Investment Commission (NIC).

Launched in 2003, Trade Bank of Iraq has been widening its product offerings beyond trade finance and plans to add eight domestic branches this year to its current 15, Uzri said.

The bank had $15 billion in assets at the end of 2010, a level it aims to expand by about 15 percent this year. It earned net profit of $386 million last year, and is looking to increase that by about 20 percent in 2011.

Uzri, who was in the Indian capital for a global banking industry conference, declined to identify the firms on the short list to help manage the planned private-equity fund, which intends to raise money from investors.

“What we want is somebody that is of course recognised internationally but at the same time, that they would invest time and money in Iraq,” Uzri said.

“We want to make sure that for them, this is … strategic, they want to come here, they want to put people in, and time,” he said.

Security remains a concern for investors in Iraq, and Trade Bank of Iraq’s headquarters was devastated by a deadly bomb blast last year.

Still, Uzri said it has become much easier to pitch the Iraq investment story than during 2005-2007.

“Almost every day we have visitors from abroad coming in,” he said.

Once a privatisation law is passed, the bank eventually intends to bring in investors to take a minority stake, with a foreign strategic investor a possibility, he said.

http://www.iraq-businessnews.com/201...e-equity-fund/

The Iraqi government to monitor the $ 1.5 trillion dinars to support the additional ration card

Iraq's cabinet decided on Tuesday, during its periodic increase financial allocations for the ration card $ 1.5 trillion dinars after the rise in oil prices in the world affected by tensions in the region.

The government's decision in conjunction with popular protests sweep the number of Iraqi since the fifth of February last, to demand the ration card items and to improve services and reduce corruption and create jobs.

He said Iraqi government spokesman Ali al-Dabbagh told a news conference held at the Council in Baghdad and attended by the correspondent of news agency Kurdistan (Rn) that "the Council of Ministers decided to increase financial allocations for the ration card for this year to add $ 1.5 trillion Iraqi dinars, the allocations before."

Skinner attributed the reason to take the resolution to the "proceeds expected from the increased prices and oil production this year," he said, adding that "the ration card will take priority in the expected increase."

And entered Iraq during the past month deals to purchase the subjects of white sugar and rice to support the ration card items, after that increased citizen complaints of poor quality and lack of materials in more than a year.

The Iraqi government decided mid last month, to transmit the amount of $ 900 million appropriated from the budget this year, for the purchase of fighter planes f16, to support the ration card and the social protection network.

And adopt a wide range of Iraqis in the basic food on the tags supplied by the ration card since the start of the international embargo on Iraq in 1991 after Saddam Hussein's invasion of Kuwait.

Include the ration card food to distribute five major Iraqi families per month, is flour, rice, cooking oil and sugar, add milk to the children and for a nominal fee.

On the other hand, said a spokesman for the Iraqi government "the Council of Ministers also decided at its amendment of the No. 7 of 2010 of the investment law for real estate and state lands that are monitored for investment," noting that "the system has been changed radically by giving encouragement too large for all investors in the projects residential. "

"It has been reduced percentage given to the State so as to reach this percentage to nearly zero in the land granted to investment projects in the housing sector," noting that "the amendment would create new jobs, a huge private sector and investors in the area of housing."

He pointed to al-Dabbagh said, "This point will contribute to attracting capital to the areas of housing, hotels, shopping malls, entertainment and sports."

He said government spokesman said "It was agreed on a sheet of administrative and governmental reforms discussed by the Council of Ministers last week, which entitles the ministries and State institutions to meet the demands of citizens in terms of appointments and the fight against corruption and provide jobs and service projects."

He added that "These reforms will put into practice the demands of protesters and stimulate all the ministries in order to meet these reforms."

http://www.aknews.com/ar/aknews/2/223685/

Karbala governor calls for the activation of the Investment Law and the removal of red tape

Called on the governor of Karbala, Wednesday, to activate the investment law for use in the completion of strategic projects and mission in the province and removing red tape.

The engineer hopes of religion cat told (Voices of Iraq) that Iraq over the wars harsh drained his money and made the infrastructure destroyed that were not under any development since the seventies of the last century, he said, adding that after the year 2003, there were the legacy of heavy and there is a need to build, but that financial allocations are not sufficient.

He said the governor call to activate the investment law for use in the completion of strategic projects and mission in the province being the only ones that have the fruits of construction.

He pointed out that the governor of Karbala province to large projects need to live up to its religious and tourist and tourism in order to activate the fact, pointing out that this requires seeking to establish major projects that serve the visitors and tourists as well as citizens of the province.

He added, "If we are to build the country we remove the red tape and bypass all the work impede construction and services, as well as combating administrative and financial corruption."

http://radionawa.com/Ar/NewsDetailN....873&LinkID=155

Economists and Iraqi lawmakers are demanding the formation of a higher council for economic development in the country

A number of economists and House of Representatives as prime minister to form a higher council for economic development. The head of the center of the market economic Ke Ji told the Kurdish news agency (Rn) "The next stage requires the need to establish a Higher Council for Economic Development monitors the economic developments and help to develop a plan consistent with the reality of economic development."

Defined economic development as a mechanism include achieving a high growth rate of real per capita income over an extended period of time on a regular basis and is important in increasing real income and thus improve the lives of citizens and the provision of goods and reduce economic disparities between the social circles in addition to providing job opportunities for the members of society and the provision of food security.

The Central Bank of Iraq at the beginning of this month that the average per capita income will reach Iraq in 2016 to 9 thousand dollars.

He Ke Ji, "The Development Board does not have any powers but to mature government efforts for economic development during the next phase as he coordinates between the economic circles."

Iraq was passed in 2009 the establishment of a supreme committee to combat poverty holds the fee policy of seeking to alleviate the growing phenomenon in the country.

The UN reports indicated that more than 7 million Iraqis are living below the poverty line in the country despite the increase in the size of Iraq's oil exports to 2.5 million barrels a day.

He Ke Ji that "development in the developing countries of the most prominent challenges facing the governments, so the Iraqi government is supposed to work on the employment of relaxations in economic development."

The CBI had said earlier that the formation of the federal service will contribute to economic development in addition to that, organize the Iraqi market.

On the other hand, member of the Organization of our economy, local communities concerned with economic affairs in the country and teaching at the Institute of International Economic Hub Baldawi's (Rn) "The formation of the board of economic development consists of a central bank and Ministry of Planning and Ministry of Finance and Legal Committee in the Prime Minister and the Economic Commission representative in addition to a number of experts will raise the level of economic development in the country. "

And announced the Federal Ministry of Planning for the economic growth rate will reach according to the strategic plan set by the ministry to 47% after it is completed in 2014.

Baldawi said that "Iraq is really in need of economic development, especially since the past years had been disappointing in raising the level of development due to the implementation of policies, government economic projects that were not clear benchmarks."

He continued that "government action must be focused on a regular basis in the development of economic activity and the fight against inflation over the recent economic develop concepts and their application in the promotion of the economic value of the country."

The International Monetary Fund had said earlier that the economic growth of Iraq has been slower than expected during 2010 in the Economic Review of the Fund, due to expected growth in oil production.

In turn, see the faculty at the University of Mustansiriya Accounting Department Nidal Hussein's (Rn) that "economic development in Iraq must be one of the key elements when it is put development plans implemented by state institutions."

It explained, "is supposed to be a clear development criteria and based on scientific facts and not on the perceptions of some economist who monopolize the public opinion."

She added that "Iraq has not been able over the past eight years to clarify the extent of its ability to trigger economic development."

For his part, Member of Parliament for Haider Yasiri (Rn) that "the House of Representatives will discuss the legality of the Board of Economic Development as well as to the usefulness of it to legislation law regulating its work during the coming period."

He pointed out that "economic development in Iraq over the past year was a painful blow to the Iraqi economy has been unable to strengthen the government's efforts commensurate with the huge financial budget for that year."

"We hope to already be the solution to economic development in the formation of the Council promotes the development of effective economic tasks incumbent upon that require time and professionalism in the management of economic matters."

The Central Bank of Iraq, the Iraqi government can fill the deficit of $ 13 billion in the budget in 2011 by borrowing from their deposits in government banks.

Iraq relies He is a member of the Organization of Petroleum Exporting Countries on oil revenues to finance about 95 percent of its annual budget. In the opinion of a number of deputies that the delay in the budget more than the current time would disrupt the process of construction, age and impede the movement of government and ministries. And witness the preparation of budgets, the country's financial and approval delays by the government and the House of Representatives because of the large number of objections and criticisms on some of its paragraphs highlighted aspects of exchange and the financial allocations for some government institutions and the three presidencies.

He described the Iraqi Central Bank earlier in the rates of economic growth for the year 2010 as "shameful" compared with past years. He revealed last October that the 2011 budget will raise economic growth to 10% of what it was.

The Ministry of Planning and Development Cooperation has announced a high inflation rate of 2% for the month of January for the month of December two years.

The Iraqi government has issued late last month, a decision to apply the system of customs tariffs on imported goods starting from next March.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

http://www.aknews.com/ar/aknews/2/223774/

CBI sells $131m in daily auction

The Central Bank of Iraq (CBI) sales on Wednesday registered $131.114 million, compared to the previous session’s $156.410 million, at an exchange rate of 1170 Iraqi dinars per dollar.

"The demand hit $1.389 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $129.725 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.

http://en.aswataliraq.info/Default1....&id=141377&l=1

More than 200 laws on hold in parliament – Iraqiya legislator

A lawmaker from al-Iraqiya bloc said on Tuesday that more than 200 draft laws are defunct inside the Iraqi parliament, calling for accelerating the enactment of these drafts.

“The Iraqi people need genuine reforms for services, including the speeding up of enacting defunct draft laws, estimated at 200, including the laws on political parties, protection of journalists, oil & gas and corruption fighting,” Othman al-Djeheishi told Aswat al-Iraq news agency.

“We also call on the parliament to cancel its recess, scheduled for the period between April 13 and June 13, 2011,” he said.

Djeheishi referred to a campaign to collect signatures by members of parliament to cancel this recess so as to speed up means to provide services for the Iraqi citizens.

http://en.aswataliraq.info/Default1....&id=141368&l=1

Iraq May Legislate on Currency Exchange

According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government.

Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious and that regulation is needed on the opening of forex services.

“The law is supposed to prevent any economic decision that may disrupt the currency market which negatively affects the work of the offices.”

“The circulation of hard currency (dollar) at the present time follows the decisions taken by the Iraqi government in particular with regard to the entry of goods into the country.”

fadil Taher, the owner of Qusour Exchange office in Baghdad told AKnews that “the exchange work in Iraq is subjected to unjustified controls and in need of great facilities by the concerned authorities.”

“The banking offices suffer from the problem of mobile money-changers who affect the Iraqi market and this must be addressed by the Iraqi government to prevent the currency exchange outside of regulated offices.”

“The well-known banks do not deal with unknown external financial dealers and they work according to the regulations of money laundering law, which is adopted by the Iraqi Central Bank (ICB).”

http://www.iraq-businessnews.com/201...ency-exchange/

Iraqi Oil Research Centre Needs $15m

The Iraqi Ministry of Oil’s Center for Research and Development has said that it needs 15 million dollars [18 billion Iraqi dinars] in order to develop its work and train its people, stressing that a number of important oil companies working in Iraq are reluctant to deal with the center as it currently stands.

The Minister for Oil said that the Ministry will support the center through the ‘funds distributed for companies’.

The Center’s director, Karim Abdul Hassan, told Alsumaria News on the sidelines of the Second Evaluation Conference for Research and Development in Baghdad that the center needs 15 million dollars in order to finish seven projects over the next three to four years.

Abdul Hassan pointed out that the projects include buying laboratories and special equipment in addition to training the staff and building new facilities for the center.

http://www.iraq-businessnews.com/201...tre-needs-15m/