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

Central Bank confirms the continuation of dollar selling price of 1170 dinars

Emphasized the central bank continued to sell the U.S. dollar version of the Iraqi banks and cash transfers to cover the private sector imports of goods and services and without any limits.

The statement that the bank's daily sales meetings and sales will be announced by the daily price of 1170 dinars per dollar, pointing out that there is no intention by the bank to change the mechanism adopted in this regard.

The local market over the past two days have seen an increase in the rate of exchange as the exchange rate to 1200 dinars to the dollar continued to rise behind the series and an unstable situation was reflected in the overall price of materials and goods.

Therefore, the central bank issued a number of assurances over the two days, during which denied the sale to stop the daily dollar auction to cover the activities of foreign imports.

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Social Welfare announced its willingness to issue a smart card

said the Ministry of Labor and Social Affairs Mstaddp it to begin issuing smart cards to beneficiaries of social protection network.

The director-general of the Social Welfare Department of the Ministry of Labor and Social Affairs, Essam Abdel-Latif told the independent press (Iba) said Monday that the Social Welfare Department and the Bank of Iraq is ready to begin issuing smart cards for the first phase in four districts of Baghdad (115.000), Najaf (42.500) and Karbala (33.750) and Babel (57.500), adding that these cards carry a world class modern technical and technological terms.

He noted that the Social Welfare Department has signed a contract with the general director of the Rafidain Bank in the Ministry of Finance last April to supplement the models of smart card benefits for beneficiaries of social protection network.

And Abdel-Latif said the card will contribute to resolving the question of headaches, as well as reduce the burden on Almoakn disposal of cases of extortion against them during the course of its post offices for the purpose of receiving the benefits of social protection.

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Decline in the sales of the Central Bank of the dollar

Central Bank of Iraq from the U.S. dollar at an auction on Monday after the bank Mapall totaled 152,410,000 dollars at auction.

The daily bulletin of the Bank has received the Independent Press Agency (EYBENS) a copy of which was that the sale price of money (1173) dinars / dollars, including the commission of the Central Bank in the amount of (3) dinars per dollar, and the cash sales price (1176) dinars / dollars, including the commission of the Central Bank in the amount of ( 6) JD Dollarroan each quantity sold in cash of $ (11,400,000) dollars and the amount of money (141,010,000) dollars.

The bulletin said the price basis, which won the auction for sale 1170 dinars to the dollar, and the number of banks contributing to the auction (15) banks.

The Central Bank shall receive a commission of $ (3) dinars per dollar on the amounts purchased.

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Symposium on the economic realities of investment in Iraq

Economists discussed the issue of investment advisers in Iraq, especially after the recent visit of Prime Minister Nuri al-Maliki held a symposium included extensive business and investors, designed to develop and rehabilitate Foals in business for the advancement of economic reality and prepare for a phase Reconstruction.

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Atrushi: questioning the success of Parliament in a responsible and accountable will be a strong deterrent to the phenomenon of corruption

The Deputy Sami Atrushi on the mass of the Islamic Union of Kurdistan that the success of Parliament to cross-examine her would be a strong deterrent to the phenomenon of corruption in state institutions, and recognized by one and all.

Atrushi He told the independent press (Iba) said Monday that the House of Representatives during the past three years, who did not exercise its oversight function for many reasons including the lack of response of the parliamentary blocs, and Scott and some others, and lack of seriousness of the Presidency and the vulnerability to the ****utive branch and did not have sufficient experience of the members and relevant committees, with the exception of the security situation, which was critical of the government protesting the lack of implementation of its tasks as required.

He said, after awakening from the parliament and change his course of this legislative felt that the parliament members to its multi-more serious for the exercise of those forgotten task of the parliament, therefore, calls began to question the officials and to host a table filled with the Presidency, which took the initiative in convening a meeting of the masses to agree on a mechanism and schedule for implementation of those requests.

He stressed that the success of Parliament to cross-examine her would be a strong deterrent to the phenomenon of corruption in state institutions, and recognized by one and all Vamufsdon today were not concerned about any actions taken against them by the competent institutions, but the seriousness of the integrity of the recently opened files and corruption and threats by the Prime Minister to fight corrupt the other hand, if the real control was completed by the parliament and to hold accountable for negligence on the basis of evidence and proof of professionalism and away from political conflicts and personal Serab spoilers and stop the practice of corruption, "and we could see the flight and the flight of many of those outside the country when it is confirmed that there is no such has no outlet for asylum or can not repair the error. "

He noted that the intent Atrushi "If ratified," and the united efforts of different institutions in the country, Iraq in the coming stage will witness an improvement in various areas, especially the fight against serious corruption, which "became the ogre who eats up all the good of the country and distract the efforts of dedicated and lost most of Iraq's imports."

Atrushi said that the news received from sources close to the Prime Minister stressed that his priorities would be in the next stage the fight against corruption ", even if the goals of the campaign, as interpreted by some," because the consolidation of its efforts with the desire of the Parliament and the seriousness and untie the hands of the judiciary and the institutions of integrity will produce results in the imaginary reduction of corruption.

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Permit from the Ministry of Finance on the Egyptian debts on Iraq

Some Egyptian newspapers reported recently, "in particular, the (Egyptian Today), as well as the Al-Ahram newspaper articles and news related to the position of the Republic of Egypt from the Egyptian debt settlement of the country, including in particular (dues remittances of Egyptian workers) and the so-called remittances yellow.

The Ministry of Finance Government of the Republic of Iraq has expressed its willingness through the exchange of letters between officials of both countries, as well as official meetings conducted by His Excellency the Minister of Finance with the officials of the Arab Republic of Egypt to settle the debt of Iraq to Egypt, which represents the (government debt and the debt of the Egyptian companies as well as the benefits of employment of Egyptian.

But the Egyptian side of its own constantly insists on solving one side only of this debt (the Egyptian labor dues) at the time that Iraq claims to a comprehensive settlement of the debt stock. as the Ministry of Finance's commitment to Iraq and the terms of the principles of the Paris Club agreement signed by Iraq with 21/11/2004 Paris Club countries and is continuing to monitor the implementation of the International Monetary Fund, the terms of this Convention. the interests "of the Republic of Iraq on the brotherly relationship between the two brotherly countries and peoples, is constantly striving to resolve the matter fairly for both parties. The Government of Iraq at the same time that re brothers in Egypt to reconsider their position on this issue and move towards a comprehensive settlement of the debt stock.

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Iraqi investors are returning to the Iraqi market

Iraq in 2009 and accompanied by changes to the level of economic security and the payment of the Iraqi capital, in particular, and non-Iraqis in general, to review their accounts more accurately, having found themselves a challenge and is clear about the implications of the global financial crisis in the countries that have invested their funds and bearing a great loss. On the other hand, found the Iraqi market is now the focus of attention of many countries striving to get a foothold in this country with a promising economy and needs of all industry and agriculture, construction, housing, trade and others.

Ahmad Al Shammari one Iraqi businessmen, who owned an airline, I worked the security conditions in the years prior to being forced to transfer money to the UAE, and then China, where it settled to run its business as an intermediary between the merchants of Baghdad, and factories of East Asia. All you need is provided in theirs the Iraqi market and transfer cargo planes chartered for this purpose, and then distributed by way of a branch in Baghdad run by one of his brothers.

The Shimmari investors in respect of the Iraqis abroad «This segment can be classified by type of investment, which for him, it took advantage of dividing the property laws of the foreign example, in Jordan, UAE, Egypt, and the operation of its funds in real estate sector, and were able to achieve good profits, especially at the beginning of the exodus Iraqi families to neighboring countries, where real estate has seen a constant rise. The second category, which tend to have founded the investment industry after settling in Syria, Oman, Dubai and partnerships in Europe, including individual projects or adopted. The objective is clear, the purchase of plants they are dealing with in the past, for example, the purchase of clothing factory or canning. Thus, even the purchase of some naval ships, industrial plants carrying any of the Tbog, food and clothing. This group had no choice but to maintain the business dealings with Iraq, they need to market the discharge, and there is no better than the Iraqi market. The third category are a group of traders, who settled in neighboring countries, but they are the largest source of the goods entering the country. And most of them have offices in Baghdad, Basra and Mosul, cities of the Middle Euphrates, the money abroad to ensure the continuity of their business.

Return of capital to Iraq a second time by Ahmed Al Shammari said that she «need to be a long time, and the reason for this is that most of the money that I came out of Iraq is not static, but banks are funds invested in various sectors in those countries that provide the facilities and concessions to the Iraqis is very attractive , so it is clear the size of the impact of the Iraqi capital on the economy of those countries. I can assure everyone that these funds are not significant because they have grown and multiplied over the past five years. The other reason which delays the return is the nature of the economic system of Iraq. Yes, it must be said that all investors are now dependent on the Iraqi market to make profits through trade, but many laws must be changed to be more attractive to them from abroad, this is the equation (Why me? Not Attiyk) ».

Shammari said that «the global crisis had positive effects on trade in Iraq, a recession and the global trading of goods confluent and Iraqi market hungry for everything, every trader is to buy goods at low prices, and transfer, and then sell at high prices at home».

Businessman, Mehdi al-Jubouri, director of the Department of the Union of businessmen, he explained in a meeting with the «Middle East»: «The movement of capital between home and abroad have taken place in the form of waves, during the period of the previous regime was not a clear concept of work, yes, there was a man merchant, industrial, agricultural, financial and otherwise, but a man of the affected and affects the ocean, there is no reason to fear the time the policy, any expansion in economic activity that could end the death penalty and the confiscation of movable and immovable property. And economic activity has become here is managed by the government and by the close of the system, and the rest were cautious or risk for smuggling money abroad to keep the little ».

Saying: «After the events of 2003 returned home to the capital all expect a new beginning for their country, and an end to authoritarian policies. Already started and large trade and the movement of reconstruction and investment ended during the bloody events in 2006, and returned here to get the funds. But this time, returned to settle in neighboring countries and investment in specific sectors, for instance, real estate, a sector of the content quickly and profitability, as well as commercial and industrial sectors ».

The «Businessmen Union, which was founded in 2001 suffered a time of great pressure in the system, where it was not the number of its members, only 350 members, now numbering 12 thousand, and has branches in all governorates of Iraq and the regional centers in northern Iraq, international and regional centers in Syria and Tehran, the Netherlands and Oman aimed at attracting investment. There are currently encouraged to do so, including the laws of the Central Bank and the law of investment, but it does not represent or to meet the ambitious businessman, but the country needs laws to other, more open and more free ».

President of the Federation of Businessmen Reza Blibl explained in his statement to Al «Middle East»: «The Migration of the capital and in the neighboring countries of settlement, this large crowd of investors, the impact on the economy of those countries, in particular, it is known from the Iraqi businessman and research activity investment and operation of its funds. This is why Jordan has benefited from the funds of the Iraqis in the area of the real estate industry, as well as in Syria, Egypt and in the real estate and construction, and in the UAE foreign trade and transportation between the States, the fact that a point near Dubai on Iraq by the East Asia, that is, they become part of the economy of those countries ».

He said: «Now the picture clearer, there are laws under the legislation, but slowly. Iraqi and work in the harshest conditions, and I assure everyone that many of the owners of capital have remained working in the home and others are running their business from a second, and so on, and it can be said that 30 per cent of the business remained in the home, and those who are in the home and abroad constant, there is no break ».

The «negative things that could be clarified is that the Iraqi invest abroad and sends its products to Iraq, and this is catastrophic, there is no operation of the employment or the establishment of the Iraqi projects and expansion, all that is happening now is that the industrial market to benefit from Iraq only for the disposal of its products, and profits out to the benefit of another country, and for the money must be provided appropriate legal environment and suitable for the new phase, we told them, yes, but pulled out your move in the sectors of a temporary, and you are ready to return, but they refused to do so ».

He pointed out: «it is the paralysis of the other Iraqi banking sector, which fears the financing of Iraqi investors prefer to deposit at the central bank, and there is the issue of property law and the routine of the ministries and the security situation and many others, there is a desire to return of capital owners, but these problems have led to flight again».

He warned Blibl the quality of goods that may come to Iraq with the aim of money laundering on behalf of the mafiosi of Iraq is the global market for them to secure their money. He also said: «become home to the Iraqi market goods depressed, and there are those who have received Emergency funds illegally and have been discharged from Iraq and began to dominate the Iraqi market, the introduction of fake goods because they do not have Bokhalakip trade, all the concern for profit at the expense of the health of the people of their country and their money. Unfortunately, now they are in control of the Iraqi economy to pay by some countries that took advantage of the situation in Iraq and made a place for the disposal of goods corrupt. The only solution now is to serve the Iraqi official to reconsider the Iraqi industry and agriculture ».

Finally, despite the security and stability, the Arab and foreign investment is very low, there is the entry of funds for construction projects in the area of housing and tourism in the areas of religion, anti, but there have been no significant investment so far, they always hit the laws, especially property, rent and participation.

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Rafie al-Issawi: Iraq hopes to open new horizons of cooperation with the UAE

Search Rafie al-Issawi, Deputy Prime Minister Abdullah Ibrahim Al Shehhi UAE Ambassador to Iraq, adopted ways and means of cooperation in the fields of energy, transport and investment.

The statement said the Office of the Deputy Prime Minister said: "Issawi stressed during his meeting with UAE Ambassador to Iraq's ambition is to open new horizons of cooperation with the UAE, the areas of civil aviation and port management in addition to modern technology for generating electric power and the establishment of broad partnerships in the areas of investment and industry."

He added: "The two sides discussed ways of cooperation in the fields of energy, transport and investment in the light of the visit by Issawi to the UAE soon and meeting with the rulers of the UAE, Abu Dhabi, Dubai and Sharjah.

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Al-Shahristani, described province of Kurdistan's oil contracts as illegal & illegitimate

Description of Oil Minister Hussain al-Shahristani, the contracts signed by the Government of the Kurdistan region of Iraq as "illegal and illegitimate."

Shahristani said in a press statement published Tuesday that the provincial government has no right, and not to any province or any other person the right to sign contracts on behalf of Iraq without a permit.

On the other hand, said Oil Ministry spokesman Assem Jihad said that the Ministry still considers the contracts signed by the Kurdistan regional government contracts with foreign companies illegal.

Jihad said in a press release Tuesday that the position of the Ministry of Oil has not changed with respect to contracts signed by the provincial government with foreign oil companies, indicating that the licensing of the Kurdistan region to export does not mean approval of the contracts they signed.

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Morning newspaper expects to hold a Cabinet reshuffle on the Maliki government

Expected daily (morning) in a reshuffle, the government of Prime Minister Nuri al-Maliki, according to the necessities required to update and upgrade the performance of ministries.

The newspaper said that the corridors of the House of Representatives are quiet conversations and meetings between a number of political blocs to push the possibility of a limited cabinet reshuffle in the government

In the light of the indicators that are starting to face the performance of some ministers, including Prime Minister could be to increase the level of performance of a number of aspects of service relevant ministries for the Iraqis.

The newspaper said that such moves have a good resonance among some lawmakers, who consider this amendment in the event of obtaining solutions that serve the national interest and political will to serve the masses alike, especially since it is now a political and national imperative.

The paper quoted a political source as saying that a number of political forces are in deliberations about the possibility of a reshuffle, according to a new and a limited number of foundations that have taken place during the last period, allowing the selection of the Prime Minister and ministers are competent to perform their duties and responsibilities in a number of ministries.

The source noted that "the foundation, which will be based on the Prime Minister to give the green light for amendments to a number of government ministries is weak performance of some ministries and continuing claims for the host or the questioning of a number of them, especially about problems in his ministry as well as the determination of the House of Representatives to increase the effectiveness of the regulatory role What makes some of the political forces in the embarrassing position of having to re-evaluate the performance of its ministers,

Noting that the popular resentment of the performance of some ministers to pay some of blocs to discuss this issue calmly and deliberately in parallel with the desire of the Prime Minister to improve the performance of government ministries, especially as a result of the imposition of some of the election and quotas. The source said that a number of political blocs in order of cards and began to reconsider their options after questioning the intention of Parliament.

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