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

CBI sells US $121 million on Monday

The Central Bank of Iraq (CBI) has sold U.S. $121 million in its auction, at a rate of 1,170 dinars per dollar, selling less than its auction on Sunday which reached 179 million dollars.

“The total demand for dollars reached 121, 442,000 dollars, sold by the CBI, at the rate of 1,170 dinars per dollar,” the CBI’s bulletin reported on Monday.

The total CBI’s sales for its previous session on Sunday had reached 179,557,000 dollars, distributed through the cash sale of 3 million and 120,000 dollars, at the rate of 1,183 dinars per dollar, including the CBI’s interest of 13 dinars per dollar.

Foreign transfers reached 118,322,000 dollars, at an exchange rate of 1,183 dinars per dollar, the bulletin pointed out.

http://en.aswataliraq.info/Default1....&id=143426&l=1

Financial control: the end of the mandate of the Development Fund for Iraq in the UN Security Council next Thursday

Announced the Board of Supreme Audit that will be handed over files the Development Fund for Iraq to the Committee financial experts after the end of the mandate of the International Advisory and Monitoring on the basis of Security Council resolution No. 1956 in 2010.

A statement of the Office of Financial Supervision, Sunday, an official source in the bureau that the Iraqi side will host the the last meeting of the International Advisory and Monitoring in the Jordanian capital, Amman next Thursday.

The source added that the meeting will be attended by President of the Board of Supreme Audit and Chairman of the Committee of Financial Experts and members of the International Advisory and Monitoring Board, and representatives of the Secretary-General of the United Nations and the International Monetary Fund and the World Bank and the Arab Fund for Economic Development and social, as well as the representative of Iraq at the International Council.

http://ar.radionawa.com/Detail.aspx?id=9201&LinkID=197

Alshaya Brings Mothercare to Iraq

Arabian News reports that Kuwait’s MH Alshaya Co, the Gulf franchise holder for H&M, Starbucks and TopShop, plans to debut the mother and baby equipment chain Mothercare in Erbil later this year, in a bid to tap into the country’s 30 million-strong population.

This will be the Alaysha’s first retail outlet in country.

“We believe it is a region with real potential and look forward to developing a presence there in line with our agenda of growth,” a spokesperson for Alshaya told the news agency.

Last month Mothercare announced plans to open a further 150 international stores – prime expansion regions include South America and the Middle East. Chief executive Ben Gordon said: “Iraq has 30 million people – clearly it is a country with a lot of potential.”
By contrast, the company plans to close 110 stores in the UK.

In an effort to rebuild an economy battered by years of war, Iraq has opened its doors to commercial investors and Gulf firms have been among the first to respond.

http://www.iraq-businessnews.com/201...rcare-to-iraq/

Iraq’s Oil Industry To Be Monitored By Transparency Group

Iraq has committed to providing accurate figures about its oil revenues by agreeing to verify details of its oil industry with the Extractive Industries Transparency Initiative (EITI).

Eddie Rich, deputy head and regional director of the Extractive Industries Transparency Initiative (EITI), told RFE/RL’s Radio Free Iraq (RFI) on June 24 that Iraq “is in the process of undertaking the first reconciliation report which is planned to be completed by the end of October, and then the validation process will start soon after that.”

He said the Iraqi government has until August 2012 to “complete a reconciliation report, disseminate the report, and have a validation, which is a quality assurance process to see how it has met EITI standards.”

Rich said this procedure “will set up clearly credible figures about how much money is coming into Iraq from the sale of oil, and this gives a picture about how much the country has gained from these resources that belong to all the Iraqi people, not just the government.”

He added that knowing precisely how much Iraq is making from oil exports helps the government decide how to manage these earnings and how the whole sector is managed.

Rich explained that “one of the key parts of the EITI process is not only to set up a framework for the publication of these figures, but it also establishes a ‘multistack’ group of governments, companies, and civil society organizations to oversee the whole process and to discuss the figures.”

He pointed out that “there are representatives of ordinary Iraqi citizens in this group who are discussing these figures and they have the opportunity to put forward the views of Iraqi citizens.”

John West, a UN Development Program coordinator, told RFI that Iraq’s commitment to the EITI process will effectively contribute to curbing corruption, especially in the extractive mineral industries.

Iraqi Energy Institute Director Loay al-Khatib told RFI that the Iraqi government should step up its efforts for greater transparency so that its commitment to the EITI process will be more meaningful.

http://www.iraq-businessnews.com/201...parency-group/

Walid Idi: giving equal opportunities to the private banks with government banks

With complaining Iraqi private banks of the measures taken by the Ministry of Finance not to accept the instruments issued by it and other measures to interfere with their development. Declared a high government official for the agreement reached between the Iraqi government and the World Bank on the need to reform the banking and financial sector. The general director of banking and credit in the Central Bank of Iraq Walid Idi's economic "morning: that the agreement included work on the development of private sector banks and give them equal opportunities with government banks.

He added that the embodiment of this Agreement has been a meeting between the Minister of Finance and Central Bank Governor in the presence of consultants in both institutions in this regard to work on the imposition of an appropriate mechanism in other meetings to come out with decisions and recommendations to serve the march of the private banking sector and the public alike, and awarded for these opportunities according to the principle of differentiation that serve the requirements of development and construction in Iraq.

http://www.iraqdirectory.com/Display....aspx?id=16127

Inflation Rate to Reach 7% in June

Iraq’s Central Bank expects the inflation rate to reach 7% in June, and pointed out that the increase of oil prices is one of the main reasons of inflation in the country.

Central Bank advisor Mazhar Mohammad Saleh told Al Sumaria TV that production of goods is weak in comparison to the services sector, which is booming.

Iraq bears the inflation caused by the raising prices of goods worldwide because it is an importing country and stressed that the increasing oil prices are causing inflation in spite of the revenues it is bringing to Iraq.

The political problem also affects the volume of inflation as it confuses expectations and creates a state of uncertainty, Saleh said. He added that Iraq produces very few goods, while services sector is booming, and this situation is being reflecting in the record prices.

Iraq Ministry of Planning and Development Cooperation announced last week that the inflation indicator increased in May 2011 compared with the previous month.

http://www.iraq-businessnews.com/201...ach-7-in-june/

Iraq Telecoms 2011 Gold Sponsor Zain Considers Offers to Manage its Network

With 12 million subscribers in Iraq, Kuwait’s Zain is the market leader in the Iraq Telecoms industry, currently considering several tender offers to manage its telecoms network in Iraq. Zain is likely to award the contract in the next few weeks; the winner will be able to improve the network quality, while Zain will focus its efforts on marketing, sales and improving customer service.

Gold sponsors for Iraq Telecoms 2011 taking place between the 25-27 October 2011, Istanbul, Zain will host the welcome reception taking place on the 25 October, providing delegates with the opportunity to meet with key figures within the organization.

Zain has refused to name bidders for the managed service agreement, but have commented there are at least three, international players such as Nokia Siemens Network, Huawei Technologies and Ericsson to be likely candidates.

Iraq Telecoms 2011 presents a great opportunity to debate the latest industry updates with all the main players in this fast growing sector in Iraq. The event engages this year as every year, key government officials, service companies and operators within the Iraq Telecoms market.

Key industry support has already been confirmed for the Iraq Telecoms conference; sponsors to date include:Asiacell, CDN, Zain, Scopesky, Nokia Siemens Networks, Huawei, O3b, Korek, Arabsat, DragonWave, Ericsson, Silkroad Group, Zhone, PCCW Global, Kalimat, Eutelsat, Technology Partners and Alcatel-Lucent.

Representatives from many of the sponsors will be delivering further insight into their plans for expansion.

http://www.iraq-businessnews.com/201...e-its-network/

Discussions to resolve "political stagnation"

President Jalal Talabani and Vice-Premier Saleh Mutlaq discussed today means of solving obstacles before the "political stagnation', according to a statement of Mutlaq.

The statement, as received by Aswat al-iraq, Vice-Premier Mutlaq evaluated the good offices of President Talabani for another round of discussions between Iraqiyah and State of Law blocs.

It added that "Iraqiyah is still waiting meeting its demands, readiness to positively deal with all political blocs and entities, and spare the country of extreme conflicts.

Iraq witnesses political crises since 2010 elections due to the mistrust between the main two blocs in the parliament and government partners (State of Law and Iraqiyah), where the latter demand prompt and full implementation of Arbil agreement that paved the way for the formation of the Iraqi government in 21 December, 2010, including the security posts, and establishing the Higher National Strategic Council.

http://en.aswataliraq.info/Default1....&id=143454&l=1

Chinese Oil Company Begins Operations at Iraqi Site

The largest Chinese oil company has begun major operations at the Al Ahdab oil field in Iraq, making the field the first large new one to start production in Iraq in 20 years, according to an official news report Tuesday.

Operations began June 21, and the field is expected to produce three million tons of crude oil per year, reported China Daily, an English-language newspaper. The oil field was discovered in 1979 and is believed to have reserves of one billion barrels.

The Chinese company, China National Petroleum Corp., or C.N.P.C., a state-owned enterprise, secured rights to the field under a technical service contract signed with the Iraqi government in November 2008. Under the contract, C.N.P.C. can develop the field for 23 years. The company is investing $3 billion to develop and explore the site, China Daily reported.

The deal is a renegotiation of a contract signed in 1996 with the government of Saddam Hussein to develop the field, which is 180 kilometers, or 110 miles, southeast of Baghdad, in Wasit Province. The contract was postponed after the United Nations imposed economic sanctions on Iraq and the U.S. military toppled Mr. Hussein in 2003. Analysts say the Ahdab operation is C.N.P.C.’s largest in the Middle East.

The contract says C.N.P.C. will be paid per barrel of oil rather than get equity in the oil field, as it would have under the original agreement with Mr. Hussein’s government. A Chinese oil executive said in 2009 that the company would receive a profit of less than 1 percent but that the contract was a way to “get a foot in the door” of the Iraqi oil industry, which has much larger fields than Ahdab. C.N.P.C., whose listed arm is PetroChina, has brought in other Chinese companies to work on the field, including Zhenghua Oil, which also has a 23-year contract.

http://www.pukmedia.com/english/inde...raq&Itemid=386

Parliamentary committee calls for the economy to open banks in all provinces for the adoption of the investors

Commission asked for the Economy and Investment, on Tuesday, opening banks in all Iraqi provinces.

stressed member of the Committee Nahida Daini told a news briefing on the need to open banks in all provinces to adopt the investment companies it instead of coming to Baghdad, noting that this step is important to encourage Iraqi banks advancement and the use of advanced technology

http://www.radiodijla.com/cgi-bin/ne...-28%2010:17:12