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

Dollar sales down to 653m this week

The Central Bank of Iraq (CBI) dollar sales went down in their daily auctions this week’s five sessions to reach $653.545 million at an exchange rate of 1,170 Iraqi dinars per dollar, compared to last week’s $796.755 million.

This week’s cash sales decreased to $40.460 million against $46.500 million last week at an exchange rate of 1,183 per dollar, including the CBI’s commission of 13 Iraqi dinars per each dollar.

Foreign transfers decreased also to $613.085 million this week against $750.255 million last week at an exchange rate of 1,173 Iraqi dinars per each dollar, including the CBI’s commission of 3 Iraqi dinars per one dollar.

None of the banks that participated in this week’s sessions offered to sell dollars.

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Security Council: the Development Fund for Iraq without internal controls and requires the government to take greater responsibility in the management of their own resources

The UN Security Council expressed concern Thursday at internal controls of the Development Fund for Iraq appealed to Baghdad to take greater responsibility in managing their own resources.

Deputy Permanent Representative of the United Kingdom Philip Parham told reporters after a special meeting of the Council held by the Controller of the United Nations, John Yamazaki, and discussions on the activities of the Development Fund for Iraq and the International Advisory and Monitoring Board that the "Council members expressed concern about the need for further steps to improve internal controls in a box development of Iraq and on the need for the Iraqi government to assume greater responsibility in managing their own resources. "

An official at the United Nations, attended the meeting told Kuwait News Agency (KUNA) that Yamazaki pointed to continuing problems on the status of internal controls.

The official quoted Yamazaki say that "there remains a need to develop a comprehensive system to measure the oil," adding that the mandate of the International Advisory and Monitoring Board will expire at the end of this year, and there must be an appropriate successor.

Controls
He added that council members agreed with Yamazaki in the views and stressed the need for all internal controls and accuracy of measurement of oil and the need for Iraq's return to normal life further including control over their resources.

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Papin: I am not accusing any political views or agendas within the components of the Iraqi government of trying to assassinate me

Denied the Minister of Planning and Development Cooperation, Ali Baban, that there will be a political agenda within the components of the government involved in the assassination attempt.

Baban said in a press statement "an attempt to assassinate me was standing behind terrorism, in particular targeting of Iraqis every day and purpose of the distortion of the political process in Iraq to target the components of the Iraqi government and its officials." Stressing "do not accuse any political views or agendas within the components of the Iraqi government to the assassination attempt was to them."

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Shahristani: Iraq is seeking to double its oil production four times

Oil Minister Hussein Shahristani said that Iraq is working to double its oil production four times during the development of new fields included in the second round of presentations scheduled for the end of the year.

According to a statement issued by the ministry said al-Shahristani held talks with representatives of oil companies in Istanbul in order to lure out the details of ten performances for 15 oil fields, adding that 45 foreign companies involved in luring these offers as well.

The minister added that Iraq is estimated to produce these new fields to several million barrels per day, indicating that the integration of the fields covered by the solicitation in the first round of solicitation in the second round could increase Iraq three or four times its current production level.

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The foreign ministers of the Gulf Cooperation Council discuss the situation in Iraq, Somalia, Palestine and Iran after the recent elections

Foreign ministers of the GCC countries, at their meeting next Tuesday, the situation in Iraq, Somalia, Palestine and Iran after the recent elections, and the subject of the three UAE islands occupied by Iran, the situation in Sudan in light of country-led initiative aimed to help the Sudanese to reach a solution to the Darfur crisis, in addition to the situation in Lebanon.

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We confirm the vote on the new pension law during the next legislative term

Deputy Chairman of the parliamentary economic Kanna that the new pension law will be ready for a vote during the next legislative term after its completion by the agencies responsible.

He said we were in a press statement on Saturday that the House of Representatives confirms that the law guarantees the level of Maashiya good for beneficiaries, adding that large segments of society are the pension the only source of livelihood.

He added that any economic variables occur in the community would call for new laws or amendments to add the old ones, making it suited to these changes.

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Heritage says Genel delay not linked to FSA probe

Heritage Oil, the exploration and production group active in northern Iraq, revealed on Friday that managers at Genel Energy of Turkey, its planned partner in a £3.5bn merger, had been linked to an investigation by the Financial Services Authority.

It also put back the timetable for the deal, although it said the delay was unrelated to the FSA probe. Heritage said it had “recently been made aware” of the FSA inquiry “that could potentially affect the ability of certain members of Genel’s operational management team to assume their proposed roles in the combined entity”.

It added that “relevant members of the Genel team” were “assisting the FSA with a view to bringing this matter to a swift conclusion”.

A board member at Genel said the company’s management was consulting lawyers before making any statement. The FSA refused to give any further details.

The merger is intended to create a group called HeritaGE, which would be a member of the FTSE 100 index and the biggest investor and developer in the Kurdish region of northern Iraq, which holds the country’s first new fields to produce oil since the US-led invasion of 2003.

Heritage said it still hoped to conclude the deal within two months, although the timetable had slipped by a few weeks because the Kurdish regional government, which needs to approve the deal and will have 17 per cent of HeritaGE, had not yet appointed an oil minister following elections in July.

Having been almost 8 per cent lower at one point, Heritage shares closed just 2 per cent lower at 525½p.

Richard Griffith of Evolution Securities wrote in a note: “We do not believe that this will have any impact in the proposed merger.”

Paul Atherton, the chief financial officer of Heritage, said he did not know which of Genel’s managers were linked to the investigation.

Heritage’s reference in its statement to “Genel’s operational management team” appeared to rule out the possibility that the FSA was investigating Mehmet Emin Karamehmet, who controls the Cukurova group, Genel’s parent company. Mr Karamehmet is to become E.xecutive director of HeritaGE under the proposed terms of the merger. Mr Atherton said that if any managers were under investigation they would not take up roles at HeritaGE, but stressed that the company already had a strong complement of E.xecutives. “You have got to have capability and relationships in the country where you are operating, and we have been in Kurdistan for five years,” he said.

http://www.ft.com/cms/s/0/205b0196-9...44feabdc0.html

Iran's Foreign Minister Arrives in Baghdad on surprise visit

Massadermtalaap reported earlier that Iranian Foreign Minister Manouchehr Mottaki arrived in Baghdad. In a surprise visit was not announced earlier.

Is expected to meet senior Iraqi officials, Mottaki, in addition to his Iraqi counterpart Hoshyar Zebari to discuss a number of common files between the two countries, including the water issue and activate the joint supreme committee between Iraq and Iran as well as aspects of security and other political parties.

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Conference on investment opportunities in Washington, the Iraqi end of 2009

Iraqi Deputy Prime Minister Rafie al-Issawi with Ambassador Patricia Haslk responsible for Iraq's economic file at the U.S. Embassy, on Wednesday, the Conference of the Iraqi investment opportunities to be held in Washington, the end of 2009.

A statement issued by his office received Issawi (Citizen), a copy of which he received at his office yesterday Haslk Baghdad, "During the meeting, they discussed the ongoing preparations to hold an extended conference on investment opportunities and Iraqi, who is due to be held in Washington DC the end of this year."

He called al-Issawi to "focus on all components of the investment map in Iraq, in order to give a clear picture of U.S. companies and global participate in the conference and access to encourage them to contribute and drive the economy forward and benefit from the opportunities for competition, according to the criteria of investment laws of Iraq and other countries in the world. "

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Turkish foreign minister to visit Damascus and Baghdad in an attempt to reconcile

Visiting Turkish Foreign Minister Monday both Syria and Iraq in an attempt to reconcile the two countries after naming each Its ambassador after a double attack in the heart of Baghdad since, according to a statement by the Turkish Foreign Ministry.

And is to meet Foreign Minister Ahmed Dawood Ihsanoglu President Bashar al-Assad and his counterpart Walid Muallem in Damascus and hold talks with Iraqi Prime Minister Nuri al-Maliki in Baghdad, also according to the statement.

The statement indicates that "the meetings will allow the Syrian and Iraqi parties to express their points of view on recent developments in Baghdad and to keep the two countries and the Turkish view

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