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

An Iraqi bank: Banking Act allowed us to determine the interest rate

Director of the High-Warka Investment Bank, said that the imposition of the benefits of private banks to give large loans because of the security risks associated with the legislative and the lending process

Calling for amendments to the Banking Act to allow them to work to invest like other countries in the world. Mohammed al-Samarrai said the Banking Act, "allowed us the freedom to determine the interest rate on the credit granted, and who arrived at the 25% in the Warka Bank," the bloc's why the "economic and security situation, which led to a considerable difficulty in obtaining debt since 2003 and so far, but because of the low value of the collateral which is usually a drug, "or because of" difficult to sell because people did not accept the purchase of real estate encumbered as collateral for the banks, for fear of problems that may ensue, particularly if the property was occupied by the citizens."

The E.xecutive Director of the Association of private banks, Abdul Aziz al-Hassoun said earlier: that the economic indicators indicated that a significant decline in the demand for bank credit in the private market by Iraq did not exceed 22% compared to the tune of money in excess of $ 1.2 billion, due to interest rates high rates of banks which are no longer funded by a strong economic actors, which will not create a proper atmosphere for economic action in Iraq.

Samurai promising high interest rate as a kind of "trust and broadcast coverage for assigned risks, and a call to move away from seeking loans from private banks that do not wish to grant credit, mostly because of the security situation" as well as "the legislative amendments needed to be large, since the Banking Act, which Crath authority Coalition Provisional contains material restricted to the work of "hitting the ideals of" Article 28, which prevent the entry of private banks to mining projects and the investment industry, At the same time find that the names of the banks did not reflect the reality of activity, such as the Warka Bank for Investment and other "while the" Non-investment and its role limited to the granting of loans and issuing guarantees, "which is delegated to the first" allows them to invest in the projects, the fact that the entry of any bank in any component of the success of the draft and not a failure.

Samarrai said that "the law does not allow banks to provide loans only at certain restricted by credit, compared to the capital and reserves, which reached most of the banks to the ceiling or exceeded," At the present time "are afraid of a lot of them (private banks) to grant further loans to instructions not to exceed the central bank, "At the same time, there was a" reluctance of the government departments dealing with private banks, because it deals with a view no doubt, because most grew up in the last ten years, the Bank prefers to deal with the government as a source of safety, "he said, while the "According to the economic base of private banks that are strong economic backbone of any state as a factor for the economy and Iraq, in dire need them.

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Economists .. Oil contracts a real opportunity to strengthen the Iraqi economy

Contracts of the oil investment in Iraq is often a lot of questions and controversy about their impact on the economics of this country and that they provide and the investment potential of the two big deals in this regard by the.

It may be one of the most important reasons for a strategy of political alliances and military lead the country to make more power and dignity of other countries, or on the contrary, it may be a cause of interference is not an end by the States that belong to it that oil companies.

Says economic expert at the Center for Strategic Studies, South Abdel Hadi Dawood oil deals that will contribute significantly to the strengthening of the sovereignty of Iraq will also provide security support for Iraq from those companies that are very close to the decision-making positions in the major Western nations, which also contribute to the understanding of those Iraq demands and needs some much better, especially as the recent global financial crisis makes searching for real resources to invest in Iraq's oil, especially as the security situation in Iraq is moving towards stability, little by little, one of the major curses of those companies that pay to invest in Iraq after the major risk was described a few years ago.

He adds that those contracts and oil deals would be transferred to the big political deals that will show positive results for Iraq during a short period of time was not one of imagination to be realized in a relatively short time which was not predicted by the most optimistic.

With Dr. Haidarachammri teaching at the Institute of oil that the oil contracts will probably have a bad effect on the Iraqi political map, whether internally or externally, what sparked the oil contracts signed by the Kurdistan regional government has raised the ire of the Federal Government and the Ministry of Oil, in particular, of violating the terms of the Iraqi Constitution, as well as States in the regional competition of Iraq will have a role in the disturbance of the atmosphere in an attempt to foil Alastosmaralgrbi great opportunities in a market in Iraq's oil, may also be a cause of the interventions do not have a regional growth by the end of the States that belong to it that oil companies in the internal affairs of the country.

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Economic adviser: Investment Authority to promote investments in Iraq

An adviser of the national investment, "The investment objective of the Conference of Baghdad with a delegation from the Egyptian Ministry of Investment is to promote investments in different sectors in Iraq."

Dr. Al-Bandar, Abdullah told the independent press (Iba) on Wednesday that "the Commission welcomes any move by the Arab brothers to enter the Iraqi market and investment in all sectors, and particularly investment in the sectors of transportation, petrochemical, construction and housing sector."

Bandar said that "there is a program of cooperation between the two countries with the preparation of agreements to support the plans of the Iraqi National Investment Authority, the security and stability in recent times encouraged by corporations and capitalists to invest in Iraq."

State Mwtmrastosmar Baghdad held the presence of Prime Minister Nuri al-Maliki has the participation of more than 80 Msttmmermn Republic Msrarabp.

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Baghdad governor meets U.S. companies’ delegation

The governor of Baghdad, Salah Abdulrazeq, met with a delegation of a number of U.S. companies which suggested setting up projects in the capital.

“The governor stressed the importance of giving services projects the priority as Baghdadians are in need of such projects,” said a statement received by Aswat al-Iraq news agency.

He voiced intention to ink deals with these companies which provide offers to establish factories to treat and recycle garbage.

http://en.aswataliraq.info/?p=117421

CBI sells $110m on Wednesday

Demand for the dollar in the Central Bank of Iraq’s (CBI) auction on Wednesday went down to reach $110.030 million compared to $175.150 million during the previous session at an exchange rate of 1,170 Iraqi dinars per dollar.

“The demand hit $10.750 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $99.280 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 12 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=117424

4 memos to be signed between Iraq, Egypt - Egyptian minister

Egyptian Investment Minister Mahmoud Mohieldin said on Wednesday that four Memorandums of Understandings will be signed between Iraq and Egypt.

In his word before the first investment conference between Egypt and Iraq under the theme “investment: main pillar to achieve economic development,” the minister said four memos will be signed of the investment commissions between the two countries and will include insurance, Bourse, coordination and training and signing deals between companies fields.

“Our visit will be followed by several visit of Egyptian investors to take part in the establishment of the Iraqi cities’ infrastructures,” he said, noting that 366 companies will enter Iraq in the coming stage.

“Prime Minister Nouri al-Maliki will visit Egypt next September,” he unveiled, asserting that the Egyptian ambassador to Iraq will arrive in the few coming days.
Moheildin arrived in Baghdad on Tuesday on a two-day official visit, leading a delegation comprising more than 80 economic figures.

http://en.aswataliraq.info/?p=117426

Iraqi deputies calling for the ratification of the oil and gas law in full

The deputies in parliament today, the ratification of the oil and gas law in full, rather than intermittently, and demonstrated that in the event that was approved in a timely manner will be sporadic this legally separate paragraphs alone.

Said Mohammed Ahmed, head of the Islamic Union of Kurdistan in Iraq's parliament, the Kurdistan News Agency (Akaniwz) said, "if passed the bill on a sporadic basis, it will not become law and can not work," he said.

He pointed out that "the ratification of the draft law, and may not be part of the ratification of the delay, and another part, because the approval of each paragraph into a separate law."

For his part, said Bayazid Hassan, Vice-Chairman of the Commission on oil and gas in Iraq's parliament that "the ratification of all the paragraphs of the draft law of oil and gas together, may not ratify it paragraph by paragraph, because it is the destination of each paragraph will become a legal law itself."

A draft law of oil and gas in February 2007 in the Council of Ministers of Iraq and sent to parliament for ratification, and because of a disagreement on some of its paragraphs, therefore, suggested that in the past few days some members of parliament to be ratified on the paragraphs that do not otherwise work out.

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Asiacell Faces a Series of New Terrorist Attacks in Baghdad

The biggest private Iraqi company renews its commitment to contributing to the development of a new Iraq despite the risks faced on a daily basis

Asiacell - the largest private Iraqi company and the first and only m.obile telecommunications company to provide coverage for all of Iraq - is still the target of a series of terrorist attacks that are affecting Iraq on a daily basis. The company announced that its sales center in the Mansour area, located in central Baghdad, was attacked on the evening of the 4th of August, wherein two explosive canisters were placed and detonated in the front and the back of the building where the sales center is located. The attack resulted in the injury of three of Asiacel's security personnel who were transferred to the hospital immediately. This attack follows a previous attack that took place a few days earlier resulting in the blowing up of three of Asiacell's towers in Baghdad with no human casualties.

Commenting on these unfortunate incidents, Dr. Diar Ahmed, CEO of Asiacell, said: "Since its establishment, Asiacell has continuously suffered both human and financial losses in lieu of the difficult security and political situation that Iraq has been facing. We remain steadfast in our belief as a national Iraqi company in the importance of contributing to the best interests of Iraq and the Iraqi people. We are committed to our mission of carrying out our duty of building a new Iraq by connecting the nation via our m.obile services despite the risks that our personnel and operations are facing on a daily basis."

He added: "Our hearts are with the members of the Asiacell family who have been injured, and our prayers continue to be with those of our employees whom have been martyred while carrying out their duty in serving Iraq and their families. We will continue to do our utmost in connecting the Iraqi people together across the entire country despite the attacks we are facing from terrorist groups. These terrorists do not spare any Iraqi citizen regardless of his/her beliefs, identity or religion. Everyone, especially those who are working for the benefit of this country, is a target."

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Iraqi-Turkish trade exchange increases by 58% - Minister

Turkish trade relations are in continuous expansion, and trade volume between the two countries has increased by 58 percent during the past two years.

"This year, the Iraqi - Turkish trade volume has reached $7 billion so far," a Turkish official told the press Tuesday while visiting Baghdad.

"We are working on increasing this volume to $20 billion in 2010," he said.

He pointed out that Turkey currently concentrates on free trade with Iraq.

http://www.zawya.com/Story.cfm/sidZA...20-%20Minister

Papin: Iraq is in a halt in investments due to higher interest rates

"The Iraqi Planning Minister Ali Baban said the expansion of credit and increase Sagovh is one of the priorities of fiscal and monetary policies to promote development in the country.

Baban said during a press statement that the Iraqi economy is in a halt in the investment because of high levels of Asaralvaidp which blocked the start of projects in many cases over the past years.

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