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

Economists: counterfeit currency moved into the financial market again .. and Stwtheraly Iraqis

come back counterfeit currency to hack into the Iraqi market, after the discovery of millions of them, whether Iraqi or foreign. And Acharaadd of experts and the owners of banking companies that counterfeit currency usually large in the country, warning in the words of (the Agency's news) the aggravation of the crisis and increasing impact on the Iraqi economy, while some have accused them of neighboring countries, especially Iran, from the introduction of this currency to Iraq.

He said the financial expert Maytham Laibi: "There is talk of some Altjaran Tzoiralamlp in East Asia, where they will be incorporated Abralboakhar."

And added to coffee (of the Agency news): "The counterfeit currency have Tothirkberaly the Iraqi economy, megatrend destabilize confidence Bdinaraeraki and the transition to the dollar, and continued: "The counterfeit currency will increase the money supply of currency in exchange for the limited supply of goods Mmaiwdi to inflation."

For his part, "said Hazim al-Nouri, a banking company owner in Baghdad:" We are suffering from currency Almzop which usually moved into the Iraqi market, Mthmha neighboring countries, especially Iran in the introduction to Iraq.

He said Nouri (of the Agency news): "There are efforts from neighboring countries to confuse the market, economic and financial Iraqi, through the introduction of counterfeit currency, to weaken the Iraqi dinar, and continued: that these countries were rigged Ataralamriki too, and pumped huge amounts of it, a great influence on the financial market.

The Alkhbayralaguetsadi bugsbunny Asad said that "any defect affects the monetary system will directly affect the market.

He bugsbunny (of the Agency news) that the counterfeit currency, its influence on citizens, in the case revealed that the currency will reduce their income, indicating that the treatment of this phenomenon, which not be considered the preserve of the Iraqi state is through a tightening of monetary control and safe, "Mahdhirat of continuing to pour into the Iraq.

With Ziad Alndaoui banking company owner in Baghdad: "We are suffering greatly from the counterfeit currency in our work, where we found thousands of counterfeit Iraqi currency.

He Alndaoui (of the Agency Alabaripllanaba) that the class (25) thousand are the most fraud, followed by (5) of thousands, calling Alndaoui security services and the Central Bank of the Srapoumaaljp this phenomenon.

He noted that the counterfeit currency Alndaoui interference from Iran and Syria, and talk now about to enter China, and that most of what we have heard that the currency intervention from Iran, refusing to deal in Iranian support of Iraqi currency, saying: Why does Iran forged Iraqi currency? Is not this a sabotage of the Iraqi economy and the collapse of the dinar as well?

He called to cut financial ties with Iran because of her gang of counterfeit currency, Alndaoui did not accuse Iran only, but he said the gangs led by Iraqi figures to do so as well.

The suffering Iraqi citizenship and owners of companies from the banking fake currency, which entered into Iraq, citizens Adbed currency have a significant impact only on limited in the face of rising unemployment and food prices and construction.

http://www.ikhnews.com/news.php?action=view&id=10953

Petrofac awarded Shell contract in Iraq

Petrofac, the international oil and gas facilities service provider, can confirm it has been awarded a contract, in excess of $240m by Shell Iraq Petroleum Development B.V. for developments in the Majnoon Field, Southern Iraq.

Under the competitively tendered contract, Petrofac is providing engineering, procurement, fabrication and construction management services for the development of a new early production system comprising two trains each with capacity for 50,000 barrels of oil per day, along with upgrading of existing brownfield facilities. Work on the project began in mid-2010 and is expected to complete during the fourth quarter of 2012.

Ayman Asfari, Petrofac group chief executive, said, "Majnoon is one of Iraq's largest developments and we are delighted to be working with Shell to assist them with unlocking the field's potential. Iraq's geographic location, adjacent to many of our existing areas of operation, made it a natural market for the group as we continue to broaden our geographic footprint."

Subramanian Sarma, managing director, Petrofac Engineering & Construction, adds, "Prior to beginning work with Shell in Iraq last year, we had spent many months preparing in order to achieve a sufficient level of readiness across several aspects of our business operations. All of our activities are underpinned by our strong commitment to safety, quality and integrity and alongside Shell and the local community, we are working to deliver this project to the standards our customers and stakeholders expect from us."

http://www.ameinfo.com/260837.html

IMF Suggests Stable Iraqi Dinar

A report on Monday by the International Monetary Fund (IMF) suggests that the Iraqi dinar is currently fairly valued at 1170 dinars to the US dollar:

“The CBI [Central Bank of Iraq] will continue to aim at keeping inflation low, predominantly by maintaining a stable exchange rate. The low level and the relative stability of inflation do not suggest any significant over or under-valuation of the Iraqi dinar. Also, a stable exchange rate continues to provide a solid anchor for the public’s expectations in an otherwise highly uncertain environment and in an economy with a very low level of financial intermediation.”

The report continues, “Meanwhile, the CBI will continue to keep its policy interest rate positive in real terms. To enhance mobilization of domestic financing, limitations on state-owned banks’ use of government deposits for investing in Treasury bills have been reduced, while the pension fund has also been allowed to invest in Treasury bills and to participate in auctions directly.”

It also allows for the possibility of an upward drift in the value of the dinar over the years:

“Staff supports the CBI’s policy of managing the exchange rate of the Iraqi dinar to keep inflation low. A stable exchange rate continues to provide a solid anchor for the public’s expectations in an otherwise highly uncertain environment. Over time, rising oil revenues could put upward pressure on the real exchange rate, which would warrant allowing greater exchange rate flexibility.”

http://www.iraq-businessnews.com/201...e-iraqi-dinar/

Iraq Growth ’12%’, CBI to Stay Independent

Iraq has told the International Monetary Fund that its central bank would remain independent, despite Prime Minister Nouri al-Maliki winning a court ruling in January placing the central bank under the control of the cabinet, rather than the parliament.
The ruling attracted criticism that the Central Bank of Iraq (CBI) might lose its independence.

The government, the bank and the court itself have since insisted repeatedly that the ruling would not compromise the bank’s independence, according to a report from Reuters.

A memorandum from the Iraqi Government to the IMF stated, “The CBI will continue to be independent in the pursuit of its policy objectives”. It was signed on 3rd March 3 by Iraq’s central bank governor Sinan al-Shabibi, and finance minister Rafe al-Essawi, and was published on Monday by the IMF. The full document can be downloaded by clicking here.

The IMF staff “welcomes the authorities’ continued commitment to safeguard the independence of the CBI, which is critical for maintaining confidence in the Iraqi dinar“.

The statement predicts that Iraq’s Gross Domestic Product (GDP) will grow by 12 per cent in 2011 as a result of increased oil production, which accounts for about 95 per cent of Iraq’s economy. It predicted exports of 2.2 million barrels per day, in line with forecasts that appeared in the 2011 budget.

The memorandum repeated budget estimates of revenue and current spending, which would leave a deficit of the equivalent of 15.7 trillion dinars ($13.4 billion).

In the memorandum, published on the IMF website, Iraq also said it aimed to complete a restructuring of its two largest state banks by mid-June 2011.

http://www.iraq-businessnews.com/201...y-independent/

Giant storage tanks to boost Iraqi oil exports

The Oil Ministry is constructing giant storage tanks with a capacity to hold up to 350,000 barrels of oil each as part of new infrastructure aimed specifically to boost Iraqi oil exports, the ministry’s spokesman said.

Asem Jihad said 24 tanks with such massive capacity should be ready by the end of the year as well as floating terminals at the head of the gulf in anticipation of a substantial increase in Iraqi oil exports.

“According to the (oil) ministry’s plan exports should surpass four million barrels a day by the end of 2012,” Jihad said.

He said, “The ministry is building 24 storage tanks each capable of holding 350,000 barrels of oil. We are constructing three pipelines linking oil fields to terminals on the Gulf and building three floating terminals each with an export capacity of 400,000 barrels a day.”

If the projects the ministry has under construction are completed on schedule, Jihad went so far as to suggest that Iraq might have the potential to export up to 5 million barrels a day in 2012.

The rosy picture, if materialized, will be good news for Iraq which almost solely relies on oil earnings for its hard cash. But the ministry has a bad forecast record as most of its previous predictions have not come true.

Jihad predicted that exports this year might hit 2.750 million barrels a day.

http://www.azzaman.com/english/index...04-01\kurd.htm

Al-Iraqiya MP describes reports that PM Maliki strives to form a majority cabinet as “personal viewpoint.”

A Legislature from al-Iraqiya Coalition, led by Iyad Allawi, has described a statement by Legislature Izzat al-Shabander from the National Coalition, led by Prime Minister Nouri al-Maliki, as “a personal viewpoint.”

“Maliki is committed towards the period he gave to his ministers to achieve missions and there exists no idea to form a new government, because the serious move in the cabinet ministries is heading forward in a good manner,” Ali al-Shilah told Aswat al-Iraq news agency.

Shilah said that Maliki might head towards forming a new government, but not before the 100-day period he assigned for his cabinet ministers.

The MP for the National Coalition, Izzat al-Shabandar, had stated recently that Maliki “strives to mobilize a Parliamentary backing to form a new government.”

Prime Minister Maliki had given a 100-day period for his cabinet and service institutions to achieve necessary services for the Iraqi people, to be followed by a general evaluation for the activity of the government and each ministry aside.

http://en.aswataliraq.info/Default1....&id=141756&l=1

Swiss company plans to set up oil reservoirs in Basra

The Swiss Dome company discussed with chairman of the Basra Investment Commission ways to establish oil reservoirs in Basra.

"The preliminary study includes the establishment of oil reservoirs near Khour al-Zubeir port in Basra on 40 donums with $250 million to develop the oil sector in the province," the company's director, Amin Jaafar, told Aswat al-Iraq news agency.

"The company, based in Switzerland, has branches in Netherlands, Britain and Dubai," he explained.

http://en.aswataliraq.info/Default1....&id=141731&l=1

Iraq’s Visa Madness

Visa problems for foreign workers in Iraq continue to make the headlines. Last week we reported on the difficulties caused by a decision to channel visa applications through the office of the Prime Minister, Nouri al-Maliki; now we hear that the Basra Investment Commission has imposed its own restrictions, with the intention of reducing unemployment.

While the restrictions do not appear to be limited to specific sectors or levels of employment, the main game in town is clearly oil and gas, and in this area there are many foreign workers whose expertise is required in Iraq.

But when we say ‘many foreign workers’, that is relative – in the context of an unemployment rate between 15% and 39% (depending on whose figures you choose to believe), the number of foreign experts who need to enter Iraq is trivial. While the energy sector accounts for as much as 90% of Iraq’s GDP, it employs only about 1% of the workforce, and the number of non-Iraqi experts required would be a very small fraction of this 1%.

It’s also worth noting that native Iraqi oil workers are the cheapest in the world, so companies would be inclined to employ them first, if they have the required skills.
If Iraq is to thrive, it must allow companies to bring in the talent they need to development the country’s biggest asset.

http://www.iraq-businessnews.com/201...-visa-madness/

U.S. Embassy in Baghdad announced a doubling of staff numbers after the withdrawal of U.S. military

U.S. ambassador to Iraq, James Jeffrey Friday afternoon that the number of workers in the embassy, ​​which was the largest in the world, will double after the scheduled withdrawal of U.S. troops from the country end of this year. Jeffrey said in a press statement we will double our size, if so agreed, and if we receive the necessary funds from Congress for the years 2011 and 2012. He added that the number of employees will double from about eight thousand now, by 2012, adding that U.S. forces would be a small fraction of these numbers. Jeffrey will be continued and the Embassy of exceptionally large size are multiple acts, including the sums received from the U.S. forces in Iraq, some of the other a continuation of what we are doing now.

He said that the advisers of U.S. troops who would train the Iraqi army will remain on the use of tanks or the conclusion of the A1 and other weapons, stressing the lack of soldiers, including combat units.

Is still less than fifty thousand U.S. military deployed in Iraq after their numbers amounted to 170 thousand years, especially 2007 and 2008. And assured Jeffrey commander of U.S. forces in Iraq, Gen. Lloyd Austin, members of Congress in February that the diplomatic mission in this country will have well protected after the withdrawal of U.S. forces end of the year 2011. Said Jeffrey, told the Senate that the strong special security force, 5500 will be the protection of the embassy.

He also Jeffrey and Austin are confident that the appropriate size of the force and that Iraq will remain stable after the departure of U.S. forces. As of 2012, Will include a U.S. presence in Iraq 20 thousand civilians a maximum at the sites, which includes two sections of the embassy and consulates and three training centers for police. These figures include security personnel in private companies and the support crew and diplomats. Currently, there are in Iraq in 2700 a security officer working with the Americans, according to Jeffrey told the senators.

http://www.ipairaq.com/index.php?nam...itics&id=37046

Basra Investment Commission put strict controls on the entry of foreign labor to reduce the phenomenon of unemployment

The chief investment Basra, that the Commission put strict controls with regard to entry and the introduction of foreign workers to the province, indicating that the investment of Basra did not give the past two years formal approval for any investor to bring in foreign labor.

He said Haider Ali Fadel, said that Basra Investment Commission is trying to exclude foreign workers as much as possible, particularly as they put unemployed citizens of the city from among its priorities.

He explained that the body is more or less of those responsible for undermining the phenomenon of unemployment as one of the most important objectives of the Iraqi investment law, especially after the unemployment has become a major concern for the Iraqi man in all provinces in the country.

He noted that 90% of employment to be brought in from outside Iraq to any investment project are available in the country, particularly that Iraq possesses the expertise and outstanding cadres at all levels.

He asserted that the Basra Investment Commission did not grant formal approval for any investor to bring in foreign labor during the past two years, said afterthought but this does not mean there are some exceptions provided that the cost-effective large, and also holds approvals decentralized by the provincial council and the Ministry of Labour for the purpose of allowing firms to accompany foreign cadres, but are regulated.

The country has witnessed during the past few months, a wave of public demonstrations calling for improving the situation of services and the creation of successful solutions for the elimination of unemployment, and increased hours of processing power, and the delivery of the ration card on a regular basis without interruption, the resolution and the dismissal of some governors and local councils.

The Ministry of Planning and Development Cooperation had warned in 2010 of the rising number of unemployed is scary in Iraq and the proportion exceeded 25 per cent compared to the workforce.

The rate of unemployment in Iraq to 39% in the last two years, according to World Bank estimates, while stressing the government reports in the Central Bureau of Statistics that only 15%.

http://www.ipairaq.com/index.php?nam...onomy&id=37042