Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

Significant rise in demand for Dollar

Demand for the dollar set a record rise in the second session of this week's Iraqi Central Bank auction on Monday, registering a total demand of $131.60 million compared to $109.890 million during Sunday's session.

"The demand hit $12.300 million in cash, and $119.300 million in money transfers outside the country, all covered by the bank at a rate of 1,208 Iraqi dinars per dollar, less than the previous session," according to the central bank's daily bulletin received by Aswat al-Iraq – Voices of Iraq – (VOI).

None of the 16 banks that participated in today's session offered to sell dollars.

Speaking to VOI, Ali al-Yasseri, a trader, said "the demand set a record rise due to the activity of market in Monday and Wednesday, the peak working days, and the drop in dollar price”.

Outside the auction, the dollar was exchanged for 1,225-1.230 dinars.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Premier receives McCain

Iraqi Prime Minister Nouri al-Maliki received on Monday morning John McCain, the Republican Party’s candidate for the U.S. presidential elections, who had arrived in Baghdad Sunday on an unannounced visit, according to the official al-Iraqiya TV station.

McCain met in the Iraqi capital on Sunday with a number of officials at the U.S. embassy.

McCain was a candidate for the Republican nomination in the 2000 presidential election, but was defeated by George W. Bush after closely contested battles in several early primary states. In the 2008 presidential election cycle, McCain was the Republican front-runner as the cycle began.

Earlier on Monday U.S. Vice President Dick Cheney arrived in Baghdad on an unannounced visit during which he is expected to hold meetings with U.S. military commanders, Premier Maliki and other officials.

Aswat Aliraq

Cheney in Iraq to give fresh push to unity

U.S. Vice President Dick Cheney opened a new U.S. push for political unity in Iraq on an unannounced visit Monday, just ahead of the fifth anniversary of the U.S.-led invasion, the U.S. newspaper New York Times said in a report.

“Cheney landed at Baghdad International Airport, then flew by helicopter into the dusty, heavily-secured Green Zone for talks with U.S. military and diplomatic officials and Iraqi Prime Minister Nouri al-Maliki.”

It is Cheney's third vice presidential trip to Iraq where 160,000 American troops are deployed and the U.S. death toll is nearing 4,000.

Cheney's first meeting was a classified briefing with U.S. Ambassador Ryan Crocker and Gen. David Petraeus, the top U.S. military commander in Iraq who met him at the airport. Crocker and Petraeus are scheduled to travel to Washington next month to give a status report on the war.

For security reasons, Cheney officials divulged few details about the vice president's schedule and asked reporters not to report on his location until he had move on to another. Cheney was expected to make stops throughout the country, speak to troops and spend time with other Iraqi leaders.

Oman was scheduled to be the first stop on Cheney's 10-day trip to the Mideast, but on Sunday night, he left Air Force Two parked on a tarmac in England and boarded a C-17 for the final five and a half hours of the 13-hour flight to the Iraqi capital.

The future of Iraq will be discussed in his closed-door talks with leaders in Oman, Saudi Arabia, Israel, the Palestinian territory and Turkey.

Cheney's discussions at each stop also will touch on Iran's nuclear program and its desire for greater influence in the region, high oil prices and the pursuit of an Israeli-Palestinian peace deal that President Bush wants to see before he leaves office.

Cheney, who is traveling with his wife, Lynne, and daughter, Liz Cheney, last visited Iraq in May 2007 before the president's buildup of more than 30,000 additional U.S. troops was in full gear. Bush dispatched the extra troops to reduce violence so Iraqi politicians could forge agreements that would bring minority Sunni Arabs into the government and weaken or end the insurgency.

Security has improved markedly since last summer when the last of the five Army brigades arrived in Iraq to complete the military buildup, but Iraqi politicians are still in gridlock.

Cheney advisers say the vice president will highlight the reduction in violence and praise the fragile Iraqi government for passing some legislation aimed at national unity. In short, Cheney will compare and contrast Iraq before and after the increase in troops. He'll tell Iraqi leaders that they are on the right track and have made strides, but that now is the time to do more.

The Iraqis do not yet have a law for sharing the nation's oil wealth among the Shiites, Sunnis and Kurds, a law that the Bush administration believes will trigger multinational energy companies to invest in exploration and production in Iraq.

Also unfinished is a plan for new provincial elections. Iraq's presidential council, which must give its nod to laws passed by the Iraqi parliament, rejected a plan for new elections last month, shipping it back to the legislature.

The rejection, a setback to the U.S. campaign for national reconciliation, came despite Cheney's last-minute phone call to the main holdout on the three-member panel: Vice President Adel Abdul-Mahdi, a Shiite. Cheney was expected to speak with Abdul-Mahdi and the other two members of the council, President Jalal Talabani, a Kurd, and Sunni Vice President Tareq al-Hashimi, while in Iraq.

The war is entering its sixth year. It was on March 17, 2003, that Bush gave Saddam Hussein 48 hours to relinquish power. Three days later, U.S.-led forces began invading Iraq. The anniversary of the invasion is March 19 in the United States and March 20 in Iraq.

Bush and Cheney have just 10 months before they hand off the war to the next U.S. president.

Democratic rivals Sens. Hillary Rodham Clinton, D-N.Y., and Barack Obama, D-Ill., have said they would begin withdrawing forces quickly if elected. Expected GOP presidential nominee, Sen. John McCain, R-Ariz., who also is visiting Iraq, is more apt to continue Bush's strategy of bringing troops home only as conditions warrant.

It was unclear if Cheney and McCain would cross paths during their visits to Iraq.

Aswat Aliraq

Cheney lauds Iraqi officials for passing key Laws

Vice President Dick Cheney, marking five years since the U.S. invasion of Iraq, on Monday lauded the Iraqi officials for passing key laws and achieving improvements in security.

Speaking at a press conference held in Baghdad, Cheney, who was in Iraq 10 months ago, said the “Iraqis have made legislative advances that would be vital to the country's future”.

“There was no question but there had been a dramatic improvement in security”, Cheney noted.

Cheney landed at Baghdad International Airport, and then flew by helicopter into the dusty, heavily secured Green Zone for talks with U.S. military and diplomatic officials and the Iraqi prime minister. It is Cheney's third vice presidential trip to Iraq where 160,000 American troops are deployed and the U.S. death toll is nearing 4,000.

Vice president last visited the country in May 2007 before the president's buildup of more than 30,000 additional U.S. troops was in full gear.

Security has improved markedly since last summer when the last of the five Army brigades arrived in Iraq to complete the military buildup, but Iraqi politicians are still in gridlock over the government and key bills of laws.

Bush and Cheney have just 10 months before they hand off the administration to the next U.S. president.

Aswat Aliraq

Maliki, Cheney discuss US-Iraq long-term agreement

Iraqi Prime Minister Nouri Al-Maliki said he and the US Vice President Dick Cheney discussed ongoing negotiations over a long-term security agreement between the two countries that would replace the U.N. mandate for foreign troops set to expire at the end of the year.

Speaking at a joint press conference with Cheney, Al-Maliki said "this visit is very important. It is about the nature of the relations between the two countries, the future of those relations and the agreement in this respect”.

"We also discussed the security in Iraq, the development of the economy and reconstruction and terrorism.” The PM added.

Early December, Iraq and US government signed a primary accord for an agreement that would allow “long-term” stay for US troops in Iraq to secure its territories and ward off external threats.

US Vice President Dick Cheney lauded the Iraqi officials for passing key laws and achieving improvements in security.

Cheney, said the “Iraqis have made legislative advances that would be vital to the country's future”.

“There was no question but there had been a dramatic improvement in security”, Cheney noted.

Cheney landed at Baghdad International Airport, and then flew by helicopter into the dusty, heavily secured Green Zone for talks with U.S. military and diplomatic officials and the Iraqi prime minister. It is Cheney's third vice presidential trip to Iraq where 160,000 American troops are deployed and the U.S. death toll is nearing 4,000.

Vice president last visited the country in May 2007 before the president's buildup of more than 30,000 additional U.S. troops was in full gear.

Security has improved markedly since last summer when the last of the five Army brigades arrived in Iraq to complete the military buildup, but Iraqi politicians are still in gridlock over the government and key bills of laws.

Bush and Cheney have just 10 months before they hand off the administration to the next U.S. president.

Aswat Aliraq

Presidential Council receives Cheney in Baghdad

Iraqi President Jalal Talabani and his two deputies Adel Abdul-Mahdi and Tareq al-Hashemi received on Monday the visiting U.S. Vice President Dick Cheney, who arrived in Baghdad this morning.

"The meeting discussed Iraqi–U.S. relations, latest developments in the country and the ongoing political process in Iraq," said a release issued by the Iraqi Presidency and received by Aswat al-Iraq – Voices of Iraq – (VOI).

“Debates emphasized on the necessity of developing and boosting bilateral ties for the good of the two people,” said the statement.
"The meeting also discussed Iraq's relations with its neighbor, Turkey," it added.

“Vice President Cheney expressed happiness over the developments and accomplishments that have been achieved on the security level," the statement highlighted.

“He voiced hope for the success of the political leaders in forming the real national unity government,” it continued.

"President Talabani held a luncheon for the visiting delegation that was attended by the two Iraqi deputies and other Iraqi officials, in addition to the U.S. Ambassador to Iraq – Ryan Crocker, and Commander of Multi National Forces in Iraq (MNF) – General David Petraeus," the release added.

Aswat Aliraq

SIIC leader, Cheney mull long-term agreement

Shiite Leader Abdul-Aziz al-Hakim received U.S. Vice President Dick Cheney at his office in Baghdad on Monday.

Speaking at a joint press conference, al-Hakim said that a number of important issues were discussed during the meeting, including the strategic agreement between Iraq and the United States, noting that they shared identical viewpoints regarding the principles the agreement should include, mainly maintaining Iraq’s sovereignty and removing Iraq from under Chapter VII of the U.N. Charter.

“The meeting also tackled the latest development in the country and approving a number of legislatures,” Hakim, who is also the leader of the Shiite Supreme Islamic Iraqi Council (SIIC), said.

“We asserted the need to foster Iraqi forces and give them responsibilities,” the Shiite leader added.

For his part, the visiting U.S. official said that “United States is looking forward for a security and political partnership with all Iraqi leaders throughout the country.”

“The meeting was an opportunity to discuss several issues of the Iraqi interest,” he added.

“We still have a lot to do, but the Iraqi people have to know that our support will continue,” he said, underlining that the U.S. keenness to support Iraqis until realizing their goals.

Cheney said he witnessed several achievements in the security and political fields.

The meeting was attended by Vice President Adel Abdul Mahdi and U.S. Ambassador to Iraq Ryan Crocker.

U.S. President Bush and Iraqi Prime Minister Nouri al-Maliki issued a joint letter in November. The "Declaration of Principles" appears as a mutual "expression of friendship."

According to this declaration the United States will help get Iraq into the World Trade Organization. The two countries will engage in scientific and cultural exchanges.

It also includes a provision that promises to maintain security assurances and commitments to Iraq to deter foreign aggression against the country that violates its sovereignty and integrity of its territories, waters, or airspace.

Last January Iraqi Foreign Minister Hoshyar Zibari said that Iraqi will ink a long term security, political and economic agreement with the U.S. in mid July 2008.

Cheney had arrived in Baghdad earlier on a surprise visit to the country.

Aswat Aliraq

Intensified efforts to improve power production

Prime Minister, Nuri al-Maliki reiterated the need to improve power production and supply it, as well as protecting the main power stations and take deterrent measures to prevent abusing the cadres there. He instructed security agencies to provide protection for the oil pipelines and power transmission lines, from abuses in coordination with the Ministries of Interior, Defense and the multinational forces.

According to a statement issued by Al-Maliki Office on Thursday, Al-Maliki discussed at a weekly meeting held at his official office with experts and specialists from the two ministries the rehabilitation of the boundary crossings for the passage of tankers loaded with fuel and coming from the neighboring countries; he also discussed the work of General Electric Company in Iraq and the opening of two consultants offices for it in Baghdad and Basrah. Experts stressed the marked improvement in energy production, following up the continuous guidance of the Prime Minister Nuri al-Maliki, according to the statement.

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Oil production rate settled at two million, 400 thousand barrels per day

Official spokesperson of the Ministry of Oil said on Thursday that the rate of Iraqi oil production has settled at two million, 400 thousand barrels per day during the first ten days of this month.

Asim Jihad said that the rate of production from the southern fields reached the limits of one million and 800 thousand barrels while the production rate last month in the northern fields reached the limits of 600 thousand barrels per day.

He added that the volume of oil exported last February was one million and 935 thousand barrels per day divided as follows: one million and 585 thousand barrels per day through the southern ports of Khor al-Ummaya and the port of Basrah while the volume of oil exported through the Turkish port of Ceyhan reached 350 thousand barrels per day.

Oil production rate settled at two million, 400 thousand barrels per day

Sorry - I might have posted this the other day - can't remember

A suggestion allowing Private Banks to open up a clearing with American banks

A financial expert stressed that Iraqi private banks need to be supported by the State to enable them from doing their part in the building and reconstruction campaigns which are about to start.

The financial advisor to the Bank of North, Maan Ghanim Abdul Jaleel, said that the decision to raise the amounts of credits for private banks to two million dollars is an encouraging step and good for activating the role of these banks, but it is not up to the ambition. As for the type of support required, he said that it is a proposal adopted by private banks asking the is the Iraqi Central Bank to allow them to open a clearing with American banks in order to raise them up to the real competition with global banks which are awaiting the launching of reconstruction.

He explained that the procedures of granting banks credits insurance of %10 as guarantees payment are just paper transactions carried out by banks in return for simple currencies, and these procedures can not develop banks. He said that the way of feeding our assets abroad by the Central Bank was set at 4 -5 days and this hinders some business transactions through influencing the price rise, as seen in the world market, causing some losses, so he proposed to reduce the period to two days.

As for the possibility of the return of immigrant Iraqi capitals working in neighboring countries, he said that these funds can be encouraged to return through the support of banks to give facilities to Iraqi businessmen to return to work with the Iraqi banks. He pointed out that banks in neighboring countries are taking advantage of the clearing they have with American banks to attract capitals, including Iraqi funds, because of the encouraging privileges they enjoy.

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