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

Wael Abdel-Latif: The decision not to deal with the financial banks, civil improper and does not conform with the inclinations of the government

and the independent MP Wael Abdul Latif, the Ministry of Finance's decision not to treat the latest government departments and institutions with private banks as "inappropriate.

"Abdul Latif, told the independent press (Iba) on Wednesday that the decision to Ainsjm with the Government's desire to support the private sector and investment in the banking sector, as the development of the country lest to give freedom to move money, whether by government or private banks.

He added that the banks have the flexibility of civil Malatemtlleke State banks, which began losing customers because of the significant momentum in the implementation of official guidelines on the one hand and the administrative red tape on the other. Calling for support of the private banking sector and measures to facilitate the opening of banks.

Abdul Latif said that we stand with all the legal procedures and conditions in the opening of banks in the country, but the decision to prevent the deal needs to be reviewed by those responsible.

The directors of a private bank said yesterday that the considerable material damage caused to private banks following the decision of the Ministry of Finance of the government departments not to deal with it, "and urged the State to develop a clear policy toward financial and deal with on a level playing field with banks and governmental organizations.

http://209.85.229.132/translate_c?hl...oNN3qQ3uBcirog

Oil Minister discuss with the British and Chinese companies that steps to develop Rumaila in Basra

Research and Oil Minister Hussain al-Shahristani, and some officials of the ministry with a coalition of oil companies, which won the development of Rumaila steps to develop and raise the production capacity.

An official source at the Ministry of the Press Section at the National Center for media day, the ministry held a consultative meeting with the coalition of the two (BP) British (bp) and the China National Petroleum Corporation (canc) to display the action steps to be undertaken by the companies.

He said he hoped the lifting of the companies mentioned in the Rumaila production to two million and 850 thousand barrels per day during the next six years, ie, an increase of the limits of one million and 900 thousand barrels.

http://209.85.229.132/translate_c?hl...qFK2u6b1lZdu8g

Zebari: It’s time to lift sanctions off Iraq

Iraqi Foreign Minister Hosheyar Zebari affirmed that Iraq “will not regain full sovereignty and independence without getting rid of UN sanctions placed on Iraq as a result of the 1990 Iraq invasion of Kuwait.”

Zebari said that Iraq has paid “billions” of dollars under Chapter 7 and it’s about time to lift off restrictions in order for the country to regain its normal position in the world. Zebari reiterated that Iraq is still paying 5% of its oil revenues to Kuwait.

http://www.alsumaria.tv/en/Iraq-News...-off-Iraq.html

Maliki to evoke exiting Iraq from Chapter VII

During his visit to the United States, Iraqi Prime Minister Nuri Al Maliki will discuss developments in the country as well as US-Iraqi relations and opportunities to draw in US investments in the construction field; the Associated Press quoted Ali Moussawi from Prime Minister Nuri Al Maliki’s office as saying.

Al Maliki is due to meet in New York UN Chief Ban Ki Moon to discuss exiting Iraq from UN Charter Chapter VII restrictions.

Moussawi noted that the delegation accompanying Al Maliki includes Defense and Interior Ministers as well as head of the investment committee.

http://www.alsumaria.tv/en/Iraq-News...apter-VII.html

Arab development held back by insecurity, UN report

UN Arab Human Development Report published in Beirut declared that 65 million of Arabs live in poverty pointing out that unemployment is one of the major economic insecurities in several Arab Countries.

Massive oil wealth gives a false impression of these countries economic situation because it conceals structural weaknesses in many Arab economies which destabilizes the economic security of both citizens and countries.

http://www.alsumaria.tv/en/Economics...UN-report.html

Zebari: Iraq will not regain sovereignty under UN sanctions

Iraqi Foreign Minister Hosheyar Zebari affirmed that Iraq “will not regain full sovereignty and independence without getting rid of UN sanctions placed on Iraq as a result of the 1990 Iraq invasion of Kuwait.”

Zebari said that Iraq has paid “billions” of dollars under Chapter 7 and it’s about time to lift off restrictions in order for the country to regain its normal position in the world. Zebari reiterated that Iraq is still paying 5% of its oil revenues to Kuwait.

http://www.alsumaria.tv/en/Economics...sanctions.html

Iraq’s oil exports reach $3.17m in June 2009

Iraqi revenues from oil exports in June 2009 reached 3.714 billion Iraqi dinars (nearly $3.174 million U.S. dollars, an official spokesperson for the Oil Ministry said on Wednesday.

“In June, the average oil price was $64.37 a barrel. Iraq exported nearly 57.7 million barrels last month,” Aasem Jihad told Aswat al-Iraq news agency.

Companies from Korea, China, India and the United States were the purchasers, Jihad noted.

Iraq’s 2009 federal budget is based on oil proceeds of $3 billion, equivalent to 2 million barrels per day (bpd) at a price of $50 a barrel.

http://en.aswataliraq.info/?p=116479

2010 budget assumes oil price of $60 a barrel

A committee set up to plan the 2010 budget has assumed a crude oil price of $60 a barrel, according to an official statement.

“The figure is based on a thorough analysis of international markets,” an Iraqi Ministry of Oil statement received by Aswat al-Iraq news agency quoted the minister of oil, Bayan Jabr al-Zubeidi, as saying.

Iraq’s 2009 federal budget, totaling $62 billion U.S. dollars, had been based on an oil price of $80 a barrel, which was later scaled down to $50 in the aftermath of the drop in international oil prices.

The minister indicated that the boom in Iraqi oil exports, which he said are expected to reach 2.15 million barrels per day (bpd), in addition to the increase in tax and customs revenues, will help support the country’s federal budget.

http://en.aswataliraq.info/?p=116467

Dollar sales down on Wednesday

Demand for the dollar decreased in the Central Bank of Iraq’s (CBI) auction on Wednesday, reaching $145.640 million compared to $191.255 million in the previous session.

“The demand hit $10.750 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and 134.890 million in foreign transfers outside the country, covered 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 14 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=116462

Bank’s capital increased to cover long-term loans

The decision of the Iraqi council of ministers on Sunday, July 19, to increase the capital of the state-run Industrial Bank from $400 million to 25 billion Iraqi diners (ID) comes to cover the Bank’s activities in long-term loaning, the official spokesperson of the Iraqi government said in a release Wednesday.

“This increase in governmental funding to the bank will not be covered by the budget but by the accumulated strategic account,” Dr. Ali al-Dabbagh said in the release received by Aswat al-Iraq news agency.

“The Industrial bank holds improving the national industry and encouraging investments in the industrial field of great importance,” he said.

http://en.aswataliraq.info/?p=116457