Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

Talabani and Maliki to guide a formal invitation to Pope Benedict to visit Iraq 16

The face of Iraqi President Jalal Talabani and Prime Minister Nuri al-Maliki, an official invitation to Pope Benedict XVI to visit Iraq. He said the Vatican's ambassador to Jordan, Archbishop Francis Chullikatt Asezi Iraq's invitation to exist, but we do not know when it might be just such a visit, noting that the Pope's thinking in this matter. The pontiff has said he will visit Jordan, Israel and the West Bank of the eighth until the fifteenth of May next, on a trip in which the Ag pray for unity and peace in the Middle East. The Pope will visit Cameroon and Angola next week to show the proximity of the great people in the African continent.

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Send a number of staff in Iraq, the stock market in specialized courses to Dubai, Amman, Beirut

E.xecutive President of the Iraqi Stock Exchange, Taha Ahmed Abdul Salam end of the preparations for the launch of the electronic trading system in order to develop their work as commensurate with the ambitious goal ..This came during a symposium held recently extended the Iraq market for securities, investors and shareholders, to explain the instructions and rules of electronic trading and the mechanism of action according to new data .... Abdul Salam said at the same time send a large number of specialized courses in the stock market to the stock exchanges of Dubai and Amman and Beirut for training in this regard ...

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Refresh - little more info in this article.

Iraq committed to policy of liberalising current accounts, despite 'money smuggling'

The Minister of Planning and Development, Ali Baban said on Monday that the five weekly sessions convened by the Central Bank for the sale and purchase of the dollar are the source of smuggling of Iraqi funds abroad, and that the money smuggled through auction and offices of Iraqi central bank is for private sector funds for establishing mega-projects, in Jordan and Syria.

In an interview for Al Saba, Central Bank adviser Mudhir Mohammed Saleh, clarified that Iraq "is committed to liberate its current accounts for balance of payments, according to the rules of the International Monetary Fund Convention, which forbid any restrictions on transfers, except for anti-money laundering, crime funding and terrorism."

He said that adding that such measures "is the monetary policy to create a liberal atmosphere for future investments. The transferring of currency freely will also be an attractive feature of the currency, and if we have restrictions on the exit of currency this will hold it back again."

Saleh added that "the Iraqi Dinar holder, evaluated in the foreign currency market, has the right to act freely, according to economic freedom, which adopts the rules of Iraq's economic practice without restrictions, with only the exception of economic crimes."

The adviser of the Central Bank explained the auction mechanism, saying: "The Central Bank auction for currency is responsible for the movement of this money, and it has three duties. The first is to finance the foreign trade of private sector; second is the adaptation of cash and consequently facing the inflationary pressures; and third is raising the value of the Iraqi Dinar, which increased 25% during the last three years."

He said he considered the national currency now as a major asset for the Iraqi people, after decades of suffering from the decline in the value of Dinar.

Saleh said: "We do not deny that the transfers and the rights may not be 100% for trading purposes, but they are the citizens' rights, because, the Iraqi Dinar user is the holder his own wealth, and he has the right to act however he wants with this wealth."

The wealth distribution issue is not the realm of monetary policy, the adviser said, and and the flow of money into exile, is related to security conditions that prevailed in Iraq and fear of people on holding their money.

In addition, the presence of Iraqi migrants, especially in neighbouring countries, is a major factor in the transfers, he said. "To limit the transfer process would mean the creation of black markets outside the scope of law and loss of control," said Saleh.

He concluded his speech, by saying that "these things are not easy, but they are price to build a free and developed Iraqi economy."

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Conference in Cairo tomorrow to discuss investment opportunities in Iraq

The Ministry of Trade and Industry represented in the General Authority for Industrial Development and the trade agreements and the Ministry of Foreign Affairs in cooperation with the ministries of industry, mining, and the Iraqi trade conference tomorrow, "Wednesday" on the investment opportunities available in Iraq and how the Egyptian companies benefit from these opportunities during the next phase.

And Eng Amr Assal said the head of the Industrial Development Ministry of Trade and Industry that this conference on the sidelines of the Egyptian-Iraqi joint committee which will be held tomorrow, "he said Tuesday," and a two-day Under the Arab Free Trade Agreement, which would remove all tariffs between the Arab countries as of 2015 to establish the Arab common market.

He was scheduled to attend the conference by representatives of the ministries of investment, housing and more than 20 Egyptian companies in the sectors of cement, chemical fertilizers, iron and steel, and aluminum industries, tobacco and maize products, chandeliers and engineering industries and service centers in addition to representatives from the Ministries of Trade and Industry and Minerals of Iraq and the Arab Organization

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Central Bank plans to implement a number of steps to coordinate the work between the banks and banks in Iraq

Described the National Director of Bank of Baghdad in Babil Leila Qanbar banking group in Iraq after the liberalization of the economy as good and prosperity of the Iraqi reconstruction operations.

Qanbar said in a press release Tuesday that the private banks, which operates on a bank credit contributes to the revitalization of the banking group in Iraq.

Qanbar denied the existence of the impact of the global financial crisis on the Iraqi banks that had financial investments in Iraq.

It confirmed that the Iraqi market is witnessing a boom in the construction industry, which said the turnout increased by 20% in the past.

She noted that the Central Bank of Iraq on the way to implement a number of steps to coordinate the work between the banks and banks in Iraq, pointing to the existence of difficulties in linking the Iraqi banks electronically, indicating that the power outages is a major obstacle on this front.

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Iraq to settle its debts with Tunisia over the payment of cash for 10.25%

The Ministry of Finance, on Tuesday, signed a bilateral agreement with the Republic of Tunisia to settle and resolve the Iraqi debt in return for the payment of cash to Iraq worth 10.25% of the total value.

A statement by the Ministry of Finance received (Voices of Iraq) a copy of which is that "the Republic of Iraq today signed a bilateral agreement with the Republic of Tunisia, under which Iraq's debts will be settled with Tunisia," and in "a follow-up to resolve the debt issue of Iraq by the former regime's policies, which reached the limits of 140 billion, "without mentioning its currency.

The statement added that according to "the terms of the settlement of claims were written off in exchange for cash payments of Tunisia by Iraq to the value of 10.25% of the amount of claims," citing "welcomed Finance Minister Baqir Jabr Zubaidi, a settlement the end of the Tunisian debt to Iraq."

The terms of the agreement, "similar to the terms of the net present value of the terms agreed with the Paris Club countries such requirements prior to full implementation and included the abolition of 80% of Iraq's debt and the remainder to be repaid over 23 years."

According to the statement, several countries have already abolished the dues in full to Iraq, the United States, Malta, Slovakia and Cyprus, during the past four years, the settlement of Iraq's debt with 59 countries including 41 from outside the government creditor the Paris Club.

Iraq has, according to the statement, the settlement of 13 thousand commercial claims in the total amount of 20,9 billion dollars, as well as paid since January 2009 to pay the benefits of bilateral agreements signed with the creditor governments.

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Central sales increase vulnerability to sidestep the $ 173 million

the U.S. dollar sales were recorded in the Central Bank of the auction sale and purchase of foreign currency, on Tuesday, bypassing the higher vulnerability of the 173 million versus $ 83 million and 665 thousand dollars, at the previous meeting.

The bulletin, which led the Central Bank and the Agency has received (Voices of Iraq) a copy of which was that "the total volume of demand for the dollar stood at 173 million and 460 thousand dollars at the exchange rate was stable compared to 1170 dinars per dollar."

The figure is up from the previous meeting, which recorded a total volume of demand for the dollar stood at 83 million and 665 thousand dollars at the exchange rate was 1170 dinars per dollar.

The Bulletin that "the demand for the dollar is distributed by 57 million and 245 thousand dollars in cash, covered by the bank at the exchange rate was 1176 dinars per dollar, including the central bank and a commission of six dinars per dollar."

With the value of remittances outside the country of 116 million and 215 thousand dollars, "covered by the central exchange rate was 1173 dinars, including the central bank and a commission of three dinars per dollar," did not make any of the 17 banks participating in the auction, offers to sell the dollar.

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Economist: Iraq will be a president for foreign investment and international companies

The economist believes that Iraq will be a president for foreign investment and international companies looking for development opportunities and expand regionally and internationally soon, adding that this was a strong indication of the growing investor confidence in foreign investment environment in Iraq.

Dr. Ali Al-Manie a member of the Iraqi Economic Association, told the independent press (Iba) today, Tuesday, that the recent government moves to restore diplomatic relations with the countries of the world through the re-opening of embassies and Guetsaliadtha offset by the return of Iraq to the global arena, which calls for overcoming challenges to realize the aspirations of cooperation bilateral and strengthened to support economic development

He added that the promotion of private sector investment projects and the establishment of the joint strategy is the promotion of economic growth, especially after the adoption of the budget of 2009, which was to reduce capital expenditures to more than 25 percent. Calling for the development of non-oil sectors in various economic fields.

He pointed to the possibility of anti Iraq's success in diversifying sources of income, although it is one of the world's oil producers and has a huge reserve of oil through the development of the rest of the productive sectors, including tourism, agriculture and industry.

He said the plans for future development projects are ambitious, especially in the area of energy and development of oil fields discovered. He asked the support of the global trend to establish an international organization is monitoring the production of energy for the development of the electricity sector in Iraq.

Among the obstacles to the Iraqi economy and continued his career in Canada plummeted while many countries in this area because of the global financial crisis during the preventive measures to avoid the negative repercussions of the global financial crisis and to support liquidity at banks.

Noted that many States had recently undertaken the re-opening of embassies with the opening of consulates in the provinces in order to develop relations with Iraq.

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Maliki's visit to Australia

Is expected to leave Prime Minister Nouri al-Maliki, Baghdad, on Tuesday afternoon for an official visit to Australia to head a large delegation.

A source at the Council of Ministers, told the independent press (Iba) today, Tuesday, that Maliki will lead a high-level delegation comprising several ministers in a visit to Australia.

The source did not give further information on who will accompany the Minister Maliki on the trip or the expected duration of the visit, is expected to deal with Maliki, the talks will be conducted in the capital, with Australian Prime Minister John Howard of bilateral relations between the two countries and ways of development in addition to encouraging investment by Australian companies in Iraq and their contribution in the reconstruction.

The Australia is one of the most prominent countries that supported the U.S. invasion of Iraq in 2003 after Britain, and it had withdrawn its troops from Iraq in June 2008 to implement the promises made by the Prime Minister on his election platform.

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Talabani's visit to Iran to participate in summit of Economic Cooperation Organization

Gadrriis Republic, Jalal Talabani, Iraq, Tuesday, Mmjha to the Iranian capital of Tehran at the head of the delegation of high-level official.

The Presidency said in a press release issued today received by the independent press (Iba) a copy of which was: "Talabani's visit to Tehran for the purpose of participating in the summit meeting of the Economic Cooperation Organization (ECO), which will be held for the period up to 10-3-2009 and 12-3 -- 2009.

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