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

Slight increase in dollar sales on Thursday

Demand for the dollar in the Central Bank of Iraq’s (CBI) auction on Thursday slightly increased to $159.645 million compared to $158.310 million during the previous session at an exchange rate of 1,170 Iraqi dinars per dollar.

“The demand hit $7.500 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $152.145 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=117786

Alusi step is the recent bombings aimed at disrupting the economic movement in Iraq

Attorney Alusi counting the recent bombings, which affected the ministries in the capital, the move aimed to confuse the government performance and the disruption of economic activity in Iraq, referring to the regional association Bajindat.

Alusi said, told the independent press that the bombings confirms the willingness to work on the agendas of regional government plans to fail, and stir up trouble and make them a message to the countries and companies wishing to work, however, that Iraq is ready to attract foreign Alsttmarat.

Alusi said he can not in any way to link these actions individuals or gangs, and the manner in which carried out the bombings indicate that the regional agendas are still effective in the Iraqi arena, which must be addressed and disclosed implementing it, and called for a review of intelligence and security plans and follow-up file security seriously.

http://209.85.227.132/translate_c?hl...cawT0CR7ql1FSg

U.S. firm seeks petrochemical investments in Basra

The Basra Investment Commission is on its way to grant a U.S. firm permission to invest in petrochemicals and oil services in the province, the Commission's head said on Wednesday.

"The Commission is within the final steps to study the company's offer to invest $60 million in petrochemicals and oil services in the Basra province," Dr. Hayder Fadhil told Aswat al-Iraq news agency.

"The project will occupy an area of 120 thousand squared meters, and will employ around 700 Iraqi engineers and technicians," he said.

The oil-rich city of Basra lies 590 km south of Baghdad.

http://www.zawya.com/Story.cfm/sidZA...s%20in%20Basra

Iraq to get loan to improve electricity

The $5.5 billion loan that Iraq will get from the International Monetary Fund before the end of this year will be mainly used to improve electricity sector, a financial adviser said Wednesday.

"The Fund set a condition that the loan should be used on State strategic projects, not on issue such as salaries," Modhihir Mohammed Salih, adviser of the Central bank of Iraq (CBI), told Aswat al-Iraq news agency.

"It will be the first time for Iraq to use loans for development rather than wars," he said.

He pointed out that Iraq will pay one percent in interest on the loan, and that the whole amount should be paid back within five years.

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

Gulf Commercial Bank opens branch in Thi-Qar

The Gulf Commercial Bank has opened a new branch in Thi-Qar province to expand its investment banking activities in Iraq, the chairman of the bank's board of directors said on Wednesday.

"The bank's branches in southern Iraqi provinces will help boost the national economy," Abu Taleb al-Hashemi told Aswat al-Iraq news agency.

The inauguration of the branch has been held under the auspices of Thi-Qar's governor and in the presence of provincial council members and the chairmen of the local investment commission and the chamber of commerce.

Established in 1999, the bank has managed to increase its capital from 600 million Iraqi dinars to 50 billion. It has four branches in Baghdad and 13 in other provinces.

http://www.zawya.com/Story.cfm/sidZA...20in%20Thi-Qar

Kurdistan Region Parliament holds its 1st session

The elected parliament of Kurdistan region held its 1st session on Thursday August 20th, 2009.

The opening session will be attended by Iraqi President Jalal Talabani, Kurdistan region president Massoud Barzani, a number of top officials from the Federal government and KRG, ambassadors and representatives of Arab and foreign embassies, multi-national forces and MPs of the previous parliament round.

The session will be headed by the older MP with the assistance of younger MPs, where a new committee will be elected to head the parliament.

Finally, the president of Kurdistan region will carry out the legal oath.
Due to the large number of attendances, the opening session will be held outside the parliament headquarters.

http://pukmedia.com/english/index.ph...12873&Itemid=1

Dabbagh: Iraqi PM approves resignation of Barham Salih

Ali Dabbagh, spokesperson of Iraqi Cabinet, announced that Nuri Maliki, Iraqi Prime Minister, approved the resignation of Dr. Barham Salih, Iraqi Deputy PM due to his nomination as KRG Prime Minister.

Maliki stressed the need for stronger fraternal relations with Barham Salih in favour of fulfilling all achievements of the Iraqi people, Dabbagh added

http://pukmedia.com/english/index.ph...12883&Itemid=1

DNO Company waits for Iraq oil exports payment

Norwegian oil company DNO International (DNO.OL) said it did not receive yet payment for its Iraqi oil exports after declaring that its operating profits have been better than excepted. The company did not fix a “firm timeframe” for the payment deal noting that in the meantime, incomes will be registered on a net entitlement basis applying estimated prices.

The company has previously stated that it produces currently 50,000 barrels per day in Tawke oil field in Kurdistan from which it exports 45,000 barrels per day.

http://www.alsumaria.tv/en/Economics...s-payment.html

Iraq and Egypt sign memoranda of understanding in the area of the stock market

Iraq and Egypt signed two memorandums of understanding on the activities of the first training and technical cooperation in the areas of capital market, insurance and real estate finance and the second about bilateral cooperation and strategic dialogue between the two countries.

A source from the Iraqi market for securities because, like the Egyptian side in the signing of the memorandum the first deputy chief of the General Authority for financial control, while the Government of the Republic of Iraq Chairman of the Securities Abd al-Razzaq al-Saadi. The source said the signing of the Memorandum of Understanding is an attempt to achieve the goals of economic cooperation and the desire of both countries in creating the appropriate conditions and incentives for the movement of persons, goods and money to assist in the process of development in the two brotherly countries

Aware of their large role played by non-banking financial sector in mobilizing savings and allocating it to different areas of development. The source added that the memorandum included in the framework of support for the financing of small and medium enterprises and promoting economic development in the two countries signed a memorandum of understanding on bilateral cooperation and strategic dialogue between the two countries

The source pointed out that the second note of the Iraqi market for securities and the Egyptian Stock Exchange comes from the desire of the Iraqi market for securities and the Egyptian Stock Exchange in the relationship and strengthen the ties of cooperation existing between them.

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The reduction of official working hours and one during the month of Ramadan

The General Secretariat of the Council of Ministers were instructed to reduce the official working hours in government departments during the holy month of Ramadan. A statement issued by the Secretariat of the Council of Ministers, received the (morning) a copy of yesterday.

That provides guidance to reduce the time always in the lead in the state by one hour from the usual time for the ministries and official institutions, and all according to the law in force. The office hours of the ministries and departments start at eight in the morning and ends at the afternoon and the third under the guidance will always be at two in the afternoon during the holy month.

http://209.85.227.132/translate_c?hl...EZ_ZDSi0z79E1g