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

Commerce Minister: We are working to ensure the ration card items & improve the full

The Minister of Trade and clarity of net debt agency that the ministry has plans to upgrade by deliberate vocabulary ration card.

The net during a meeting with the governor of Wasit province, Latif Titbit to address the shortfall in the ration card items and ways to raise the energy and the production of the mills, government and civil monthly Granaries shares and transfer of flour and other foodstuffs to maintain quotas and the benefits of farmers and marketers of grain for the current season.

For his part, the governor of Wasit from the satisfaction of the seriousness of the Ministry of Commerce and approved plans to provide better services to citizens, particularly with regard to the ration card and other services provided by the companies and departments of the Ministry throughout the country.

http://209.85.229.132/translate_c?hl...nLKOupRBy4Fjww

Iraqi economic expert attributed the inaction of the economy to "drain" of oil wealth

Iraqi economic expert attributed the "failure of the economy" in Iraq in all sectors of the depletion of oil wealth. Fadel said the penitentiary administration and the Dean of the Faculty of Economics at the University of Maysan told the Kurdistan News (Akaniwz), "The reason for failure of the Iraqi economy in the overall agricultural and industrial sectors and other services due to the depletion of oil wealth by the State to abandon its moral background material in support of the citizens."

"The backwardness of the economy are also the result of a focus on weakening the role of the state in economic activities, while the capitalist system is to evaluate the role of the State, as well as the frantic running behind at the time of privatization is still the private sector and non distorted features a full-fledged and mature to be a partner in the management of economic activity.

He explained that the punitive, "the pursuit of foreign investment one of the reasons for economic backwardness, while foreign investment is one of the tools of economic dependency, not magic, which solve all the problems and crises." He pointed out that "what is happening in Iraq is a state of economic vulnerability everything was there, but in a state of concealment, although the reason behind the chaos and lack of functioning of the economy is the lack of proper understanding of the process of sustainable development, which has requirements and requirements and with deep regret the absence of a proper understanding of the process management of the economy."

He noted that the punitive (the economy is simply a set of train carriages and a locomotive leading the train, each locomotive in the world economy and the economies there will be the locomotive which the tourism sector and there is the agricultural sector and thus the sense to be a leading sector and lead the rest of the sectors), "he said." Iraq's economic engine in the light of this situation is the oil sector, which is a major flaw in the infrastructure, hence the need for reform so that the locomotive for the rest of the vehicles from the traffic solution in the reform of the engine (oil sector), not to bring foreign investment and random Atgne Atzmn."

He went on to say that the punitive "This pilot system, the system is leading the economy to create a series of tangles front and rear vertical and horizontal, and this work needs to be an expert panel, which can reduce the depletion of oil wealth through the manufacture of crude oil and raise the added value of the barrel factory." increased), the latest statistics confirm that the barrels of crude oil, which sold for U.S. $ 60 currently to become the value of products derived from the limits of 1500 dollars).

He called for punitive reference to political and economic management of the wheel in Iraq to "keep this fact in mind and leave them running behind the proposals do not lead to fruitful results and follow the concept of creative chaos, which calls for the destruction of everything and the appearance of superstructure and infrastructure, which are the results of previous eras and built a culture new.

http://209.85.227.132/translate_c?hl...XBXmZOEhXB6HMQ

Alshabibi: reducing Iraq's debt to 50 billion dollars

Dr. Shabibi Governor Central Bank of Iraq has been able to reduce Iraq's debt, 80% and the debt remained the Gulf States with the exception of the UAE, which have reduced their debt and the remaining 50 billion dollars now, after 140 billion dollars.

Shabibi said that the overall inflation in Iraq two years ago was 65% and inflation was 40% partial, but dropped to 7% and inflation is not located in the high standards of developing countries, many countries have stable inflation 14%, while inflation stasis has been a real sectors productivity of industry, services and agriculture sectors, and not cash.

The Alshabibi: The Central Bank reduced the interest rate and monetary policy has become less on the conditions that banks determine interest rates on lending and borrowing, and light levels of inflation.

And the lower the inflation that applies to interest rates, pointing to the need for a month or two months to monitor the level of inflation to reduce interest rates after he said, adding that monetary policy is generally a short-term planning for the SEPT policy interest rates, for example, price is not tax.

Shabibi said Iraq's current reserves of about 43 billion dollars a day is changing as a result of the daily auction to sell the dollar as the central Iraqi currently only sell the dollar, and the government has the oil resources of the foreign currency they need to turn these resources to the Iraqi dinar, to pay Since we are producers of the Iraqi currency, we sell them to the currency.

He added: Reserve in the central bank does not cover the deficit in the budget of the government because it is not a resource for government, and our reserves, but can not act to achieve balance in the private sector when it bought the dollar on the auction through the presence of a stabilizing currency and inflation rates, and I always call on the government to understand the usefulness of this thing.

And the Central Bank's role in resolving Iraq's debt Shabibi said the central bank and the Ministry of Finance are the two negotiated the debt, and finance were the foundation of religion as it was our role as adviser and the debt issue is very important because the survival of a strain on the balance of payments and currency and create a need for foreign currency It is in the interest the central bank to combat the debt has been reduced 80% of the debt and the Gulf states have remained the exception of the UAE, which has reduced its debt and the remaining 50 billion dollars now, after 140 billion dollars.

http://209.85.227.132/translate_c?hl...aSlS8fk0-mkL6A

Economic adviser calls for strategic investment planning in the light of the financial revenues

The adviser of the National Investment Bander Abdullah government to plan the strategy of investment in the light of the financial revenues and the reform of monetary and fiscal policies in Iraq. Bandar said that "the government plan its investment strategy in the light of the financial revenues, as well as reforms in the procedures followed in the monetary and fiscal policies."

He added: "Although there are clear about the reforms and the procedures followed in the monetary and fiscal policies, but Iraq is not the level of ambition."

The Government also called Bander, "to the creation of private investment to the private sector are helping to promote the Iraqi economy and to meet the economic variables, in addition to the creation of an equitable distribution of imports." Referring to "the need to consider the laws of the prevailing investment by taking the national income per capita calculated the amount of goods and services and type of product, as a national product."

Bandar said, "the indivisibility of investment projects for infrastructure, it must be implemented in a complementary subject to a minimum of investment, but it is in Iraq between the disabled need to be huge sums of money."

He pointed out that "investment in the various projects should take a high rate of economic growth offset by population growth by taking the problem of the large population in the country, and to study the organization of the relationship between internal and external A***uilin."

http://209.85.227.132/translate_c?hl...naqlmvBnekUEaA

CBE: soon issue a new currency in both Arabic and Kurdish

An official in the Central Bank of Iraq That the lifting of the zeroes of the Iraqi currency printed depend on the new currency soon to be issued in both Arabic and Kurdish.

The source added to the reporter that there are other reasons prevented the lifting of the zeroes of the associated logistics, including the public and we must carry out education in addition to that there is an urgent need for some legal and legislative frameworks that protect citizens from fraud and loss of rights because of the currency switch.

The source noted that there is a constitutional rule provides for the printing of The new currency in both Arabic and Kurdish.

http://translate.google.com/translat...ate.google.com

Originally Posted by Seaview

CBE: soon issue a new currency in both Arabic and Kurdish

An official in the Central Bank of Iraq That the lifting of the zeroes of the Iraqi currency printed depend on the new currency soon to be issued in both Arabic and Kurdish.

The source added to the reporter that there are other reasons prevented the lifting of the zeroes of the associated logistics, including the public and we must carry out education in addition to that there is an urgent need for some legal and legislative frameworks that protect citizens from fraud and loss of rights because of the currency switch.

The source noted that there is a constitutional rule provides for the printing of The new currency in both Arabic and Kurdish.

http://translate.google.com/translat...ate.google.com

Interesting,

So what is this saying? Sounds obvious new currency notes are going to be printed, so why wouldn't it make sense for restoration coinside with this event? Sure make you think we are close. Changing currency just to have both languages is not even remotely cost effective, so could there be another reason to announce it as they have? Sure makes life interesting. lol

Success to all, Mike

Iraqi economic delegation in Syria, considering the possibility of setting up a joint bank

Examines an Iraqi economic delegation to visit Syria are now being taken to accelerate the establishment of a joint Syrian-Iraqi Bank and other files within the banking, financial and customs.

The delegation was led by the Iraqi Finance Minister Baqir Jabr Zubaidi and a number of Iraqi officials, including Deputy Secretary-General of the Presidency of the Council of Ministers and Directors-General of Customs and Bank of Iraq and the Iraqi bank of trade and free zones.

The two sides held a series of meetings the most important session of talks between the Syrian Minister of Finance Mohammad al-Hussein and Iraq Baqir Jabr took the financial and banking cooperation and customs between the two countries.

The two sides agreed on the need for a positive outcome in respect of leave of export and a mechanism to facilitate the entry of the trucks of vegetables and fruits Syria to Iraq and settle the file of the financial benefits between the two countries and lay the foundations for the development of relations between free zones and the development of mechanisms of action and joint border posts to speed up the establishment of a joint Iraqi-Syrian bank.

http://209.85.229.132/translate_c?hl...qCob91xWBx7O2w

CBI dollar sales up to $153m

Demand for the dollar in the Central Bank of Iraq (CBI) auction on Thursday increased to reach $153.815 million compared to $110.030 million during the previous session at an exchange rate of 1,170 Iraqi dinars per dollar.

“The demand hit $10.350 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $143.465 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 16 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=117470

Property tax relief

The Council of Ministers decided to extend the tax-free level for properties to the first 50 million Iraqi dinars (ID), the Iraqi government’s official spokesperson said on Thursday.

“The amendment has extended the tax free level of each property’s value from ID 20 million to ID 50 million,” Dr. Ali al-Dabbagh said in a release received by Aswat al-Iraq news agency.

“The decision comes to minimize people’s burdens and to guarantee tax equality,” he said.

http://en.aswataliraq.info/?p=117453

Iraq oil auction needs less foreign 'greed', says NOC chief

The head of Iraq's state-owned North Oil Company (NOC) expects the next auction to develop the country's oil and gas fields to be a success, provided would-be foreign investors rein in their "greed".

Iraq's first tender offer in four decades last June -- which saw investors snub all but one of the eight contracts put up for auction -- failed because "foreign investors were a little bit greedy", Manaa al-Obaydi told AFP earlier this week.

"I think the Iraqi government put up a price, which may or may not have been fair, but the bidders came with a price that is four times as much," Obaydi said.

"It's okay if it was twice or one and a half times as much, but not four times," he said.

"I think the second round will be more successful," he added.

British energy giant BP and China's CNPC International Ltd were the only companies to win a bid in the last round of offers, accepting two dollars per barrel to work jointly in the giant Rumaila oil field in southern Iraq, which has known reserves of 17.7 billion barrels.

A slew of foreign firms rejected as too low other contracts offered by Baghdad, all of which were based on companies accepting a fixed fee -- also mostly around two dollars -- per barrel of oil or oil equilavent extracted, rather than an equity stake.

In the next round, scheduled for November, 15 oil fields wrapped into 10 contracts will be offered to 45 qualified bidding companies.

The oil ministry is planning a road show in the Turkish city of Istanbul on August 25 to promote investor-interest.

"We want (foreign companies) to come so that we will learn, so we are open," Obaydi said.

"I would not ask them to accept my price, but at least I want them to be fair with me."

Obaydi stood by the ministry's decision to deny foreign companies equity stakes in local fields, saying Iraqi oil companies should run the show while foreign firms focus on providing expertise in order to provide employment for Iraq.

NOC currently produces 650,000 barrels per day (bpd), still below the 750,000 bpd produced before the 2003 US-led invasion that toppled dictator Saddam Hussein.

Obaydi said NOC expects to raise oil production by around 75,000 bpd in the oil-rich province of Kirkuk by the end of next year thanks to increased investment in production facilities.

Baghdad is investing around 150 million dollars to ramp up output at the Bai Hassan oil field in the disputed province in northern Iraq, which is the site of a tussle for control between Baghdad and the autonomous Kurdistan Regional Government (KRG).

The money would help install new equipment that would increase production from the current daily average of around 173,000 bpd to as much as 230,000 bpd by the end of next year, he said.

Improvements already made at the Jambur field will see production there increase from 52,000 to 70,000 bpd, while the region's biggest field, Kirkuk, is set for an as-yet unspecified rise from a current 382,000 bpd.

Iraq has the third-largest proven reserves of oil in the world, behind Saudi Arabia and Iran, but large-scale exploration and development has not occurred in the country for decades.

The nationalisation of the country's energy companies in the early 1970s, followed by decades of war and UN-led sanctions during Saddam's rule -- as well as chaos after his overthrow -- curtailed the industry.

Iraq currently produces around 2.4 million bpd, with oil accounting for around 85 percent of the government's revenues. It exports some two million bpd, most of it from the fields of the southern province of Basra.

Insurgent attacks and tensions between Baghdad and the KRG have cast a pall over efforts to develop oil and gas in the country's north, especially at the contested Khurmala dome, part of the massive Kirkuk field.
Observers fear tensions in the disputed region could be a trigger for further conflict.

Obaydi said a move earlier this year by Kurdish peshmerga militia to bar NOC employees from working on the Kirkuk fields was a "misunderstanding" that had been resolved.

Disputes between Baghdad and the Kurds over Kirkuk would not disturb continued oil extraction in the region, Obaydi maintained. "Whatever solution comes from Baghdad and Arbil, at the end of the day NOC will continue to take care of the oil," he said.

http://www.zawya.com/Story.cfm/sidAN...%20NOC%20Chief