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

Gulf Cooperation Council confirms its position in respect of Iraq's unity and sovereignty

The GCC ministerial meeting at the end of the league in Jeddah confirmed its position in respect Iraq's unity, sovereignty and territorial integrity and non-interference in its internal affairs and the preservation of Arab and Islamic identity.

The Council stressed with regard to the situation between Kuwait and Iraq that Iraq must implement all Security Council resolutions relevant.

And on relations with Iran, he stressed the importance of adhering to the principles and policies of good neighborliness and non-interference in internal affairs and resolve differences through peaceful means.

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United States intends to supply Iraq with U.S. fighter jets

A senior U.S. Air Force forces are currently preparing several options for Iraq's acquisition of fighter jets, F-16s produced by Lockheed Martin.

Said Bruce S. Lemkin, deputy assistant Air Force chief of Foreign Affairs that F-16s, whether modern or has been updated it may be a key element in strengthening the capacity of U.S. and Iraqi forces to work together in the future.

He can be told to Reuters Newsmakers panel said the deal with Iraq, an exceptionally important and it's not just the aircraft, but the partnership that comes with it.

To be stressed that using the same aircraft used by U.S. forces becomes not only the center of the relationship, but also unites the concepts of maintenance and operations and logistics between the two countries.

He pointed out that the sale of F-16s is one of the new possibilities that are currently in the evaluation of sovereignty over the airspace, carried out by the U.S. Air Force with their Iraqi counterparts in Baghdad.

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UAE likely to rejoin Gulf Monetary Union
The UAE is likely to rejoin the Gulf monetary union as it stands to benefit most from a single currency and it makes no sense to have a euro-style union without the bloc’s second-largest economy, experts say.

Home to the Gulf Cooperation Council (GCC) nations' largest banking sector and accounting for about a quarter of the region's 2007 gross domestic product of $810 billion, the UAE is likely to let financial sense prevail over an ego hurt by a decision to base the headquarters of the union's central bank in Saudi Arabia.

"The benefits that the UAE will derive from the monetary union outweigh the advantages for all the other countries," said Said al-Shaikh, chief economist at NCB. "The UAE will reconsider the decision it had made in May, and maybe forego the issue of location and think about the economic benefits."

Saudi Arabia, the GCC’s largest economy, on Monday approved the proposed GCC monetary union agreement and said it hoped the UAE and Oman would rejoin. Economists say the adoption of a single currency could take up to 2015. The plan was to have a currency in place by 2010.

Saudi Arabia, Kuwait, Qatar and Bahrain are part of the union. The UAE pulled out on May 20, two weeks after Gulf leaders chose Saudi Arabia to host the central bank. But the UAE said a day later it would keep the door open to joining.

"The issue is not necessarily that the UAE cannot afford not to join the union," said Philippe Dauba-Pantanacce, a senior economist at Standard Chartered. “I would more argue that the monetary union barely makes any sense without the UAE."

He added: "In the current scheme, without Oman and the UAE, Saudi represents more than two-thirds of the ensemble. This is not in effect a monetary union anymore but rather 3 GCC countries adopting (Saudi’s) currency."

A single currency would benefit the UAE the most as its transactions are the largest in the area and its financial system the most open and transparent in the Arab world.

The UAE "cannot afford to lose out on the benefits of seamless movement of trade, capital and labor and importantly attracting foreign direct investment," said Samir Pradhan, an economist at Gulf Research Centre in Dubai.

However, a unified monetary policy for the GCC will be difficult given that countries are faring differently.

"Convergence criteria would take time to be fully implemented by member countries, and this should be backed by astute political will on the basis of comparative assessment of gains and losses by member countries," Pradhan said.

Standard Chartered's Dauba-Pantanacce said he does not think "substantial progress will be achieved in the short term. But again, more than a date (when this union will be ready), the question is really, what is the sense of a four-country monetary union? This has to be solved before they go further."

http://business.maktoob.com/20090000...on/Article.htm

disappearance of the coin is because of wrong policies or the Iraqi economy was not ready to be issued / Investigations

After the economic collapse experienced by Iraq at the stage of the nineties, with doubled numbers of Iraqi currency in the play and the farce of the cloned cards and the low of the Iraqi dinar compared to other currencies, where the economic distress experienced by Iraq led to the unusual disappearance of a gradual exchange of small (five and ten bankruptcy of bankruptcy), to percent JD fifty dinars.

And so on up to larger groups in the coming years of the currency, but the owner of this development is a real crisis in the level of the Iraqi dinar after the dinar was worth three dollars U.S. is today the U.S. dollar is equal to 1017 Iraqi dinars because Others thought some of the decisions of government agencies intervening in monetary policy.

Was for this investigation to determine the main problems faced by monetary policy in Iraq through the stumble in the issuance of new currency As well as reduced purchasing power of the Iraqi dinar in foreign dealings,

* For small value of the currency before the advent of a real stage nineties

Said one of the employees named (a Hamad Qasim) the owner (47) years, "received after my work in the Ministry of Planning in 1985 The first salary was estimated at (60) dinars, and each passing year salary increase, or two dinars and one dinar every three increases come get a thank you letter in order to make allowance, where he was at the time of the coin of small value of the real stage before the advent of nineties has turned the wretched of the code compliance officer and civil and legal assistance to another person living in poverty and clearly could force be used by any such bribery Order to be able to now designated daily salary is good but frankly to him Anhs purchasing power as I do in the past and the power of small change."

The Hajj Abu behalf of (51) in the ad hoc salary in the last period was enough for me and fills his pocket money monthly, family, and I was small bills of mineral and other DRAM and notified them of my pocket when I hear Rninhm and I feel in good economic shape, but after the currency lost money has become a starter and the funds in whatever value is not sufficient for the family.

* 50.000 dinars claim the lives of Fred and Karim

(O. H) security guard at the Central Bank of Iraq was before the days of habit, I sat with my friend Fred came one security officials and presented to us go in the duty convoy to Basra with the currency which will be transported from ports to Baghdad (central bank) for the equivalent50.000 dinars fact I refused and this was one of the tips that my father Aakharj in any duty because of the deterioration which swept the country then offered to go to my friend who was sitting next to me (Fred), he said I do not want to die, said the official, beat him if you are a coward, saying a unique individual Tell a coward a thousand times I do not want to hear God's mercy once, but in the meantime, our friend entered a third (Karim), said Farid I accepted the duty, even if I die then spend my Lord Death is written on each one and pushed me but equivalent To go and hoping that Tnfni to fetch the things for young children, who gave birth to their twins a week ago, Farid Let's go Masks and two days after the news arrived that the convoy was robbed and killed to a unique and Karim, who were sitting in a car, pick-up, one beside the other and Ojdnahm one puts his hand on the other Mtwadein in the back in addition to the driver, who by their side who did not remember his name."

* Expert: small coins disappeared from the local market due to high commodity prices.

Economic expert Maher Abdel Karim Spring: making statements The question Disappearance Small bills He says (before the ninth of April 2003 the paper currency of the categories (25-50 - 100) dinars, are abundant in the Iraqi market, despite High levels of inflation and the political system when he fell with his money and it, as many That Small change And coins Cash will return to the circulation and is actually a small coin of the category (25-50 and 100) dinars, but soon What disappeared from the local market due to high prices of commodities and goods and lower Capacity Purchasing power of the Iraqi dinar.

* The wrong policies pursued by the government in the economic sphere and the issuance of currency at the time.

The wave of price rises which the Government reacted In the field The absence of Economic Controls Laws In Stock Old Exposed the Iraqi currency to lower their purchasing power, which is dominated by most countries, laws and procedures Effective And now using the categories of small metal and currency widely in the countries of the region, especially Arab Gulf States And even Syria and Jordan As a result of economic and political stability enjoyed by these countries as well as fiscal policy and central banks in a while we still miss this policy In Iraq.

* Central Bank in a statement obtained by the Iraqi news media a copy of it.

Advertise Value solutions to increase the value of the Iraqi dinar previous study that solutions are possible to achieve this and increase the number of the smallest on the right hand the currency that is being done through the media so that citizens can act as not to compromise their savings and being a successful process in a manner

Adviser to the Central Bank: the Iraqi dinar and the currency values in general have external and internal

The monetary system in the unit of currency is the dinar and the dinar is made up of 1000 fils This unit is the basis of the system building Cash In Iraq As historically Select the dinar is equivalent to $ 3 This situation prevailed In Iraq To the year 1979-1980 Since entering Iraq Iran-Iraq War Started Show for the first time currency exchange rates in black Iraqi dinar began to deteriorate in value of external and pointed out that the Iraqi dinar and the currency values in general have internal and external value of domestic dependent Level The general price Interior and the currency value is inversely proportional to the overall level of prices higher General level of prices the value of the currency to deteriorate, either external value of the exchange rate of Iraqi dinar against foreign currencies of the dollar and others, and this Also Has begun to deteriorate And the values of the currency moved in a single line about the deterioration of the financial payment for cash transactions be in different forms Currency for small transactions of small and large transactions are through (CHEC) But Iraq and by virtue of being the beginning and the Third World country Relies on cash transactions Since in 1980 was the biggest Iraqi currency is 25 dinars, which is equal to the then $ 75 U.S. And (fils and dirham) All of these are the currencies of the purchasing power with her although she simple fractions of the currency as the economic downturn and declining domestic production that in turn impacted on the supply deficit in the goods and subsequently here in great demand and spending A large and borrow a large Greater than the supply as the structure of the low and deteriorating because of the war and started the internal value of the rise in prices and value of foreign exchange deterioration of the Iraqi dinar, adding that there is Workers Are the reason behind the deterioration of the Iraqi currency.

That inflation sing Crushing the poor wealthy that monetary policy has succeeded in achieving its objectives with the main objective is to contain inflation and Ellasar It is a policy followed in the Central Bank in its During the past three years followed strict policies This militancy over the trends

* The first direction to raise interest rates to give nominal value of the real value of the dinar is a real and not illusory, but that commensurate with the strength of the economy of Iraq as the Iraqi economy must achieve the parting in the budget of any external balance of payments as exports have become more imports and thus The surplus And this is Large reserves in the budget of the Central Bank issued this coin In 2006 We in the Central Bank as workers were then Not agree on the publication but there was considerable pressure from the Iraqi prime minister issued a This scrap of Balkhmsin dinars and a hundred dinars and paper (Kjons) metal in a timely manner and we explained to the prime minister, said the Iraqi economy is poised to issue currency, and dealing with Need to educate the public around This is part of a large project Noting that it was a deal urgent and ill-considered not received by the public and accompanied by the incident To individual members of the manna in the power of the central bank to bring them during these containers loaded with currency (scrap) From the port of Basra killed at the impact of four martyrs protect the security of personnel Central Bank and the theft of One of these containers, adding that the four martyrs We have taken with them the measures taken by the State's legal rights granted to them as martyrs The container has not been restored is no value They are junk He pointed out that the scrap was not distributed storage of the Central Bank and we will send to the Ministry of Industry and Minerals.

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Minister of Planning is likely to postpone the launch of five-year plan for six months

Likely, Minister of Planning and Development Cooperation postponed the launch of five-year plan for development to the whole of Iraq for another six months after the presence of the observations and reservations of some provinces.

Baban said in an interview that his visits to most parts of the country pre-empt a conference dedicated to the development of the provinces.

He pointed out that they regional speakers examining with academics and experts of the Ministry of Planning and the heads of the ****utive and the leaders of local government and civil society leaders and heads of political entities, a five-year plan for Iraq.

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Russia's Lukoil announces willingness to employ 15 thousand people to work in Iraq

Announced (Lukoil) Russian oil is ready to work in the Iraqi oil fields, indicating it is ready to employ 15 thousand people to work in Iraq.

The head of the company and a single Kabirov in a lecture delivered at the Ukhta State Technical University, Russia, on Friday the company announced more than once expressed their willingness to work in the oil fields of Iraq, and they are ready to employ 15 thousand people to work in Iraq.

He noted that the company Alekperov (Lukoil) currently operating in 42 countries in the world.

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I hope they mean 15,000 Iraqi's.

Nouri Maliki meets with U.S. Congress delegation

Iraqi Prime Minister Nouri Maliki received in his official office on Friday, September 4, a U.S. Congress delegation in the presence of U.S. ambassador in Baghdad Christopher Hill.

During a meeting, Maliki confirmed that Iraqi Government is keen to build the best relations with all neighboring countries and in the world based on common interests and mutual respect, saying, “Iraqi Cabinet never allow any intervention in the internal affairs of Iraq in as much as it is keen on not to interfere in other countries internal affairs.”

From its part, the US delegation strongly slammed recent terrorist attacks in Iraq that targeted government institutions and civilians.

http://pukmedia.com/english/index.ph...13164&Itemid=1

The signing of an agreement to establish a free trade zone between Iraq and Jordan

Jordan and Iraq signed an agreement to establish a free trade zone between the two countries and an agreement for cooperation in the field of animal health. The two conventions have been signed in the presence of Prime Ministers of both countries Nuri al-Maliki and the rare golden on a brief visit to Iraq.

Has the Minister of Industry and Trade Amer Hadidi, Jordan and the Iraqi Minister of Finance Baqir Jabr Al-Zubaidi an agreement to establish a free trade zone, as the Minister of Agriculture Engineer Saeed al-Masri of Jordan with Iraqi Minister of Agriculture acting Akram al-Hakim an agreement for cooperation in the field of animal health.

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Adviser: Iraqi-American Chamber of Commerce does not have the "legal framework" for work in Iraq

adviser to the Prime Minister for Economic Affairs, on Thursday, the Chamber of Commerce and Industry of Iraq - the U.S. is not recognized within the non-governmental organizations do not have a "legal framework" for work in Iraq.

He preferred to Mohammad Jawad told (Voices of Iraq) that the Secretariat of the Council of Ministers "sent today (Thursday), ministries and government institutions not to deal with all the Chamber of Commerce and Industry of Iraq - the U.S.," noting that that organization "is not recognized within the non-governmental organizations do not have a legal framework for work in Iraq. "

He added that "the registration of NGOs is in accordance with conditions, and this organization did not meet the required conditions." Noting that "many people think that this organization is recognized internationally and locally as a result of her name, but the fact the contrary is a group of people."

He noted that the horse, "This organization has many activities in Iraq as well as held numerous seminars and conferences, but it remains without legal validity can not be dealt with."

The Secretariat of the Council of Ministers, issued earlier on Thursday, a circular to ministries and state institutions urging them not to deal with that organization.

The circular said "after the decision to cancel registration of the Chamber of Commerce and Industry, Iraqi - American Chamber of non-governmental organizations and the loss of the legal existence in Iraq, been decided to extend the ministries and all government departments not to deal with that organization."

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Shell gas deal seen delayed past Iraq Elections
Political opposition to a gas venture between the Iraqi government, Royal Dutch Shell and Mitsubishi may delay its finalisation until after national elections in January, a senior oil official said on Saturday.

Deputy Oil Minister Ahmed al-Shamma, stressing he spoke for himself rather than the Iraqi Oil Ministry, said he expected the project in southern Iraq would be not be signed until after the Jan. 16 elections in which Iraq will select a new parliament.

"In the current climate, signing the deal and making a decision is very difficult ... essentially because there is strong opposition, used by politicians for other reasons not related to gas and investment in gas for political objectives."

"This is my personal expectation ... It is not related to the desires of the ministry or the government," Shamma said. The Iraqi government has been working to finalise the joint venture between its South Gas Company and the two foreign firms, which will capture flare gas released as a by-product of crude oil extraction around Iraq's southern oil hub of Basra.

The gas venture, once in place, will be at the forefront of Iraq's plans to modernise dilapidated oil and gas facilities, update technology and boost oil output that over six years after the 2003 ouster of Saddam Hussein hovers around pre-war levels.

Yet the deal, which would harness for export or domestic use huge amounts of gas Iraq currently burns off into the ether, faces opposition from lawmakers who criticise its terms and say it will be unconstitutional unless sent to them for approval.

They have threatened to revoke the deal and push Shell out of Iraq - just one front in the bitter turf war between Iraq's E.xecutive and legislative branches over who has the authority to broker major energy deals in the absence of new energy laws long delayed by a feud between majority Arabs and minority Kurds.

The debate extends to deals Iraq hopes to sign in two rounds of bidding for major oil and gas contracts, the anchor of its oil strategy. Iraq has already awarded one deal in the first round, which concluded in June, to a BP-led group.

The second round is expected to culminate in December.

But the first national elections since 2005, which some Iraqis fear may set off a resurgence in violence just as US troops prepare to withdraw, weigh heavily on negotiations over the future of Iraq's energy sector. Compromise on difficult issues, such as oil, in Iraq's parliament may become even more difficult ahead of the polls. Uncertainty about the next government's position on energy deals, and questions about whether Oil Minister Hussain al-Shahristani will be reappointed, may intensify doubts among investors already wary about Iraq's security and legal risks.

Iraq and Shell have already signed an initial agreement for the gas project, but the venture must still be finalised.

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