Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Sharp drop on demand for dollar on Wednesday

Demand for the dollar went down in the Central Bank of Iraq (CBI) auction on Wednesday, reaching $105.660 compared to $222.380 million in the previous session.

“The demand hit $20.040 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $85.620 million in foreign transfers outside the country, covered by the bank at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 17 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=113071

Parliamentary: the impossibility of setting up a fund without the approval of the law of the generations of oil and gas

Expressed member of the Economic Committee in the House of Representatives full Albulada the difficulty of the establishment of the Fund without approval of the law of the generations of oil and gas. Noting that the fund was established to separate part of the law can not be Tdzoth.

The Albulada told the independent press (Iba) on Thursday said that the Fund establishes a national body to manage the wealth of citizens to establish a guarantee for the next generation of Iraq, a step towards the achievement of economic growth and raise the income level of the Iraqi citizen as well as being the preservation of wealth.

Albulada and demanded the prime minister to speed up sending the revised version of the oil and gas law to the House of Representatives in order to vote and approval. Recognizing the existence of political enticements and the many diverging views, a copy of the law by some groups - according to her.

It should be noted that the draft oil and gas law contains an entire chapter on the venture capital fund ever.

The idea of the generations, based on the allocation of a proportion of the annual income of the State be placed in the Fund in order to provide sufficient resources for future generations in the case of the depletion of oil or with the continuation, as well as to diversify sources of income by building structures of foreign assets contribute to the provision of investment returns for the benefit of future generations.

In the view of watchers that the idea of the generations seem attractive to many people, but on the basis of defending the case in oil-rich countries, where the Fund was a strategic option in dealing with crises in many countries.

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Iraq seeks 2-year solution to power crisis

The Iraqi minister of electricity, Kareem Waheed, on Wednesday revealed plans by his ministry to resolve the country's electricity problem within a matter of two years.

"Several electricity generating projects will be implemented this summer and throughout 2010 and 2011," the minister told Aswat al-Iraq news agency on the sidelines of a celebration held to lay the foundation stone for al-Kahlaa generating station in southern Amara city.

"These projects will increase power production, thus solving the electricity crisis in all Iraqi provinces," the minister added.

Yesterday, Iraq's production of electricity reached its top level of 6,000 megawatts, including 1,900 megawatts in Baghdad.

Amara, the capital city of Missan province, lies 390 km south of Baghdad.

Power supplies in Iraq have been sporadic since the second Gulf War when the US-led coalition destroyed the electricity infrastructure during operations to drive Saddam Hussein's regime out of neighboring Kuwait. The shortages became even worse in the aftermath of the 2003 U.S.-led invasion because of insurgent sabotage, rising demand and fuel shortages.

http://www.zawya.com/Story.cfm/sidZA...Power%20Crisis

Maliki will meet the President of the Russian oil producers and discusses the possibility of the return of Russian companies

Met Prime Minister Nuri al-Maliki in Baghdad Thursday, the President of the Russian oil producers Cfrank Yuri, who is visiting Iraq.

The source said the prime minister's office told reporters that the Russian official was escorted with a delegation of representatives of Russian oil companies to discuss the issue of investment in Iraqi oil fields that had been disrupted after 2003, which it did during the visit of Maliki's recent visit to Moscow last month.

He has held talks with Russian President Dmitry Medvedev and Prime Minister Vladimir Putin during his visit to Moscow were discussing ways to develop relations between the two countries and the return of Russian companies to work in the fields of energy, reconstruction and bilateral cooperation in international and regional areas, particularly with regard to the situation in the Gulf region and the settlement of the conflict in the Middle East.

The Russian side hopes that the Iraqi government of the oil contracts concluded by the Russian companies as LUKoil with the former Iraqi regime for oil exploration in the West Qurna field, which said the current government to cancel.

http://209.85.229.132/translate_c?hl...J77rCw2rViAUpA

Who is not corrupt in Iraq?

It is not wise and fair to single out the Ministry of Trade as an example of how corruptive Iraqi ministries and government have become.

Corruption is a reality in our wounded country. It is more dangerous to the future of Iraq than terrorism which has been tearing the country and its people apart.

It has taken so long to embark on any serious anti-corruption measures. For this reason, corruption has spread like an infectious disease and is easily discernible at all government ranks.

The newly built interests that have emerged since the U.S. invasion and the division of the country and government along sectarian, ethnic and factional lines stall any serious effort to fight corruption.

It is the responsibility of top officials such as ministers and director-generals to make sure that their institutions are free from corruption. To blame it always on low-ranking officials does not vindicate them.

We all know corruption is endemic in Iraq and we all know that no senior government official has ever taken tough measures against it.

The issue of the Ministry of Trade and corruption should not be left to media and statements by government officials. We need an independent judicial investigation to examine not only the Ministry of Trade but all other institutions which allegedly are mired in corruption.

If the investigation proves the existence of corruption in the Ministry of Trade, then the minister must resign.

If it is proven that the minister himself is involved, that will be a very serious matter. He must face punishment in the light of standing laws and regulations.

If we believe as we claim that we want to be a state of law and order, then let law and order rule. Anarchy rules when everyone becomes the judge, the lawyer and the police at the same time.

http://www.azzaman.com/english/index...05-14\kurd.htm

Slight surge in dollar sales Thursday

Demand for the dollar saw a slight increase in the Central Bank of Iraq (CBI) auction on Thursday, reaching $124.259 million compared to in the previous session.

“The demand hit $26.740 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $97.555 million in foreign transfers outside the country, covered by the bank at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

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

http://en.aswataliraq.info/?p=113161

Europe's quest to sign a long-term agreement with Iraq in the field of gas

A new Los Angeles Times Los Angeles Times that the European Union will try to at a meeting on Friday, the pressure on a number of countries, including Iraq To enter into treaties with the long-term for the processing of natural gas.

The newspaper said in a report published, "The European Union will press countries, eight of the southern neighbor, in addition to Iraq and Egypt, to join the long-term partnership that will support the income of natural gas over the coming years, as compared to Western Europe to provide a stable supply of natural gas ".

The newspaper said that at a meeting in Prague with the leaders of Azerbaijan, Georgia, Turkey, Turkmenistan, Uzbekistan, Kazakhstan, Egypt, Iraq, to pay towards the European Union's commitment to expand a broad network of gas pipeline from east to west, spanning thousands of kilometers.

The newspaper said the United States and Russia would attend the meeting as observers.

Russia was the last winter had to cut off gas to western Europe, a result of commercialization of the gas dispute between Russia and Ukraine, which concern the European Union project to pump Russian gas south.

The newspaper said the draft of the declaration to be issued after a meeting on Friday called for linking the EU gas-thirsty gas-rich country bordering the Caspian Sea and beyond to "the benefit of all parties." The draft requests from the Governments of those countries, to comply with the long-term and beneficial business resolution of all problems that hinder the project.

http://209.85.229.132/translate_c?hl...HD9UGqKaJe2nzw

Economic analyst for NOAA: pumping a fixed dollar amount of one of the factors that keep the Iraqi dinar is stable

Said economic analyst Khaled Haidar said the most important factors that keep the Iraqi dinar is stable at the present time is for the central bank to pump a certain and fixed amounts of U.S. dollar.

Haider said in a statement to Radio NOUAN the rise of the dollar last week was due to the failure of the central pump the same volume that was dumped because of the loan or the government.

http://209.85.227.132/translate_c?hl...XFEeJwhLXk-bkQ

Iraq used for its reserve of foreign currency if oil prices do not rise

He's oil minister Hussein Shahristani said Baghdad may have to use the reserves of foreign currency and loans if oil prices do not rise.

He said al-Shahristani told Reuters that the Organization of Petroleum Exporting Countries (OPEC) is able to maintain current oil production levels unchanged, provided that oil prices remain strong.

He felt that if (OPEC) that there is a surplus in supply to world oil markets would have to consider other options.

http://209.85.227.132/translate_c?hl...TyF_vovWHQ5H8g

Al-Azzawi (News): can not export the oil province of Kurdistan without the approval of the central government

The deputy, Rashid al-Azzawi, the Accordance Front, said the issue of the Kurdistan region to export oil without the approval of the central government has not been raised in the House of Representatives to discuss the remarks, noting that the Kurdish side of this particular paper may be used by the pressure of the Territory.

He told Al-Azzawi (the news agency reported): "I do not think the future of the region export oil in isolation from the central government, because it is a fateful, because oil is the people's livelihood and the question of export solutions exist in the Constitution, considering that oil and gas is the property of the people and acting on behalf of the people is the central government of the Iraqi oil ministry," he said:" I am confident that I can not make the region of Kurdistan and one drop of oil, because a lot of damage to the Government of Alaqilm before the damage to the central government today as the province of Kurdistan depends entirely on the proportion of 17% of the budget given by the Center This is threatening the ratio given by the Center to the region."

He said, the representative of the Accordance Front, that it "can not be sufficient Kurdistan region 200 a barrel because the region's share of more than 200 thousand barrels per day in addition to the neighboring countries that do not allow this because the political situation of regional and international allowed to act in the Kurdistan region so that the disposal."

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