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

Iran and Iraq sign a memorandum of understanding on oil cooperation

Iran announced the signing of a memorandum of understanding on oil cooperation with Iraq in order to develop cooperation in the field of oil and the development of joint fields.

It quoted Deputy Oil Minister Saifullah Jashn-Saz noting that "the presence of more than two thousand kilometers of the border has provided a strategic opportunity to develop economic relations between the two countries," noting that "Iraq had stockpiles of 85 oil and gas fields is one of the largest in the world in oil reserves and gas. "

The official Iranian oil agreement the two sides to exchange experiences in the "drilling services and geological survey and exploratory studies and analysis of information", also include the terms of the agreement that was signed with the Under the Iraqi Oil Ministry for the extraction and export Abdul Karim Laibi talks after a three-day training of cadres of Iraqi oil.

For his part, Laibi memorandum of understanding as "will lead to the development of cooperation and development of oil fields are common," adding that "the promotion of bilateral economic relations would be a starting point and a turning point for the expansion of social and political relations between Iran and Iraq"

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Lower central bank sales of the dollar

Sales of the Iraqi Central Bank auction of dollar at the dollar Tuesday after the Bank Mapall totaled 121,010,000 dollars at auction.

The bulletin stated the Agency has received the independent press (Iba) a copy of the price of the sale of remittances (1173) dinars to the dollar, including the central bank and a commission of $ (3) dinars per dollar and the cash sales price (1183) dinars to the dollar, including the central bank and a commission of $ (13) JD per dollar and the quantity sold for cash of $ (8,750,000) dollars and the amount of remittances (52,515,000) dollars.

The bulletin indicated that the price basis on which the successful bidder, selling 1170 dinars to the dollar and the number of banks to contribute to the auction (11) bank.

The central bank receive a commission of (13) dinars per dollar with a discount (8) JD from the amounts purchased.

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Basrah International Bank plans to develop a comprehensive plan to expand

Intends to Basra International Bank of Iraq for investment, a comprehensive plan to expand its banking activity in Basra province.

I consider the bank's Managing Director Bader Al-Luaibi Haider told a news briefing that the bank is characterized by the Iraqi private banks, having four branches in the province, is currently seeking to open a fifth branch in the port of Umm Qasr, given its importance in accommodating the requirements of Iraqi traders and foreign remittances.

He Luaibi that the bank branches in Basra, keen to take advantage of the investment map developed for the province, containing more than one hundred project is subject to invest in various areas, and whose cost exceeds two billion dollars.

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Dollar sales up on Wednesday

The Central Bank of Iraq’s (CBI) dollar sales went up in its daily auction on Wednesday to reach $137.310 million compared to last session’s $121.01 million.

“The demand hit $3.060 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $134.250 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.

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Abbas al-Bayati's (News): Parliament will not be able to pass laws that will become a platform for electoral propaganda

MP said the United Iraqi Alliance Abbas al-Bayati said the House of Representatives will not be able to pass any law after the current legislative recess.

He said al-Bayati told (news) I think that the parliament will become a political platform for the election campaign will not be able to pass laws, but some of them broken and in need of votes is simple, either the remaining laws that were contentious, political, such as oil, gas and constitutional amendments I believe it will not be completed because of those differences and thus There is no doubt that the Council appreciates the House of Representatives in the next session to pass legislation or new laws.

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Ration Card

Ration card is the most important economic concern, which affects the livelihood of the citizen in light of the continued deadlock inherent in the distribution mechanism and Matktnfe difficulties modern and old problems, and despite new promises launched by the Ministry of Commerce advent of the Minister and the agency, but that these promises are still just wishful thinking for citizens who have ordered, did not live up the ration card items to the lowest levels of ambition, but did not hand over the family the basic vocabulary, where the distribution took place in most areas, according to the method of installment.

Which we want to say that the ration card, just as the biggest concern to the ordinary citizen it the most important element in providing food security amid soaring frantic for food products, and can not be convinced anymore that the specialized ministry do not have the highest and most important functions of the ration card and the large cadres become unable to provide the ration card items and faltering in the mechanisms and distribution operations to the extent that we are seeing now how this unconvincing.

After that, the ministry under the former minister blamed the financial allocations and rising food prices on international markets without paying much attention to the size of the corruption that was clearly evident and became the straw that broke the camel's back to Wal Maalt things to him, the New Testament of the Ministry and supervision of direct government to make the citizen reassure the arrival of the ration card items easily and high-flow as well as improving basic vocabulary after it announced its new era in the ministry that it would resort to direct import items, and without argument, and the origins of high-quality global, especially in the month of Ramadan, which entered the second kind treatment of the consumer without touching any new changes, but ever installment of the vocabulary struggling to its former glory without organized distribution and distributional list of the problem remains.

I do not know when it ends the problem of prejudice to direct the lives of people living and economic conditions, but psychologically speaking you need to de-mystify even enjoy citizen vocabulary ration card is to Atsd Atsalh needs a full and complete, but in installments uncomfortable and struggling, is that the ministry and its staff especially distributional directly responsible for the distribution of ration cards need to restructure and change, or it could take a high-level government intervention to resolve this dilemma, which is still haunting obsession bitter food security for the citizens who have been overloaded with crises.

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Update......

Parliamentary legislation is expected not to oil and gas law

Expected decision of the Commission's oil and gas in the House of Representatives Jaber Khalifa Jaber failure to approve a law of oil and gas during the last legislative term of the existence of political will does not want endorsing Although there are no real differences on the career of law, "he said." Khalifa said: I do not expect legislation legal oil and gas legislation also Aatouka art parties and the elections because of political differences around them. Khalifa said: Most of the dominant parliamentary parties in the parliament and the government does not want to legislate this law is intentional or unintentional, despite the absence of a real professional differences on the text of the law.

He Khalifa: I think that the Oil Ministry and its Minister was not willing to adopt this law as binding and shall transmit to the minister all oil contracts to the Federal Council is hoped that the oil composition of the formation of law and the oil minister standing behind a large parliamentary bloc and they are not enthusiastic about that, in addition to the existence of problems and issues with provincial elections and political alliances are delayed approval of the law.

In the meantime, Iran announced the signing of a memorandum of understanding on oil cooperation with Iraq in order to develop cooperation in the field of petroleum and the development of common fields, and the transfer of the Assistant Secretary of Iran's oil Saifullah Jashn-Saz noting that "the presence of more than two thousand kilometers of the border has provided strategic opportunities to develop economic relations between the two countries, "noting that" Iraq had stockpiles of 85 oil and gas fields is one of the largest in the world in the field of oil and gas reserves."

The official Iranian oil agreement the two sides to exchange experiences in the "drilling services and geological survey and exploratory studies and analysis of information", also include the terms of the agreement that was signed with the Under the Iraqi Oil Ministry for the extraction and export Abdul Karim Laibi talks after a three-day training of cadres of Iraqi oil, from Laibi his part, described the MOU as "will lead to the development of cooperation and the development of oil fields shared," adding that the promotion of bilateral economic relations would be a starting point and a turning point for the expansion of political relations.

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Specialists: World Bank grant for Iraq will contribute to the revitalization of the economy

He specializing in economic affairs of Iraq that the grant by the World Bank, amounting to one billion and $ 800 million it will contribute to the recovery of the investment sector and revitalize the Iraqi economy, which is growing well.

The researcher and academic Novell Juburi Kurdistan News Agency (AKnews) "The World Bank allocated a grant of one billion and 800 million U.S. dollars will contribute actively to stimulate investment in different sectors and this is reflected investment to revitalize the Iraqi economy was in recession because of the global financial crisis and this loan can be invested in the investment sector in many areas. "

"But the investment market in Iraq is unwanted by the companies because of the difficulties imposed on these companies, not to facilitate allocation of land and investment mechanisms with them reluctant to invest in Iraq."

"The lack of clear guidelines for development investment in Iraq contributes to the decline in capital funds to attract major foreign companies into the Iraqi market, and should benefit from the World Bank grant to develop the sector, which at least as important as the oil sector, which Iraq depends almost entirely on the public budget of the country and if it Astmraly this case, the Iraqi economy will remain a prisoner of the oil markets and fluctuating prices in general, and this makes the reconstruction of Iraq and which is linked to the level of oil production in the oil ministry. "

And "oil production in Iraq is unstable and vacillating, and this is due to not update the system to develop oil and oil installations by the oil ministry since 2003 until 2009 and the oil ministry did not perform any steps towards the development of its facilities, two months before the licenses granted a number of oil for a number of foreign companies did not entering into force of those agreements except Ahdab in Wasit."

He noted that the "improved security situation in Iraq since last year, reflected on the oil sector, which is stable in the rate of production and export, of Iraq's oil production is currently 2.5 million barrels are exported to more than two million barrels a day through the port of Basra in southern Iraq and the Turkish port of Ceyhan, although Such contracts are the first since the nationalization of the oil sector in Iraq 36 years ago which does not allow these companies to invest in this sector but is a first step in the return of foreign companies doing business in Iraq's oil sector is the third largest reserves of oil in the world. "

For his part, Salem Azizmamed for (AKnews) that "the grant allocated by the Bank contribute to the development of certain economic aspects of Iraq, and must be placed in the box investment to support this important sector in Iraq and the generality of its provinces." "The investment sector has employed in Iraq is a good investment because of the absence of visions for the Investment Authority in Iraq, and this body needs to support the government to attract capital and the development of different sectors such as industry and housing sector and oil and gas sector."

The "Iraq is rich but lacks the function of the strong to exploit the economic wealth, there are billions of meters of natural gas in Iraq did not invest gases emitted from oil wells and installations of this wealth sow the task of prices of millions of dollars."

"What Jenny Iraq from its oil industry over the past years? Oil minister prevents companies from investing in Iraq's Kurdistan, threatening to impose sanctions, but noted the province during the period of a few through his plan and deliberate process of extracting oil from the fields and the line connecting the quantities produced though the Iraqi export pursuing such a policy and scientific communities to open Iraq's oil production was at least in the estimated production of up to four or five million barrels a day, a figure difficult to achieve under the current oil closed by the Iraqi Ministry of Oil. "Meanwhile, Mohamed responsible for the oil sector and investment to exploit these assets and the development of infrastructure Iraq's infrastructure and citizen access to the lifting of the oil production level and to contribute to effective in attracting capital for investment in various sectors."

He concluded that Iraq, in recent years did not develop many of the other sectors such as agriculture, industry, housing and tourism, there is a real role of these sectors in supporting Iraq through the development budget is dependent on oil alone, and this will contribute to the diversity of support for the Iraqi economy and the jaw of the equation (the budget is equal to oil). "

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Undeclared efforts of the States of the Gulf Cooperation Council to resolve the tension between Iraq and Syria

Dar Al-Hayat newspaper, Saudi Arabia, and described the efforts of third parties declared the States of the Gulf Cooperation Council to resolve the tension that marred relations between Iraq - Syria.

It quoted the GCC Ministerial Council and Minister of State for Foreign Affairs of Oman Yousef Bin Alawi Bin Abdullah, said that efforts undeclared GCC efforts to resolve the tensions that marred relations between Iraq - Syrian Finally, wishing to be short-term crisis.

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Central Bank is expected to increase the value of the Iraqi dinar during the next two years

Sign adviser CBI Mzarmohamd for Iraq to become of the oil-producing countries developed during the next two years if entering Iraq through the gate of the oil investment.

The benefit of that investment will be reflected on the evolution of the economic reality in the country by the diversity of its resources, which would lead to a rise in the value of the Iraqi Dinar:

Salih noted in an interview with "Radio Sawa" that Iraq retains high rates of foreign currency cover domestic liquidity is paid to the stability of the Iraqi dinar in trading the currency market and thus preserve economic stability:

The economic expert explained that the happiest bugsbunny attempt by a number of European countries to invest in Iraq will raise the country's resources and will support the value of the dinar in the future, as Iraq prepares to enter into private investments in gas:

The International Monetary Fund decided to give Iraq $ 1.8 billion to boost liquidity and cash reserves of the Central Bank of Iraq, as well as for the recovery of development projects.

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