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

Turkey considers Iraq a great partner, Foreign Minister

Turkish Foreign Minister Ahmet Davutoglu said Turkey offers unlimited cooperation to make Mesopotamia region a shining star of the world.

Davutoglu and Turkish State Minister for foreign trade Zafer Caglayan, who are visiting Iraqi capital of Baghdad, held a press conference with Iraqi Foreign Minister Hoshyar Zebari.

Replying to a question on water issue, Davutoglu said that water need of farmers in Basra and Mosul was important and water should be used effectively.

"We want to make Mesopotamia region one of the most prosperous regions of the world. We offer unlimited cooperation to regional countries especially Syria and Iraq to make the region a shining star of the world," he said.

Answering a question on relations between Turkey and Iraq, Davutoglu said Turkey had deep-rooted historic and geographic relations with this country. Turkey was eager to reduce problems and boost common interests with Iraq, he said.

Territorial integrity and political unity of Iraq were of great importance and Turkey has been closely following developments in Iraq, Davutoglu said.

http://pukmedia.com/english/index.ph...12696&Itemid=1

Negotiations «border crossing points» Iraq with Saudi Arabia revive the hopes of raising the bilateral trade 50%

Will enhance the re-opening of the import of products and reduce the costs of 15% .. And the arrival of the goods in 12 hours

News outlets revived negotiations border between Iraq and Saudi Arabia now the hopes of the export sector in Saudi Arabia to increase its presence in the Iraqi markets more broadly, and to increase bilateral trade and benefit from the process of re-import operations and the expansion of its production.

The higher Abdul Mayali Muthanna's governor singled out by «Middle East» close yesterday on the negotiations would be through Iraq's Ambassador to the Kingdom with the Saudi government on the opening of border crossing points, and revealed the meeting with the Emir of the area near the northern border in Saudi Arabia in the coming days.

Dr. Abdul Rahman Al Zamil Chairman of the ****utive Board of the Saudi Export Development Center that is currently performing the opening, the «new Ar'ar» would be a major outlet for exports to Iraq, Saudi Arabia, referring to a meeting with the Ambassador of Iraq twice, the conviction of the importance of performing in Iraq during this phase of the construction phase, there .

Zamil added that Saudi Arabia will add real value to the Iraqi markets, where it will be possible to transfer cargo from Saudi ports, specifically the port of Jeddah, the port during the 12 hours, and even performing the Iraqi capital will not exceed 4 hours, when it is otherwise carried out by other outlets, or through sea.

According to Saudi Arabia-Zamil exporting companies that incur high costs and complexities of strain where strict requirements and fees up to the Iraqi market, pointing out that Saudi Arabia, which the trucks to reach Iraq from Saudi Arabia, ranging from 300 to 350 trucks per day across the states of Jordan and Kuwait.

Zamil pointed out that the expected gains from the opening of the performing products at a reduced cost of not less than 15 per cent of all export goods, and will support the competitiveness of products, which currently enjoys the reputation of high quality and on the Iraqi market.

Zamil pointed out that the expected gains from the opening of the performing products at a reduced cost of not less than 15 per cent of all export goods, and will support the competitiveness of products, which currently enjoys the reputation of high quality and on the Iraqi market.

Zamil believes that the time is appropriate, with the signs of calm and stability in Iraq, which calls on Saudis to lift all the demands of exporters and to facilitate the termination of this file, which will push to raise the bilateral trade volume between the two countries for more than 50 per cent in the lower forecasts. The President of the ****utive Board of the Export Development Center of the Council of Saudi Chambers: «the demands of the business sector of Saudi exporters and manufacturers in all economic activities of the food and construction materials and other opportunities more limited now, especially with Iraq's presence in the building stage, and needs to import to meet its requirements », while noting that Saudi Arabia will benefit through the re-importation of many countries, including Syria and Iran.

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Iraq ranked first for the most competitive m.obile markets in the Arab world

Iraq was ranked first in the m.obile market more competitive in the Arab world came after Jordan and Saudi Arabia, Palestine and Egypt, according to a report by Arab Advisors Group for the current year.

The Arab Advisors Group to develop index of competition in the m.obile market to compare the development of competition in the 19 Arab countries, which takes into account a number of characteristics of the m.obile market and the factors that affect it include a number of m.obile operators and the number of new licenses and the market shares of the operators and the number of offers available for pre-paid services and paid services later.

The Arab Advisors Group report on a level of competition in Arab telecom markets published in Cairo showed that Iraq ranked first with 91%. 7 followed by Jordan, Saudi Arabia, 82% by 2, 79% of Palestine and the 6, 78, Egypt 8%, 69%, Morocco 7, 67, Algeria 6%, 64% 3 and the Sudan, and Mauritania, 63% 3, 61%, Bahrain 2, 55%, Kuwait 4, 54, Tunisia 5%, 51%, UAE 2, 50%, Oman, 8, 44% 7, Libya, and Syria, 35% 2, 34, Lebanon 6%, 33% and finally Qatar by 5, 31%.

The pine Andrews, head of research at Arab Advisors Group to the presence of five operators working in Iraq.

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Interview with Al-Shabibi - discusses Exchange Rate, Currency, 'deleting zero's' and the economy
Dr. Shabibi: It is not the duty of the central bank lending .. and the foreign exchange reserves amounted to 48 billion dollars

Spent a long time trapped in the economic and development policies in the United Nations organizations, quiet nature, a few remarks media, after gaining in 2003 the pyramid of the Central Bank of Iraq, and the formulation of monetary policy, which were fraught with obstacles and objections of some tough and cruel. To date for our very, Oguetnsna opportunity to meet Dr. Shabibi Governor Central Bank of Iraq and was with him the following interview:

There are a lot of criticism directed to the Central Bank and in particular with regard to the sale of the dollar auction, for example, Minister of Planning and Development Cooperation Ali Baban, this auction is for the smuggling of foreign currency out of Iraq is your response?

- There is no absorption of the concept of free economy, which criticizes our methodology Can he bear the appearance of other exchange rates, if the head to prevent the transmission of money, they will show a different price because there is a need for the dollar rate has shown a third show here, we have a multiplicity of exchange rates in this case the Government can not to plan their programs because the exchange rate is all the goods can not all sectors have to calculate import cost and production cost accurately because it has different rates of exchange, and the issue of allowing for the movement of capital is to balance the market so that there is a demand-side, and you control the process of causing the balance of the market according to price There is no specific and the smuggling of money because the banks and their customers within the auction, provided that sufficient information to either the Central Bank of the claim of the Ministry of Planning, which has pride and this should provide a thorough analysis of the accounts and how much is the rates of smuggling, which we're sitting by the Ministry of Planning is not the former things must be said, but accurately.

There is a demand for the currency and it should meet this request 100%, if I were met 90% of the demand there is a 10% may be provided by other markets Will accept the Ministry of Planning or the government to show different rates of the dinar, how to plan and how the costs could be calculated and the case is not an issue media because it is purely scientific result of the balance between supply and demand and this important factor.

Central Bank says that through its monetary policy was able to rein in inflation in the control of Iraq by the U.S. dollar exchange rate, but economists say that inflation in Iraq is not inflation, but monetary inflation Rcude?

- The main objective is that we created a market where the exchange rate stable, and there may be stagnation in the market, which is also a need to audit, but the issue is that the march of inflation Altdhm and not in the case of static, the march of inflation two years ago the total was 65% and inflation was 40% partial, but dropped to 7% and inflation is not high now, the existing measures in developing countries, many countries have stable inflation 14%, while inflation was on the stasis which is the real productive sectors of industry, services and agriculture sectors, and not the cash to take advantage of the opportunity to exchange rate stability and knowledge of the cost in the exchange rate, We now know that we can cost and the cost of foreign currency exchange rate and the cost of the contribution of the exchange rate at the cost of production as long as stable, we can predict, but when the exchange rate stable, how can the Government to plan, and the case is in fact a result of volatility in the prices of non-coverage each market when foreign currency is sold for 90% or 80% and not 100% there will be fluctuation in the exchange rates will create a kind of uncertainty will therefore be difficult from the planning process and this is what we want.

Some people say that the central bank does not contribute to the productive process, but we believe that the largest contribution to the productive process is to create a stable environment can be predicted that the scheme through a stable environment and if they do not consider this contribution to the national economy, production and planning do not know how that could be contributing.?

Inflation stasis to all ministries including the Ministry of Planning addressed because all the available stability and economic stability, I mean, not political, but the failure of the other comment that we reap in itself because we provided the breeding ground for the work If there is no production, this surely we are not.

What is the extent of the seriousness of dealing in two currencies on the national economy, and now we are dealing in two currencies in Iraq, why is not the Iraqi dinar is the currency only deal?

The official currency is the dinar in Iraq and we do not have any other currency but the people have accepted that if the dinar is Baldolarao to replace any other currency, there is no problem, but if he refuses to deal dinars by the people of the danger of this thing, either with regard to trade, the process mean, the import and export international treatment of the dollar, most traders Istbdlon dinar from the dollar to trade, does the dollar value of the stock after the decline in global markets is no longer undistributed well, and now the Iraqi dinar is good for the value of inventories after the stability is better than the dollar.

Central Bank has recently reduced the interest rate for more than three times, the objective of this reduction?

- The central bank to deal with developments after the fall in levels of inflation the central bank cut the interest rate and monetary policy conditions have become less and we are leaving the banks to determine interest rates on lending and borrowing, and we define the interest rate in the light of inflation, which should be higher than inflation, and lower inflation, reduce our interest rates and we need to change the level of inflation after a month or two months to monitor the level of inflation to reduce interest rates after the monetary policy is generally a short-term planning for the SEPT policy interest rates, for example, price is not the tax, interest rates are cut every day and there are interest rates change every day, so We are changing the interest rate is calculated every time the inflation, but we see inflation before May because of external things, more than an internal?.

raised by some political and economic circles, the idea of borrowing from the Central Bank is the international monetary reserves, the extent appropriate, these calls for the importance of cash reserves?
Eight Ministry of Electricity and complained of a lack of central bank lending to the ministry to solve the problem of electricity, so the ministry has resorted to borrowing from foreign banks?

The Bank does not lend, it is not the duty of the central bank lending for development projects or because the productivity of the central bank lending to banks and short-term in the state banks may have no problem saving, but also the short-term lending and should be back these loans quickly, read the agent's oldest Ra'ad Goalkeeper and the Central Bank has provided a favorable environment for the Ministry to improve its resources and the problem of the ministry on its way to the solution, the central bank has arranged to borrow the government (Ministry of Finance) of the banks and the banks, the transfer of the proceeds from lending to foreign currency, the government borrowed from commercial banks (Bank of Iraq) and the proceeds from borrowing by the central bank will convert the foreign currency lending to go to the two LG Smenz and has facilitated the process of obtaining the Central Bank of the Ministry of Electricity to the resources they need, but borrowing from the central bank directly because it is forbidden by law is prohibited and economically because it means the government will adopt the central bank and reserve, which must be used to stabilize the exchange rate.

What is the size of reserves of the Central Bank?

Reserve of about 43 billion and is changed daily, as a result of the auction process, which is now selling only, and that the Government has the resources of oil in foreign currency they need to turn these resources to the Iraqi dinar to pay salaries and we are producers of the coin, we sell them to the Iraqi currency and the reserve located 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 can act only to achieve a 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 hope that the Muslim Brotherhood in the government understand the usefulness of this thing.

But with this there complain that you Targulwn a lot of projects, for example, complained of the governor of Anbar province, you said you refuse to enter a guarantor between the governorate and the foreign investors, and general manager of Bank of Iraq said that you Arq*** a housing project by the bank?

Now the central bank's new duties are different from the previous era, In the past, the central bank is the guarantor, and now the Central Bank is no longer a guarantor of housing projects there is a difference between housing projects, which include officials from the State or which are for the general public and the productivity of these projects are not related to us and this is It is the duty of the Land Bank, and our duty is to put the interest rate and stable exchange and try to keep prices low and increase.

rising calls from the banking sector to support the appropriate regulations issued by the Central Bank of Iraq to organize its work, the validity of this?

- This requires a long discussion with the private banks and these regulations need to be amended, without a doubt, private banks, but they have great opportunities, because their very high during the fight against inflation after the deposit of 20% in the Central Bank and after that have a lot of profit they have to contribute to the process A***anip These regulations are not an obstacle, and that they must display some courage to work without a no-risk, and we hope that the contributions of these banks in all sectors, the private banking sector in the process of evolution, but the interaction between fiscal and monetary policy and to give them the financial opportunities in the opening credits and must be These short-term targets because the government for more than sixty years is one of the projects A***anip and the private sector was far from this project, but would only develop through the provision of assistance to him, but even in the Constitution emphasizes the development of the work of the private sector.

What is the role of the central bank to resolve Iraq's debt, how much of the remainder of this debt?

- The central bank and the Ministry of Finance, which are negotiated by both 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, is in the interest of the Central Bank has reduced the debt fight 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 is now after the 140 billion dollars.

However, with this effort has been made to reduce the debt on Iraq, there are calls for borrowing to meet the Government's budget deficit?

Formed in Iraq is not a debt due to borrowing, but borrowing was not considered because of the war did not calculate the payment of interest did not accumulate, and when we want to borrow, borrow All the world .. We have to negotiate and create the necessary conditions for the payment of such borrowing and to examine the balance of payments and how that can happen in the balance of the surplus and how we can Novrmn for the payment of debt.

But now borrowing to consumer spending?

- I agree with you that the borrowing must be for investment only, the reputation of the borrowing to investment spending, but such borrowing should have several conditions, including that close to our calculated by borrowing to generate and negotiate the loan and the repayment process of debt negotiations and advanced in the world and even after the end of the borrowing that we can negotiate for the rescheduling of this debt, in the case of the availability of all of these conditions do not harm borrowing.

What is the status of the negotiations, the Central Bank and the Ministry of Finance with the International Monetary Fund? Is there any periodic reviews? The nature of these negotiations?

- We got to the very advanced stages has been debated recently in the technical issues required by the Ministry of Finance and the Central Bank, and negotiations are in the ninth month in a stage of decision-making.

Do you expect the Iraqi dinar exchange rate of increase in the stability of its value after the?

- This question I can not answer it, because I am not a researcher in this area so I can Ajipk to this question, and the answer might affect the market.

What about the deletion of zeros from the currency, where this project?

- Is a project in mind it is a very important need for resources and a large table and that is what is lacking now, we do not have adequate staffing, which handles these cases as a result of the presence of many of the issues that we deal with them, including research and the relationship with the International Monetary Fund and the relationship with the government, which is important very.

Do you have faith in the issuance of large segments of the currency?

- This project is also in the mind, but there are a lot of priorities and we are waiting how things evolve?

But first delete the zeroes or the issuance of the currencies of large groups?

When deleting a logical zeroes may not need to issue a currency with the largest zeros, we have the research and studies in this area but what we need are the resources and capabilities necessary to complete this.

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how i withdraw my us dollors in my account ????????????????????????????

T. Boone Pickens Suggests US Should Demand Oil From Iraq

LAS VEGAS -(Dow Jones)- Oil magnate T. Boone Pickens, who has been calling for ending U.S. reliance on oil from unfriendly countries, on Monday appeared to suggest that the U.S. should not leave Iraq without a commitment for access to the country's oil.

"We should not leave Iraq without a call on the Iraqi oil," Pickens said at a clean-energy event sponsored by Senate Majority Leader Harry Reid, D-Nev. He said it would be easier for the Obama administration to ask to buy the oil than it was for the Bush administration, which launched the war in Iraq after claiming that the country possessed weapons of mass destruction.

"I don't see how the Iraqis could turn us down, I just don't," Pickens said. He said that the U.S. would pay market prices rather than fixed prices.

http://www.nasdaq.com/aspx/stock-mar...-oil-from-iraq

Calls for investment strategy according to revenues

There is a need to plan Iraq’s investment strategy according to the country’s revenues, Abdullah al-Bandar, adviser of the National Investment Commission, said on Tuesday.

Al-Bandar also called to reform the Iraqi currency and financial policies.

“Reforms are still below ambition,” al-Bandar told Aswat al-Iraq news agency.

“There should be a fair distribution of revenues,” he said.

He pointed out that infrastructures in Iraq require huge amounts of funding.

http://en.aswataliraq.info/?p=117387

Invitation of the Congress of the Iraqi-Kuwaiti counterparts to cancel the debt owed by Iraq

It seems that the issue of debt to Iraq and Kuwait, which caused the creation of a wave of conflicting statements between the members of the parliament and the Iraqi Council of Representatives has begun to take another course is to remove the ice standing in the new relations between both Iraq and Kuwait, especially after he is convinced number of members of parliament that the issue of investment in Iraq is more effective than the debt freeze and remain in the field of deliberations between the corridors of the UN Security Council.

A member of the House of Representatives Abdelbari Zebari that "Iraq is now in the new circumstances, we believe there must be agreement on the decisions of the Paris Club to cancel less than 80% of the debt and receivables, as the fraternity brothers were in the United Arab Emirates and the European countries."

The Speaker of the House Iyad Samarrai, had been proposed in front of parliament during his recent visit to Kuwait in early July that "there is a draft of an agreement to invest in Iraq in exchange for waiver of the debt implications", which met the objections of a large number of members With parliament was welcomed by their counterparts in the Iraqi parliament, in a serious attempt to break the deadlock and the removal of obstacles to the most complex problems facing Iraq with Kuwait is the issue of debt.

He told Zebari (Iraq News) "The brothers in the State of Kuwait to follow the example of the brothers in the United Arab Emirates extinguish approximately 80% of the debt, then what is left of this debt is invested in Iraq," he said, "We as Iraqis, we consider This decision is very important for us, not only from the material side, but from the moral side of the Iraqis so that they feel part of this nation and this is the actual support that can be made by the brothers the brothers in Iraq. "

For his part, MP Hassan Rubaie said, "The debt issue is not resolved in a single proposal or one side, there must be agreement as well as to intensify contacts with the Kuwaiti side." He pointed out for (Iraq News) "It is important to reach a solution satisfactory to everyone and said we do not appreciate from here, ask them to waive the right thing are Iatbroh the Kuwaiti side, and they can not acquire the debt without an agreement with the Iraqi side .. On our part we can see that this problem must take a long time as well as discussions and reach a solution satisfactory to both parties. "

Kuwait and Iraq's debt to the tune of 30 billion dollars in compensation for the Iraqi invasion of Kuwait Center for the past with the United Nations added per 5% of the exports of Alinvtaerakip which were deposited in a special account to the United Nations.

Rubaie said that "the issue of investment has been put forward by the United Nations, shows that Kuwait had agreed to this proposal but the issue is not resolved with the consent of one party and must take advantage of this issue which Baeidp fabric Kuwaiti Arab brothers."

A number of deputies of the parliament agreed to the principle of waiver of the benefits provided to keep out of debt with Iraq.

Kuwait has always sought in the meetings of the Security Council and the General Secretariat of the UN to keep Iraq under Chapter VII, which Iraq is trying to get out of it to be able to manage money, foreign affairs and to drive it from the damages claimed by a number of countries, including Kuwait, which pledged the United States of America through the signing of the security agreement between Iraq late last year.

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The Washington Convention security think again and refuses to Baghdad

Al-Bayati of the "morning": Maliki sought to develop military and security forces over the next two years

Currently, the United States is considering the idea of signing a security pact with Iraq again after 2011, but Baghdad rejected such a direction. Sources familiar with the "morning" that the administration of U.S. President Barack Obama is currently considering several proposals in respect of Iraq.

Including a convention of the other security, but quite different from the Convention, which is currently being applied and the effect of year end 2011. The Baghdad and Washington have signed a security agreement late last year provides for the withdrawal of U.S. troops from cities and towns by the thirtieth of last June, that the withdrawal be complete Iraq by the end of the year 2011, as well as included in other items.

The sources said the agreement did not include the new for the presence of combat troops, and only on the task of cooperation in specific aspects of security intelligence and information sharing required, and the pledge to defend Iraq in case the risk faced, as well as the coordination the fight against terrorism.

They were unable to say whether the U.S. administration adopted a resolution on the Convention or not. For his part, MP Abbas al-Bayati, a member of the security and defense committee in the House of Representatives that Baghdad refuses Thus orientations. Bayati said in an exclusive statement of the "morning": that Iraq do not need to a second security agreement after the expiration of the current total withdrawal of U.S. troops from the country, pointing to the presence of U.S. pledges of assistance and support in the rehabilitation of Iraq's forces and the Iraqi Army and arming, as well as to protect the border.

Bayati between Prime Minister Nuri al-Maliki, commander-in-chief of the armed forces sought to speed up rehabilitation and development of the armed forces and security services over the next two years, noting that the relationship that linked Iraq and the United States after 2011, would be within the terms of the strategic agreement signed between the two countries late last year.

It should be noted that the Prime Minister during his presentation and meeting with senior U.S. officials in Washington recently, vision and strategy of the government's work in various areas during the previous phase and the next was more than the course, especially the march of the democratic process and the goals and efforts to move forward in the draft national reconciliation and economic development plans and investment security in conjunction with the successes achieved and the ability of the armed forces to control the situation after the withdrawal of U.S. cities and to emphasize the importance of commitment to the plans of the final withdrawal of the country at the end of 2001. (I guess that's a typo = 2011).

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Thus the investor thinks the Iraqi

Iraqi investment law with the requirements of development and reconstruction that was sought by the country. This came in response to the editorial of the Economic Mahlq marked (Migratory capital and investment, showing his remarks on the article and expressed his solidarity and support to the content.

This comes at a time when the President announced a national investment d. Sami Araji he expected parliament to approve the amendments to the law, but some of the paragraphs will not be clear what these amendments are to be direct in order to assign the package of outstanding projects in the shelves of the body and is waiting for relief.
Hassoun, Mohamed Taha, the investor, who read his remarks by e-mail response to the article considers the need to form an investment fund by an independent body, he said, according to a competition in which most business and investment.

It also calls for the need to involve Iraqi businessmen projects will be forwarded to the foreign companies and this is what corresponds to our vision of global companies are looking for a partner the same early and necessary to share risks and profits alike.

The response in most of the ideas and observations focused on the possibility of activating the role of the Iraqi private sector and engage with the international companies.

In the view of the importance of Hassoun companies and privatization of some enterprises that promise heavy Balkahl State and the transfer of management to the private sector to devote ministries and government departments for the planning of projects and provide logistical support to the private sector.

The ideas also need to restructure the banks, and activate the performance of its role to support the aspirations of the market economy, as well as the case with the Iraqi private sector bank, also to contribute to the achievement of all of the basics of market economy, but would not deny the importance of the state's role in monitoring and follow-up and implementation, while emphasizing the importance of open space for the private sector to and so keen Maldih expertise and knowledge.

What is noticeable is that the businessman is one of the few who understand that state support for local industries through the provision of full protection intersects with wTo instructed to join the World Trade Organization.

In conclusion, reference is correct in its proposal the need to study the possibility of re-retirement to workers in the private sector is developed in accordance with the law of this opportunity.

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