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

Central sales rise to 160 million dollars in the canteen

the U.S. dollar sales of the Central Bank in an auction for the sale and purchase of foreign currency, on Thursday, reaching 160 thousand versus $ 129 million and 15 thousand dollars, at the previous meeting.

The bulletin issued by 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 160 million and 930 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 129 million and 15 thousand dollars at the exchange rate was 1170 dinars per dollar.

The Bulletin that "the demand for the dollar is distributed by 31 million and 730 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 129 million and 200 thousand dollars at the exchange rate of the central covered was 1173 dinars, including the central bank and a commission of three dinars per dollar, "did not make any of the 16 banks participating in the auction, offers to sell the dollar.

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The Oil Minister told Tigris Radio calls for removal of the oil sector of the political conflict

The Oil Minister Hussain al-Shahristani, the oil sector, the need to remove the conflict and the political as it reflected negatively on the sector.

The al-Shahristani told Radio Dijla the need to pass laws with respect to the oil sector for the activation and resolution of problems relating to this matter.

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The Monetary Policy

Monetary policy has been pursued by the Central Bank of Iraq since 2004 to try to rein in inflation rates, which increased significantly at more than 70% of what constituted a heavy burden on the Iraqi economy, which was already dangerous due to crises of economic policy in 2003 by EgyptAir.

Using the Central Bank monetary tools of trying to create a state of stability for the Iraqi dinar exchange rate against foreign currencies to recover from the monetary system failures resulting from the deterioration of inflation, exchange rates, so the rate of the dinar's exchange rate more than 40% of its value since 2004,

In order to restore confidence in the dinar and the elimination of the so-called phenomenon of dollarization .. Monetary policy and adopted one of the most important tools in the form of interest rate is a means to absorb inflation to attract the mass and the resulting cash to raise interest rates to contain speculation, which may occur if the central bank to reduce interest rates, this means that monetary policy has sought to tame inflation and succeeded in This testimony and this is what everyone thought and in fact incompatible with the reduction of interest rates, which was advocated by the economic and even political investment and without paying attention to scientific facts can not be impartial in light of the massive inflationary conditions in Iraq, and for this we do not want equity in the policy as the Central scientific facts to show realism in which the monetary policy currently used by some disabled by the investment of activity at the time and earned some of its objectives which was to create a stable real exchange rate of the local currency in order to create a state of public confidence in this currency, and if we know that the stated investment activity is not in the lowest levels of ambition and we do not want to go into the real reasons behind this and related dimensions of political, security and other Ouhalat of financial and administrative corruption.

Can be seen to not take advantage of the Investment Law No. (13) for the year 2006, which became semi-disabled in the balances of the enormous investment the past three years, as well as the survival of the private sector on the basis of soft loans due to capital flight out of the country.

Therefore, the monetary policy to a great challenge with the problems of inflationary expansion of investment activity and requires considerable coordination between fiscal and monetary policies leading to the ports of safety and economic prosperity.

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Originally Posted by Seaview

Presidency denies Atrushi confirms the budget to Parliament

A member of the Finance Committee in the House of Representatives Deputy Sami Atrushi that has the Presidency of the Republic Act the general budget to the House of Representatives, the President of the Republic has denied the veracity of these reports.

Atrushi said in a press release Thursday, that the reason for the law to the House of Representatives is in the details and reasons for reducing the budget by 5 trillion dinars.

Expected Atrushi restore balance to the House of Representatives the day after the Presidency Council to clarify the reasons for and details of the reduction.

In the meantime, Council denied the presidency of the General Budget Law to the House of Representatives and the news was not true.

The House of Representatives passed in the fifth month of the current public budget for the current year reduced majority after five trillion dinars.

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Re-balancing of the Presidency to the Parliament

The Presidency of the Republic returned the law to the general budget of the House of Representatives. This was announced by a member of the Finance Committee in the House of Representatives Deputy Sami Atrushi, saying that the reason for the law to the parliament is in the details and reasons for reducing the budget by 5 trillion dinars.

The House of Representatives passed in the fifth month of the general budget for the current year reduced majority after five trillion dinars. Atrushi likely was quoted as saying, "Nina" to the news, restore balance to the House of Representatives the day after the Presidency Council to clarify the reasons for and details of the reduction. It should be noted that the budget for 2009, after the reduction amounted to 58.6 billion dollars. And to ensure reduction of the salaries of the three governing bodies, "the Republic and the Minister and the House of Representatives", in addition to the Presidium of the Supreme Council of Justice by 20 percent, while reducing the salaries of members of the House of Representatives by 10 percent.

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New York Times: Iraq to consider offering the largest oil companies to invest

Iraq's government is considering the possibility of granting new incentives for foreign companies to attract foreign investment to increase oil production.

The New York Times quoted officials in the Iraqi Oil Ministry confirmed that the incentives include plans to provide the majority of shares in joint ventures for the development of investment oil and gas fields.

The officials stressed that it is possible to get foreign companies to more than 75% of the shares of new projects.

During the negotiations with dozens of companies and has so far offered to the Ministry of Oil shares of such companies not exceeding 49%.

According to the official measures carried out during the past year, Iraq asked international companies to participate in the expansion of oil production, but many companies were questioned in terms of the agreement with Iraq, claiming that it lacks adequate incentives, but the same time is eager to invest in the country, after the security improvements after Years of war and economic sanctions.

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Zubeidi calls for French companies to enter the Iraqi market

The Minister of Finance Bayan Jabr French companies to enter the Iraqi market is large for the purpose of contributing to the process of reconstruction and rehabilitation of infrastructure and energy projects, electricity, housing complexes and the establishment of water projects and roads.

This came during his meeting with a chief of the economic mission of the Ministry of Economy and Finance Murliva French Pierre François Valmaj in charge of the dossier on Iraq, bilateral and international services, the Ministry of Finance and Industry and Labor.

Zubeidi said during the meeting, the Iraqi government's keenness to develop cooperation with France and especially the economic and physical, and praised the positions of the French government through the support of Iraq in all fields.

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Iraq and the League of Arab States agreed to strengthen relations

The media adviser to Prime Minister Nuri al-Maliki, Yassin Majeed, an agreement on Iraq and the League of Arab States, to strengthen their relations in accordance with a set of constants.

Majid said he had been raised during the meeting, Arab League Secretary General Amr Moussa and Prime Minister Nuri al-Maliki, the commitment to deal positively and constructively to the introduction of relations between the Arab League and Iraq into a new phase, serving the Arab joint action.

He expressed optimism about the glorious future of relations between Iraq and other Arab countries in light of Maliki's desire to develop relations and the reopening of many of the Arab embassies in Iraq, stressing that the Iraqi government's refusal to engage in a policy of regional hubs, or be subjected to guardianship and the process of prohibition or order that may be of some Arab parties .

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Three things the government should do to save Iraq

There are three questions which no senior official in the current government has an answer for. These questions relate to the worries Iraqis have been carrying with them and if not solved they will keep unnerving the coming generations.

The first relates to the scores of commissions the government has set up to investigate massive human rights abuses. Apart from a few things with a bearing on al-Qaeda and Iraqi groups resisting the occupation, we still have nothing about the findings of these commissions.

Second, why has the government remained silent on the thousands of killings and murders perpetrated by special armed patrols setting up road blocks at crossroads and roundabouts in the heart of Baghdad.

This point has also a bearing on the storming of residential areas and the assassination of former army officers, army pilots as well as university professors, medical doctors and experts in the former military industries.

The third question which Iraqis ask is how come that the current rulers are not held accountable for their deeds before the same tribunal which has been trying senior officials from the former regime.

If the government does not have the answers, Iraqis do.

The answer to the first question is that making the findings of the commissions known will embarrass the ruling political factions, their alliances, and their secret deals. Therefore, those findings will remain under wraps and we expect no serious action.

Iraqis do know the answer to the second question. They quite know that the squads of death did not come from the sky. They are aware that these squads were an integral part of security and intelligence setups.

In fact it is these squads which are still ruling the country and their thousands and thousands of victims lost their lives as part of a sophisticated campaign of ethnic cleansing paving the way for the realization of special agendas.

For the third question there are several answers. Some answers are with the American occupation troops and their organs which have been running the country since invading it in 2003 to the time when the security agreement went into effect.

The other answers to the same question are with the Iraqi people who, after being invaded, occupied, exiled, made homeless and torn to pieces, will soon come together and find a way on how to reinstate the rule of law and pave the way for their future.

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Central sales rise to 736 million dollars during the current week

The volume of total demand for the dollar in the meetings of the Central Bank of Iraq this week to 736 million dollars, and a stable exchange rate for the ninth week in a row was 1170 dinars per dollar.

The total sales during this week, the central 736 million and 940 thousand dollars, was the basis of the exchange rate of 1170 dinars per dollar, by holding an auction of five meetings during the week. It recorded a rise from last week, which amounted to sales of $ 569 million Central and 535 thousand dollars at the exchange rate was 1170 dinars per dollar.

And distributed on demand cash sales total of $ 171 million and 235 thousand dollars at the exchange rate was 1176 dinars per dollar, inclusive of the commission of the Central Bank amounting to six dinars per dollar.

While foreign remittances recorded a size of the request amounted to 565 million 705 thousand U.S. dollars at the exchange rate was 1173 dinars per dollar, inclusive of the commission of the Central Bank amounting to three dinars per dollar.

The central bank warned in a statement issued Sunday, the past (3-15), against the Reserve Bank to act outside the scope of the Bank's goals and objectives of the cash balance, claiming that the financing of investment projects of various government, indicating that it will replace the results of the "serious" on the external economic balance and to lose the country's defense force for the entire economic stability.

He said, "The international reserves of the Central Bank of Iraq, is based mainly in the construction of external value and stability of the Iraqi dinar and defend the exchange rates of high stability."

"The call for the disposal of the (Reserve) outside the scope of the goals and objectives of the cash balance, claiming that the financing of investment projects of various government, would have serious consequences on the economic balance and lose the country's external defense force for the entire economic stability."

He said this would lead to "weaken the ability of monetary policy in the protection of the national currency and re-entering the failures caused by the deterioration of inflation, exchange rates, and with a sudden wave of high external imbalances difficult clash reserves is weak, because of that link with the financial market of international reserves."

The statement came in response to calls for the central fire in the media claim to asylum has a cash reserve to meet the budget deficit.

The average daily demand on the rise last week, reaching 147 million and 388 thousand versus $ 142 million and 383 thousand dollars, over the past week.

The week witnessed the disparity in the volume of applications to buy the dollar during the course of the auction, which reported a meeting on Sunday (3-15) less the volume of demand during one meeting was 122 million and 480 thousand dollars, while meeting Wednesday (3-19) during the peak demand one meeting was 173 million and 930 thousand dollars, and there is no record of the meetings this week of the auction bids for the sale of the dollar by the banks to contribute to the auction.

The central bank held an auction of five meetings a week from Sunday to Thursday for the sale and purchase of foreign currencies, and receive a cash commission on the sale of six dinars per dollar, and receive a commission of three dinars per dollar on the sale of remittances outside the country.

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Economic Forum is held the first Sunday the auspices of the Hashemite

A source in the Office of the Vice-President Tareq al-Hashemi, on Friday, the National Economic Forum to start its work in Baghdad on Sunday under the auspices of the Hashemite logo (to build a prosperous economy, Iraq, and in order to address the future challenges facing the Iraqi economy) and continue for two days.

The source told Voices of Iraq (VOI) "The forum will be held for the period from (22-24) of the month for being in a hotel will be good to attend a large number of government officials, Iraqi and foreign experts in economy and sociology."

The source noted that "the primary purpose of the Forum is to achieve economic philosophy suited to the conditions in Iraq now and for future development of many policies related to economic, financial, monetary, oil, investment and other policies."

He added that "to address the economic issue will be through the review of a range of research and studies which will be submitted by the owners to get out of jurisdiction will apply the recommendations of the advancement of economic reality."

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