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

Finance: the development of "windows for Islamic banking" in the government banks

Detect and Minister of Finance. Rafie al-Issawi about the intention of the ministry opened a "window of the Islamic banking" in the Rafidain and Rasheed, according to a ministry statement. The statement said al-Issawi said during a "meeting of major Diwani Aloagafin Sunni and Shiite that the ministry pledged in the draft budget in 2011 so in response to demands by the citizens of Awqaf and open the window non-asthmatic in Iraqi banks."

The statement quoted al-Issawi, said that there is a possibility to "open an Islamic bank under the Ministry of Finance based drop interest and that after the approval of the state budget for 2011."

And on the allocation of grades and additional functionalities to Oagafin Sunni and Shiite, and the possibility of opening the window of Islamic banks, Iraqi, said al-Issawi, according to the statement, that the solution to these files "will be vested in the return of a draft general budget of the parliament to the prime minister," stressing the need to "review financial budget allocated to the case Oagafin return a draft budget of the parliament to the government."

The House of Representatives continue to discuss the draft law the state budget for 2011 this month, and had completed its first reading on January 16 this month.

The Council of Ministers "approved" in its sixth in 2011, which was held last Wednesday (January 26 January) The amendments contained in the draft General Budget Law of the Federal Republic of Iraq for the fiscal year 2011.

http://www.uragency.net/index.php?aa=news&id22=16299

Government adviser: A link to the State Central Aiwtheraly the country's political and economic

The Iraqi government legal adviser said Monday that the association of the Central Bank of the Iraqi government "administratively" to Ayotr on economic policy of the country.

Fadel said Mohammad, told the Kurdish news agency (Rn) announced today that the "Link Central Bank of Iraq to the Iraqi government does not affect the economic relations and cash owned by Iraq with the countries of the world, it also would not impede the project unblocked Iraqi funds."

Mohammed indicated that "the Federal Court decision on linking the Central Bank of the Iraqi government is administratively a decision based on a constitutional Articles 102 and 103 and subject to the supervision of the Council of Representatives and it already applies to the entirety of government institutions."

The CBI has warned on Sunday of the repercussions of the Federal Court decision and its impact on exposing the Iraqi funds under the umbrella of an international bank to risks and fabricated claims of the pending acquisition by the application of the resolution.

The court issued a federal Iraq resolution on 18 March, the latter serving to link the bodies that were received in the Iraqi constitution as an independent, an Iraqi cabinet minister, at the request of the Office of the Prime Minister, who was lifted last December to the same court.

Between Muhammad and that "objection to the Central Bank of the link is not an objective fact that the Constitution is clear and explicit in this case to regulate monetary policy and financial resources for the country."

The Central Bank was able to provide a safe umbrella of $ 50 billion to meet its needs in the capital of the local presence and international levels.

And Article (103) First: Each of the Iraqi Central Bank and the Financial Inspection Office and the media and communications, Endowment, bodies, financially and administratively independent, and the law regulates the work of each of them.

Second: The Central Bank of Iraq responsible before the Council of Representatives and the Office of Financial Supervision Authority Media and Communications House of Representatives. The text of the Iraqi constitution, passed in 2005 that the central bank is accountable to the House of Representatives only, the fact that the goals to be achieved is to build a stable financial system, reduce prices and fight inflation as well as the creation of stable conditions serve the financial security, and in the case of abuse, he is liable to account strictly before the House of Representatives .

And warns many parts of the loss of Bank independence and subjected to political calculations like the rest of independent bodies covered by the latest court decision, but that the court decisions are conclusive and the necessity and can not be contested that the Constitution set out some of the bodies it is time to be attached to one of those.

In the opinion of several quarters, said the move reflected the desire of the Prime Minister to take control of the apparatus independent of, without paying attention to downside risks for the acquisition of greater power, at the time opposed to lists of political in which the most prominent of the Iraqi List and the Kurdistan Alliance, the idea of linking independent bodies the Council of Ministers of Iraq and prepared by the excess of the National Alliance on the Iraqi constitution being issued with the strong support of the latter.

And anticipate the Supreme Judicial Council Votes objectors to the Federal Court decision that committed all the political blocs to the decisions of that court is not permissible to object to any of them.

http://www.aknews.com/ar/aknews/2/214682/

Opposition in Kurdistan calls to dissolve Parliament

As the crisis in Kurdistan is escalating, the Opposition Change movement urged Kurdistan Regional Government to resign and called to dissolve the Parliament.

These calls however sparked reservation in Kurdistan. Kurdistan Alliance believes these calls reflect the intention of certain neighboring countries eying to destabilize the situation in Kurdistan.

http://www.alsumaria.tv/en/Iraq-News...arliament.html

Iraq's oil exports won't be affected by Egypt's tense situation, Oil official says:

A leading spokesman for the Iraqi Oil Ministry has said on Monday that the current tense situation in Egypt would not affect Iraq's oil exports, reiterating that the rise of oil prices would benefit Iraq.

"Iraq is continuing oil production and its exports won't be affected by the current tension in Egypt," Assem Jihad said, adding that "the increase of the international oil prices shall be reflected positively on Iraq's revenues and will minimize the deficit in the State Budget."

Jihad pointed out that "the Iraqi Oil Ministry is exporting oil from two outlets, the first in southern Iraq, through the Iraqi terminals on the Arab Gulf and the second from north Iraq, through pipelines passing through Turkey," adding that "foreign companies are being supplied by oil through those two outlets, according to contracts signed with Iraq."

Noteworthy is that chaos in Egypt have caused the increase of oil prices in Asia, markets of whom fear that a defect might happen in oil exports through Suez Canal.

The morning deals have witnessed the increase the price of light crude oil for March supplies by 37 cents per barrel, to reach 89.71 US dollars per barrel, whilst the price of the barrel of oil in North Sea's Brent had increased by 18 cents, reaching 99.60 US dollars.

http://en.aswataliraq.info/Default1....&id=140778&l=1

Kurdistan: We will wait for the results of the meeting of the Finance Committee with Issawi to decide to approve the budget of 2011 of whether or not

A spokesman for the coalition of Kurdish blocs, Monday, that Kurdistan will wait for results to be submitted by the Finance Committee after discussion with the Minister of Finance, Rafie al-Issawi, on the budget of the Federal Assembly for 2011, and then decide to approve them or not.

The Iraqi government had earlier agreed on the draft federal budget law for the year 2011, so that the budget amounting to about 79.6 billion dollars.

A good supporter, told the Kurdish news agency (Rn) that "Kurdistan will wait until the outcome of the discussions that will take between al-Issawi and Finance Committee in the Iraqi Council of Representatives, after which it will provide remarks or proposals or approval of the results."

He added that good "visit by a delegation headed by Kurdistan regional president Massoud Barzani, a few days ago to Baghdad and his meeting with Maliki came out with positive results for a number of points," noting that "the Governments of Baghdad and Erbil have agreed on those points that belong to the budget year 2011."

He continued by saying that "the coalition will examine those results and discuss with its members, then will his remarks before the start and begin the second reading of the budget in case of observations by a coalition of Kurdish blocs."

The MP Ahmed al-Alwani said to (Rn) earlier in the day yesterday that he "decided to call the Minister of Finance of the House of Representatives to discuss the issue of the budget of the Federal Assembly in 2011 with the Finance Committee representative and received by the changes and new additions by the Presidency of the Council of Ministers".

He pointed out that al-Alwani, "will discuss the amendments and additions with the recent al-Issawi to two consecutive days, to find out the extent of changes that could occur after the prime minister in the amended budget on the basis of change in the price per barrel of oil from $ 73 to 76.5 per barrel."

And witness the preparation of the financial budget of the country and a delay of approval by the government and the House of Representatives because of the many objections and criticism of certain paragraphs highlighted aspects of exchange and the financial allocations for some government institutions and the three presidencies.

http://www.aknews.com/ar/aknews/2/214735/

Dissolving Kurdistan's government, parliament, threat for Region's Experience, Premier says:

Iraq's Kurdistan Region's Premier, Barham Saleh, has said on Monday that the demand to dissolve the Region's government and parliament represents a serious threat to the Region's experience, in a hint to a recent demand by the Kurdish Goran (Change) opposition movement in this respect.

"The demand to dissolve the government and parliament of Kurdistan Region, raised by the Goran (Change) Movement, represents a serious threat to the democratic experience of the Region," Saleh told a news conference, saying that "it is the duty of the government and the opposition to cooperate in accelerating the reform process," calling on "everybody to share in the country's development."

The Kurdish Goran (Change) opposition movement had issued a statement last Saturday, demanding "the dissolving the government and parliament of Kurdistan.

Noteworthy is that 19 political parties and movements in Iraqi Kurdistan had held a meeting in Arbil, led by Kurdistan Region's President, Massoud Barzani, on Sunday, rejecting the call of Goran Movement to dissolve the Region's government and parliament, reiterating that "any attempt for reform and change must take place within the political and legal legitimacy," and rejecting any attempt to "undermine the security situation and the peaceful coexistence among the components of the people of Kurdistan.

In another development, Kurdistan Premier Saleh, commenting on the wave of protests in several Arab countries, including Egypt, said: "I, as a Premier, can't interfere in the affairs of other states; but, as a citizen, I can say that peoples want justice, freedom and demand the achievement of democracy," adding that "the situation in Iraq is quite different than other states, especially in Kurdistan Region, that has achieved genuine and serious steps towards the future."

The Egyptian authorities have imposed a curfew in Cairo, Alexandria, Suez and other Egyptian cities, cut the communications inside Egypt and with the world at large, following huge demonstrations that took place since January 25th, demanding the "departure" from power of President Hosni Mubarak that ruled Egypt for about 30 years, with news agency reports that hundreds of people have been killed or injured, along with acts of plunder and burning.

http://en.aswataliraq.info/Default1....&id=140777&l=1

Bad news for the central bank

Last week the federal supreme court ruled in favor of the government’s request to have the Central Bank of Iraq (CBI), along with the Independent High Electoral Commission, the Integrity Commission, and the High Commission for Human Rights, put under the supervision of the cabinet. This is bad news for the central bank.

Up to now, the CBI has been under the supervision of the parliament, as stipulated by the constitution. There is a good reason for this. Under the parliament, the central bank is not answerable to any single politician. Under the cabinet, it could potentially be directly controlled by one man.

A dangerous opportunity has been created for the governmnet to increase the money supply arbitrarily. Saddam Hussein tried this during the 1990s. The result was hyperinflation.

Iraq’s US$ 50 billion in forex reserves are also at risk. There will be a big temptation to use these for local patronage projects with foreign currency-denominated expenses. If this happens, the CBI could be saddled with significant losses. It could even end up having to be recapitalized.

The court’s ruling is great news for anyone who might some day be in a position to “wet his beak” at the CBI’s expense. Bad news for everyone else.

http://www.iraq-businessnews.com/201...-central-bank/

A parliamentary source: the Finance Committee is waiting Amoralmizanip discussion with the Minister of Finance

said Deputy for Finance Committee in the Iraqi parliament on Monday that his committee is waiting the arrival of the Minister of Finance to discuss the budget of the Federal Assembly in 2011, after he started the House of Representatives yesterday, the second reading of the budget as prompted Bhouduruzer Finance to the Council for discussion Alammermah especially with the recent amendments made to the budget.

Jawad al-Bolani told the Kurdish news agency (Rn) announced today that he "will discuss a range of issues with the Finance Minister in his presence today of the Finance Committee of which, recent amendments that took place on the budget, observations posed by the many members of the House of Representatives, and the allocations to the provinces and ministries The money earmarked for social benefits and other things. "

And Bolani that the Finance Committee will discuss the financial allocations made for some ministries and sectors because of their reflection on the service sectors fundamental and general, including the provision of education, and the allocations for the provinces and its impact on their projects, as well as comments made on the budget by many members.

He pointed out that "discussion of the budget needs to time, especially as the Council of Representatives and the parliamentary blocs, have comments on the budget for 2011," explaining that "the important thing is to balance out enhance the capacity and capabilities of the Iraqi state in providing services and financial allocations for citizens and service ministries and other ministries."

The MP Ahmed al-Alwani said to (Rn) earlier yesterday, he "decided to call the Minister of Finance of the House of Representatives to discuss the issue of the budget of the Federal Assembly in 2011 with the Finance Committee representative and received by the changes and new additions by the Presidency of the Council of Ministers".

The Iraqi government had earlier agreed on the draft federal budget law for the year 2011, so that the budget amounting to about 79.6 billion dollars.

He pointed out that al-Alwani, "will discuss the amendments and additions with the recent al-Issawi to two consecutive days, to find out the extent of changes that could occur after the prime minister in the amended budget on the basis of change in the price per barrel of oil from $ 73 to 76.5 per barrel."

And witness the preparation of the financial budget of the country and a delay of approval by the government and the House of Representatives because of the many objections and criticism of certain paragraphs highlighted aspects of exchange and the financial allocations for some government institutions and the three presidencies.

http://www.aknews.com/ar/aknews/2/214718/

Iraqi trade and international agree to launch a third round to win the first permanent membership

The director of economic relations in the Federal Ministry of Commerce on Monday that his ministry had agreed with the World Trade Organization to launch the third round of talks gain permanent membership of Iraq.

Hashem said Hatem Kurdistan News Agency (Rn) that "the delegation of the Ministry of Commerce, who visited Geneva last week agreed with the World Trade Organization to launch the third round of talks on Iraq Neil permanent membership of the WTO."

He added that "Iraq is working according to plan well thought out in the talks in order to obtain membership of the WTO without the damage and the internal economic situation."

He said that Hashim, "Iraq will discuss during the current year the most important experiences that were similar to the situation of trade such as Morocco and Iraq, which would send him a trade delegation to officially found the experience to gain permanent membership of the World Trade Organization."

And that "Iraq played two rounds tasks in 2007 and 2008 which reviewed Iraq's efforts in the development and commercial reality and will play the third round this year."

The ministry said the Federal Trade earlier, that the WTO is "convinced" package of legislation approved by the Iraqi Council of Representatives to support the trade policy in the country.

Iraq seeks to obtain permanent membership in the WTO rather than an observer member, as is the case at this time.

http://www.aknews.com/ar/aknews/2/214738/

Shahristani: Iraq will be 4 million barrels of oil a day end of the year

The Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani said on Monday that Iraq would be able to export 4 million barrels of oil per day by the end of this year.

Iraq currently produces about 2.4 million barrels per day of oil, which accounts for more than 90 percent of the country's revenues.

And Iraq signed oil contracts with international energy companies beginning of last year after two rounds of licenses, for the development of ten oil fields discovered untapped, and it is hoped that the country's production of crude oil to 12 million barrels per day within the next five years.

Observers are skeptical about Iraq's ability to gain access to the production target because of security challenges, as well as political instability.

According to the agency "Reuters", the al-Shahristani said at a conference of the United Nations in the Swiss city of Geneva, said that "Iraq will be able to export 4 million barrels per day of crude oil by the end of this year."

He pointed out that "contracts for the construction of a new bonded will help to increase energy from its current level," stressing that "the end of 2011 will own Iraq's export capacity of around 4 million barrels a day."

The Iraqi Oil Ministry had announced in October last that crude oil inventories in the country has 505 billion barrels of discovered fields and by tobacco 66 oil fields, with total recoverable reserves of 143 billion barrels.

The proven oil reserves of Iraq at 115 billion barrels, already the third-largest reserves in the world after Saudi Arabia and Iran.

http://www.aknews.com/ar/aknews/2/214784/