Thread: Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

Financial dues paid salary increases to self-finance companies

The Ministry of Finance, Sunday, it was in the process of preparing lists for the payment of dues to the salary increases self-financing companies, according to a statement by the National Information Center. The statement added that "the Finance Ministry asked the ministries concerned to submit schedules detect these increases prove the documents wedlock, children and the health of the issuance of the certificate, and upon completion of these tables ministry will allocate the necessary funds to do so."

She called financial, according to the statement, the ministries concerned to complete these tables at the earliest possible opportunity.

Translated version of http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=6842

Iraqi dinar soars despite rising dollar

Azzaman, September 8, 2008

When the new Iraqi currency went into circulation about four years ago, one dollar bought nearly 1,500 dinars.

But the dinar surged in value, backed by a hike in Central Bank’s reserves of hard cash and financial policies that have prevented the currency from sliding.

Iraq exports nothing of note apart from oil. Unlike industrial countries where expensive currency negatively affects exports, Iraq has no such worries.

Oil prices have nothing to do with the value of national currencies of oil producing states.

Thus the Central Bank’s policy of keeping the dinar appreciating is one of the rare success stories in an economy battered by U.N. trade sanctions and ongoing war since the U.S. invasion of 2003.

When the dollar climbed to a one-year peak versus a basket of major currencies on Monday, it kept sliding vis-à-vis the Iraqi dinar.

The dinar soared to 1l82 to the dollar from 1184.

The Central Bank keeps a close eye on the Iraqi financial market and specifically the exchange rate. Every week the bank sells on the spot Baghdad market up to 1 billion dollars. On Monday it sold $113 million.

Azzaman in English

Iraqi Parliament Postpones its Session

The Iraqi parliament postponed its today’s session until tomorrow without reading any law projects in its opening session for the new round.

In an exclusive statement to PUKmedia website correspondent, MP Younadim Kana said “the session was postponed until tomorrow. No any law project has been read today.”

“It was decided to discuss the provincial elections law, which had been vetoed by the presidency council. Voting on the law was postponed until tomorrow because the law was not ready for discussion”, Kana added.

Concerning the parliamentarian blocs’ consensus about the provincial elections law, Kana said “the parliamentarian blocs’ heads are going to meet tomorrow before the parliament session to discuss the issue.”

http://pukmedia.com/english/index.ph...=6350&Itemid=1

Demand for the dollar drops in daily auction

Demand for the dollar was down in the Central Bank of Iraq's (CBI) auction on Tuesday, registering at $77.775 million compared to $130.57 million on Monday.

"The demand hit $7.365 million in cash and $70.41 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,181 Iraqi dinars per dollar, same as yesterday," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

None of the 12 banks that participated in the session offered to sell dollars.

The Central Bank of Iraq runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Iraq adopts international companies to examine the validity of the statement of imported goods

The head assembly industrial Iraqi Abdul-Hassan al-Shamri will be the adoption of international companies specialized quality control by the Iraqi government to examine the validity of the statement made goods and imports to Iraq, and al-Shamri said, "This came during the joint meeting in which al-Shamri, who hosted by the Chairman of the Central Hardwood and quality control Saad Abdel-Wahab Abdel-Kader to discuss ways and parking in the invasion of imported goods to Iraq away from the quality control mechanisms, and pointed to Al Shammari of a new agreement with the neighboring countries to conclude a deal which is responsible for the safety of exported goods to the Iraqi market, where the first entered into such agreements with Iranian government agencies to be in Iran is responsible for the safety of goods supplied them with adoption certificates of good points, certified by the quality control of Iran, to circulate to the rest of the neighborhood.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Update......


Postpone discussion of Election Law Provincial Assemblies on the first day of the legislative

A parliamentary source, asked to remain anonymous, said "the Iraqi parliament meeting on the first day of his dismissal Legislative did not witness any discussion regarding the law of provincial council elections because the law had not yet processed by the multiplicity of views on Article 24 of it."

The source added in an interview with "Uzmatik" today, Tuesday, that "next week will witness several meetings between the political blocs to arrive at a compromise formula, providing the same content of Article 24, but it contains some facilities, while maintaining the spirit and objective article which was enacted in law."

The Iraqi Parliament approved, on 22 July of last month, the law of provincial council elections at the meeting raised a lot of controversy about the constitutionality, and withdrew their deputies Kurdistan Alliance, with the Presidency Council decided to set aside the law one day after the approval, and return it to parliament for a vote Again.

The focus of the differences between the political blocs around the provincial council elections law on Article 24 of the Electoral Act, which contains, postponing elections in the province for six months, with the need to be making in the governorate of Kirkuk through a period of postponement by mutual agreement between the three main components "Arabs - a response - Turkmen ", To be divided among them power by 32% in each component gives the proportion of 4% for Christians, as well as the transfer of the security file in the city to military units from around the southern and central Iraq instead of military units.

It is noteworthy that the Iraqi Parliament decided to expel him at the end of the previous Legislative formation of a legal committee to examine the objections made by presidential election law on the district councils to reach a formula acceptable to all political parties in the country.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Shell agrees landmark $4.0 bln gas deal with Iraq UPDATE

Anglo-Dutch energy giant Royal Dutch Shell has agreed to a gas joint venture with Iraq worth up to $4 billion, the Iraqi oil ministry said Tuesday, becoming the first Western oil major to gain access to the violence-wracked country's vast energy reserves.

The deal to capture unwanted gas burned off during oil production for sale both inside Iraq and abroad is expected to be signed in Baghdad next month, ministry spokesman Assem Jihad told Agence France-Presse.

It would make Shell the first Western oil group to return to Baghdad since the U.S.-led invasion of 2003, and the Financial Times said it is estimated to be worth about between $3 billion and $4 billion.

Iraq's cabinet approved the contract, giving the state-owned Southern Oil Company 51 percent and Shell 49 percent in the venture based in the main southern city of Basra.

The project is intended to make use of the 21 million cubic metres (700 million cubic feet) of gas -- roughly enough to meet the demand for all of Iraq's power generation -- that the oil industry burns off for safety reasons, the FT said.

"Our joint venture partnership is for the long term, because the investment to capture gas is a long process," Jihad told AFP.

"Europe is looking for supplies of gas from Iraq," Jihad told the paper. "Security used to be a deterrent but now companies feel that security has improved and this will encourage others to come in."

Analysts welcomed the news, saying that some of the liquefied natural gas for export could be used to meet booming demand for energy in the fast growing economies of the Middle East, especially the Gulf.

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http://www.afxnews.com/about488/inde...&story=2587788

Between us and the IMF

We were and remain optimistic future of the national economy, with the conviction that the economy inherited a catastrophic reality and kicking in all its facets of the infrastructure sectors Then came the real repercussions of the reality of the occupation imposed on the features of violence at all joints of life and toppled the remainder of the workshops infrastructure, completing the shape of the disaster .. However, the potential inherent in the advancement of rights and wealth that advance the multi-national economy, although cases of foot-dragging and lack of clear economic vision in some quarters that took over the reins of economic decision-making initially, but the features of the successes must be subjected to show just for appearanceSituations of instability and insecurity, hence the emphasis on the security side of government towards the advancement of economic reality in the locality,

Successes in this regard withdrawn automatically on an area of the economic scene, and the optimism shown by the IMF on the reality of improved Iraqi economy in the last week, optimism did not come from a vacuum, Rising oil exports in conjunction with the rise in oil prices contributed to the increased expectations on improved economy National .. Hence the approval ofthe International Monetary Fund to review the achievements of the first set in the programme loan of $ 746.3 million .. Having committed themselves to the Iraqi authorities to table agreed with the Economic Monetary Fund despite the reference to the Fund with respect to wages and salaries on the grounds that the Iraqi government had overlooked this aspect in their .. But statements Monetary Fund, which confirmed - that forecasts suggest improved Iraqi economy, thanks to the improved security situation, which in turn impact positively on the oil sector, thanks to the retreat of inflation .. He said that the Central Bank of Iraq was able to reduce the rate of inflation thanks to review monetary policy ..These statements are surprising to the public by the concerned in the economic aspect .. Perhaps the Central Bank was able to maintain a stable monetary policy and achieved positive results in this direction, but the indicators of inflation rises were recorded in most paragraphs of goods and services over the past five years, and this is not consistent with Madjae in the report which pointed out that continued economic improvement in Iraq is linked to the improvement of security, of masterminding an arbitrator for petroleum resources, and take action reform the economy .. We did not know any action intended .. FAO has enough commitments that the Iraqi government to implement a certificate report itself? The most surprising was to invite Takatoshi Kato Deputy ****utive Director of the IMF Iraqi government to carry out structural reforms faster, is there faster than this shift towards a market economy? Transformation that essay, economic life by the wheel speed, intended to be faster?.

Translated version of http://www.almadapaper.com/paper.php?source=akbar&page=107
that the Central Bank of Iraq was able to reduce the rate of inflation

Higher demand for dollar in CBI auction

Demand for the dollar was higher in the Central Bank of Iraq's (CBI) auction on Wednesday, registering at $116.275 million compared to $77.775 million on Tuesday.

"The demand hit $9.775 million in cash and $106.500 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,180 Iraqi dinars per dollar, one tick lower than yesterday," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

The 14 banks that participated in the session offered to sell 5 million dollars, which the bank bought at an exchange rate of 1,178 Iraqi dinars per dollar.

The Central Bank of Iraq runs a daily auction from Sunday to Thursday.

Aswat Aliraq

U.K.-based engineering body held Iraq's reconstruction conference in Baghdad-statement

U.K.-based engineering association will hold its second conference to probe the impediments of Iraq reconstruction projects in Baghdad next November according to a government statement.

"U.K.-based al-Kindi engineering association will hold its second conference to discuss means of handling the hindrances to reconstruction in Iraq in November 17-20 2008," said a government statement received by Aswat al-Iraq - Voices of Iraq - (VOI).

The announcement highlighted the conference would discuss four major sectors, such as the oil and gas industry, transport, infrastructures, housing and telecommunications.

"An investment committee composed of Iraqi engineering experts to initiate a plan to garner a wider participation in research and practical fields."

Witnessing its lowest ebb of violence in four years, Iraq has announced plans to attract foreign investment to rebuild the neglected and violence-aggravated infrastructures.

Aswat Aliraq