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

Asiacell hopeful following US withdrawal
Iraqi GSM operator Asiacell is hopeful that network services could improve following the withdrawal of the US military from major Iraqi cities if the use of m.obile “jamming” devices decreases.

Both Asiacell and Zain Iraq recently blamed jamming devices, which the US military is believed to use to prevent the detonation of roadside bombs, for degrading the quality of their network services.

Dr Diar Ahmed, CEO, Asiacell said he hoped that the withdrawal of US troops from Iraq’s cities would help alleviate the problem, although he added that fixed jamming devices, which are thought to protect military bases, could remain in use.

“We have no clue if these devices will be removed from their [US military] bases, as we are not only talking about m.obile devices, but also about fixed devices as well,” Dr Ahmed told CommsMEA.

“We hope that the m.obile devices will be much less in the street. But we don’t know if the fixed devices are removed or not."

He added that other organisations apart from the US military could also be using the devices, leading to doubts about whether use of the devices would fall even in built up areas. “We’re not sure if these devices are only used by the US or multinational forces. Some Iraqi forces or the Iraq ministry of interior might use them. We cannot say. We have no clue if these interferences are to be reduced,” he said.

The use of jamming devices came under the spotlight after the Iraqi government imposed fines worth just over US$20 million on Asiacell, Zain and Korek Telecom for providing “bad service” in May. Zain and Asiacell both contended that jamming devices used by security services were to blame for outages and poor network quality.

http://www.arabianbusiness.com/56069...-us-withdrawal

Khalifa Jabir: We will be pressing for approval of oil and gas law in accordance with constitutional matters

Described the decision of the Commission on oil and gas in the parliament, Jabir Khalifa Jabir Bloc MP Fadhila the first round of licensing, which has won two British and Chinese, as (failure) of the Ministry of Oil. Mr. Khalifa said in a press statement that the (first round of licensing is a failure of the Ministry of the small oil companies refused to participate and a tour of the most participation licenses).

The Oil Ministry announced on Tuesday (6-30) that it has agreed to grant a license to invest an initial field of only one of six oil fields and gas fields offered for investment, have been rejected bids for the other seven fields ... event held at the Rashid Hotel in Baghdad to declare the winning companies licensing the first cycle of the presence of Prime Minister Nuri al-Maliki, a Chinese company canc bp of British investment in the license Rumaila daily production ceiling at two million, 850 thousand barrels per day, and the profit amounted to two dollars for each additional barrel of oil product from the field.

The successor to Mr. Jaber said he would exercise and members of the House of Representatives pressed for ratification of the oil and gas in accordance with constitutional matters.

http://209.85.229.132/translate_c?hl...sFWlL7HhmS8nGw

I hope someone presses real hard for approval of gas and oil laws!

thats whats needed...along with that OIL MINISTER taking a hike...smells like some under handed deals there...he needs to go...IMHO..Pat

Investment commission to use escrow system

The Iraqi investment commission is currently working on activating escrow system in Iraqi banks, to allow companies investing in the housing field to employ it, a member of the commission said Friday.

"The system will protect investors' rights in the housing field," Thair al-Faili told Aswat al-Iraq news agency.

"Work according to this system will start in Baghdad, Karbala, Najaf and Basra, and will proceed to include all the Iraqi provinces," he said.

An escrow system is a banking account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction, or a trust banking account held in the borrower's name to pay obligations such as property taxes and insurance premiums.

Recently, the Iraqi government has allocated 25 billion Iraqi dinars to each province to construct low cost housing units for poor people.

http://www.zawya.com/Story.cfm/sidZA...scrow%20system

Mahma Khalil believes that borrowing from the World Bank does not affect negatively on the Iraqi economy

The economic Edwalganp Mahma Khelil said the amount of seven billion borrowed from the World Bank does not affect negatively on the Iraqi economy.

Khalilzad said the Kurdish news agency that the proposed loan would have a positive effect on the Iraqi economy during the coming period.

Stating that this loan will help to stimulate a number of the most important economic sectors of electricity, housing and reconstruction.

Khalil said that the World Bank agreed to lend Iraq after the success of the Iraqi Ministry of Finance in the application of the conditions set by the World Bank to reform the Iraqi economy and to cancel Iraq's debt.

He noted that the Ministry of Finance told the parliamentary Economic Committee proposed that the loan is in the interest of Iraq to the economy.

http://209.85.229.132/translate_c?hl...Ace_m6JY8S0PVA

Procedures to speed up the steps to secure the items of the ration card during the month of Ramadan next

The Commission of the Ministry of Commerce to take emergency measures to speed up the steps to secure the items of the ration card in full during the month of Ramadan next.

The Minister of Trade and clarity of agency debt net after he had chaired a meeting of the Commission on the need to accelerate steps to provide a full ration items during the month of Ramadan next transfers between department stores scattered across the country in order to bridge the lack of vocabulary in some provinces.

The net difference on the efficiency of the control and inspections during the stages of securing all the items of the ration card and the need for field presence to the scrutiny of distribution among the families.

The Committee examined the issue of financial allocations and provide the requirements to enter into contracts for the purchase of supply items and coordinate work with the Ministry of Transport in the area of the transfer of large quantities of these items and ways to improve the civil work of the mills for the production of flour, the attributes of good taste and meet the needs of the citizen.

http://209.85.229.132/translate_c?hl...9mojMo-pb6metg

Do account for the investment of trust in Iraqi banks

A member of the Investment Authority Tha'ir Alfeli The body is currently working on activating the system (Alaskero) or the so-called trust account in the banks, which the Iraqi regime is known and applied in the real estate markets, particularly in developed countries.

Alfeli said in a press statement published Saturday, said the system works to protect the rights of the buyer in the area of housing, when the buyer paid the initial amount to purchase and preserve the housing units in the system directly (Alaskero), and transferred to the investor in case the completion of housing units.

He added that this system will work in Baghdad and the provinces of Karbala, Najaf, Basra and will continue to include all of Iraq's provinces, in coordination between the Committee established by the General Authority for Investment and the offices of the Commission in the provinces.

http://209.85.229.132/translate_c?hl...l5OwFyR5J6P5Nw

Views and Ideas
To move from the private banking sector, the role of financial intermediation to the developmental role

In view of the effects of the global economic crisis and the urgent need to build a national economy dependent mechanism and a new structure for the transition from the private banking sector, the role of financial intermediation to the developmental role in the below list of suggestions and views and ideas which have potential application and to discuss with the concerned parties in the banking sector generally, as follows:

1 - Activating the policies of the Central Bank of Iraq for the control of monetary policy in support of the private banking system and a review of lending policies and mechanisms for the management of credit risks in granting credit and small and medium loans and investment in the productive sectors and investment to achieve cash flow and clear as some banks have made good steps and calculated in this area through the granting of loans to small and medium-sized companies guaranteed by the bank guarantees to the limited spread of industrial sectors, 22% and 17% agricultural, finance, real estate and construction 26% and 14% of trade and services 21%, and within the scheme until the end of this year will raise rates contribute to higher rates active involvement in the development of projects and support the national economy. Emphasis was placed on industrial and agricultural projects, health services and trade as we believe that the banking activity will contribute significantly to the support and development of the national economy.

2 - Support for the eligibility of banks to allow them to carry out banking operations and tools for all projects and activities undertaken by the ministries and departments and non-defined and confined to the banks, and opening documentary credits on foreign imports and to accept foreign money orders and the issuance of (Ambasstjp) and equal with the banks, an effective and practical to allow the banks and the civil opening of current accounts and fixed deposits of the ministries and public companies and mixed property of the state as the efficiency of financial eligibility for the banks and their ability to invest these deposits in bank instruments to support the national economy. That the Central Bank of Iraq, Ministry of Finance and Economic Committee of the Council of Ministers, including the distinguished coordination and standardization of regulations and legislation to achieve that.

3 - To review the provision for bad debts collected in accordance with the rules and guidance to give flexibility and duration of additional time for banks to be able to clear the debt, most of which belong to earlier periods, although most of the debtors had migrated out of Iraq for security reasons beyond their control and that these hinder the descent of increasing the capital of the banks because of the reduction in profits realized in the outcome of these percentages deducted from the net profit and therefore affect the activities of the new investment banks.

4 - The Central Bank of Iraq to reconsider studying the possibility of reducing the legal cover off, and by 25% of the volume of deposits in banks and frozen to the Central Bank of Iraq without investment. These amounts can be frozen Tsttmarwalastvadp support to private banks and enable them to expand their investment and the search for new banking products.

5 - The company will be established to ensure and secure the credit of all kinds to make the State contribute to the control and the risks involved in doing this to ensure a fixed percentage of credit and make the State to ensure at least 50% of the credit along the lines of what the case in a limited bank guarantees in order to promote small and medium-sized economic viability and development, which produce goods and services that reflect the competition and to reduce inflation and building a new national economy in line with the current developments in the situation of the global economy.

6 - The Council of Ministers and the relevant government agencies to support the Iraqi company for financing small and medium enterprises and the participation of some of the newly established banks in the capital and support equivalent to the financing of foreign funding at the earliest.

7 - review of the instructions issued by the Central Bank of Iraq with regard to determining the interest rates and make them (a maximum and minimum) and give freedom of movement for the banks to act in accordance with these limits, as well as the designation of service fees and commissions charged to customers and make them uniform for all banks are to determine the amounts of fees and commissions by the banks for the purpose of competing with each other.

8 - study of the development, support and motivate the Iraqi market for securities and financial instruments to find the means to raise the prices paid index of the direction of the market and companies that suit, its assets, profits and production standards, including at least certainly for the true value of the shares and to prevent speculation that harm the Iraqi assets are disproportionate to the value of the real and actual.

9 - Establishment of a special chamber within the administrative structure of the Central Bank of Iraq to develop the private banking sector in all areas of art and design curriculum development at the level of electronic systems and the preparation of the consolidated programs and policies for development.

10 - currently appropriate to review the legislation and regulations currently in force on the central foundations allow for investment and in particular of the Banking Act (28, 29, 30 and 31 and 33) and the Securities Act and new legislation for investment finance.

11 - the establishment of a "Fund" or "portfolio of special" certificates of deposit issued by banks wishing to address the deterioration of share prices in the Iraqi market for securities and the addition of a new tool for the bank's current investment climate to stimulate investment in the market, as well as increase the volume of bank deposits, which will lead to increase its investment in all economic sectors and thereby achieve a positive return for investors.

12 - the need to develop a new system to ensure control over the companies and financial institutions "outside the banks," which deals foreign remittances to protect the interests of citizens and the fight against money laundering operations.

13 - Finally, we propose to organize the Central Bank of Iraq to reduce the timing of its policies to ensure that the benefits of reducing the safeguards implemented by the banks, so some of these banks is now pursuing a policy of credit are short and does not accept to become a long-term fixed deposits and bank pursued a very conservative policies to reduce the risk of fluctuation of interest rates.

Samir Alnasiri - Economist

http://209.85.229.132/translate_c?hl...oBPcR3gjJRvsuQ

Ministry of Oil: We are working to create conditions for the declaration of the second licensing round

The Ministry of Oil that it is the configuration of the second round of licenses for the development of 10 oil fields and gas field.

The spokesman said the media Assem Jihad, the ministry press department of the National Center for Information Ministry will create the atmosphere for the declaration of the second licensing round, as was done in the first round of licensing.

He added that the companies that will compete at 35 of these fields are foreign companies and national and 9. The jihad that the Council of Ministers approved the presentation of the development of the Rumaila fields to the coalition the two (BP) British National Oil Company of China.

He added that the contract with the Ministry Stbermh listed companies to lift production from the Rumaila (950) thousand to one million barrels and (900) thousand barrels per day during the next six years.

The Jihad that other offers have been rejected all of the companies, adding that the government decided that the national oil company to develop the fields of counter Mansourieh and raised in the first round of licensing.

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