Thread: Iraq/Dinar News. 09/05 to 01/14/07

The Iraqi Central today sells more nine million dollars
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

The demand for dollar in the auction the Central Bank of Iraq today, Monday, after a break of ten days to reach nine million and 305 dollars for six million and 665 thousand dollars in an auction on December 28 of December of last year.

The statement said that the central purchase orders distributed today at three million and 655 thousand dollars in cash and five million and 650 thousand dollars in the form of remittances bank has full coverage at the exchange rate amounted to 1320 dinars low five dinars on the price of another auction.

He pointed out that nine banks participating in the auction today made offers for the sale of one million and 200 thousand dollars bought in 1318 at the Central dinars.

He said economic expert Abdul Razzaq far as News Agency (Voices of Iraq) Independent that the period stopped the auction because holiday of Eid Al-Adha, which amounted to ten days led to a relative stability in exchange rates and encourage buying and selling on a large scale and flexible by traders without fear of price fluctuation.

ÏæáÇÑ- (ÇÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

الاقتصاديةEconomic : خبير في البنك المركزي يدعو إلى هيكلة المصارف وتطوير خدماتها: Expert at the Central Bank calls for the restructuring of banks and development services





أكد ضعف الوعي المصرفي والحاجة الى تأهيلهA weak banking awareness and the need for rehabilitation
بغداد - الصباحBaghdad-Sabah
شخص خبير مصرفي بعض الخصائص الملازمة للنظام المصرفي التي تعد احد اهم اسباب تخلفه داعيا الى العمل على وضع البرامج الخاصة لتغييرها بشكل جذري من اجل تطوير اداء هذا النظام والارتقاء به الى مصاف المصارف العالمية ليؤدي دوره الكبير في تفعيل الاقتصاد العراقي.A person banking some inherent characteristics of the banking system, which is considered one of the most important reasons for failure and called for work to develop their own programs to change radically in order to develop the performance of this system and transform it into the ranks of leading international banks for playing a big role in the activation of the Iraqi economy.





جاء ذلك في البحث الذي قدمه معاون مدير عام مراقبة الصيرفة والائتمان في البنك المركزي العراقي وليد عيدي عبد النبي والموسوم?اهم خصائص النظام المصرفي في العراق ومقترحات لتطويره? الى احدى ندوات الاصلاح الاقتصادي التي نظمتها وزارة الصناعة والمعادن العام المنصرم.This came in the search by the assistant general manager of the banking and credit control in the Central Bank of Iraq and Idi Walid Abdel Nabi, which is marked "the most important characteristics of the banking system in Iraq and proposals for development" to a seminar of economic reform, organized by the Ministry of Industry and Minerals last year.
ونظرا للافكار الهادفة الى رفع كفاءة اداء القطاع المصرفي في وقت يعاني فيه الاقتصاد العراقي من تشوهات عديدة لاسهامه في حل جانب مهم منها أرتأت?الصباح ? تسليط الاضواء على ابرز ما جاء في هذا البحث المهم.Because of the ideas aimed at raising the efficiency of performance of the banking sector at a time when the Iraqi economy from the distortions many for his contribution to the solution of important aspect considered "morning" to highlight the salient features of the research in this important.
ويرى الخبير المصرفي وليد ان ضعف الوعي المصرفي وعدم وصول الاقتصاد العراقي والمجتمع الى المستوى العالمي في هذا المجال هو ابرز سمة في هذا المجال مما يدعو الى نشر الوعي المصرفي داخل المجتمع العراقي ولدى المصارف نفسها من خلال تطوير الخدمات المصرفية ونشرها.He sees banking Walid weak awareness of banking and non-arrival of the Iraqi economy and society to the global level in this area is the most prominent feature in this area, which calls for the deployment banking awareness within the Iraqi society and the banks themselves through the development of banking services and dissemination.
ويستند في تحليله هذا الى ان الكثافة المصرفية في العراق?عدد المصارف على عدد السكان ? تبلغ مصرفا واحدا لكل 46632 شخصاً، قياسا بالكثافة المصرفية المعيارية البالغة مصرفا واحدا لكل عشرة الاف نسمة.Based on this analysis that the density bank in Iraq "the number of banks on the number of people" at the same bank every 46632 people, compared to the standard of banking density banks and one each ten thousand inhabitants.
ولفت عيدي الى ان اجراءات السياسة المالية بدمج المصارف الحكومية وتقليل عددها بسبب الظروف الامنية تعد مؤشرا اخر على تعميق ضعف الوعي المصرفي مؤكدا ضرورة فصلها مستقبلا بعد زوال الاسباب.He pointed out that the actions of Idi fiscal policy to merge government banks and reduce their number because of the security conditions are another indication of deepening awareness of the weakness of the banking emphasizing the necessity of separating the future after the demise of reasons.
ومن خصائص المصارف الاهلية غلبة الطابع العائلي عليها، وهنا تبرز مشكلة المصالح الضيقة الخاصة بالعائلة التي هي نتيجة اتحاد الادارة مع الملكية وتتسبب هذه الحالة بضياع المصارف بين رغبات اصحاب رؤوس الاموال ومتطلبات اعمال الصيرفة وهذا عامل اخر يؤشر ضعف الثقافة المصرفية.One of the characteristics of the predominance of private banks by the family nature, and here is the problem of the narrow interests of the family, which is the result of the ownership and management with this situation caused the loss of banks between the wishes of the owners of capital and banking requirements and this is another factor indicates the weakness of the banking culture.
غياب الستراتيجيات المصرفية العامة الفاعلة وعدم توفر جميع السياسات التي ينص عليها قانون المصارف وقانون البنك المركزي العراقي، وهذه سمة اخرى من سمات النظام المصرفي الخاص.The absence of public banking strategies actors and the lack of all policies provided by the Banking Act and the Law of the Central Bank of Iraq, and this is another characteristic of the private banking system.
ويؤكد الباحث ان غياب المؤسسات الساندة للنظام المصرفي وعمله مثل شركة التأمين على الودائع واخرى للتأمين على القروض او مكاتب لدراسة وتحليل الاخطار المصرفية وغيرها.The researcher that the absence of institutions videotapes of the banking system and its insurance company, such as deposits and other insurance loans or offices for the study and analysis of banking and other dangers.
عيدي لفت الى ان مشاكل اخرى عديدة ادت الى تراجع العمل المصرفي في العراق منها ضعف الوسائل التكنولوجية التي تستخدمها المصارف ومشاكل العملة المزيفة والوثائق التالفة ومشكلة نقل النقود وتقديم الخدمات الثانوية على حساب المهام الرئيسة كتوزيع رواتب المتقاعدين وغيرها.Idi pointed out that many other problems led to the decline of banking work in Iraq, including weak technological means used by banks and the problems of counterfeit currency and documents damaged and the problem of the transfer of money and provide services at the expense of secondary tasks, such as distribution of salaries of retired President and others.
وقال: كل هذه الامور تعتبر من مقيدات العمل المصرفي وسببا في تأخره.He said : "All these issues are enrolled banking work, and the reason for the delay.
وعلق الباحث عيدي على المشاكل الاساسية التي تعاني منها المصارف الحكومية بالاشارة الى ان تشكيلة مجالس الادارات في المصارف الحكومية والجمع بين الادارة العامة ومجلس الادارة ما يتسبب في ان اغلب القرارات التي تصدر تكون ذات طابع سياسي وفردي وبعيدة عن الطابع المصرفي ما يؤثر على نتائج اعمال المصرف.Idi researcher commented on the basic problems faced by government banks reference to the composition of boards of directors in government banks and combine public administration and the Governing Council is to be mentioned that most decisions made of a political and individual and far from the banking system affects the results of the bank.
ويذهب الى ابعد من ذلك حين يشير الى طريقة توزيع الارباح التي تحول دون وصول المصارف الحكومية الى الحد الادنى لرأس المال ذلك لان طريقة التوزيع وبحسب رأي الخبير المصرفي لا تأخذ بنظر الاعتبار الاحتياجات الفعلية لتطوير العمل المصرفي.Go further than that in referring to the method of distribution of profits that impede the access of governmental banks to a minimum of capital because the method of distribution, according to a banking expert opinion does not take into account the actual needs for the development of banking operations.
ولاجل الحد من هذه الاثار يقترح الباحث تطوير استخدام المكننة في المصارف والبرامج الحاسوبية المناسبة، واعادة تنظيم وتأهيل الملاك المصرفي، واعفاء المصارف من اعباء الخدمات الثانوية.To reduce these impacts researcher proposes the development of the use of automation in the banking and appropriate software, and the reorganization and rehabilitation of the banking staffing, exempting banks from the burden of secondary services.
ويطالب الباحث بدراسة اوضاع المصارف الاختصاصية الحكومية (العقاري، الصناعي، الزراعي، التعاوني) ودمجها بمصرف استثماري حكومي واحد وزيادة رأسماله واعادة النظر في قانون الشركات العامة ونسب توزيع الارباح ومجالس الادارات.It demands a researcher studying the conditions of banks jurisdictional governmental organizations (real estate, industrial, agricultural, cooperative), and an investment bank into one and increase its capital and reconsidering the law on public companies and the breakdown of profits and boards of directors.
ويدعو الى تشجيع المصارف على تقديم القروض المشتركة وقيام المصارف بالتأمين على قروضها وانشاء شركة للتأمين على الودائع لضمان حماية المودعين والمصارف.And calls to encourage banks to make loans and the establishment of joint bank loans and insurance company for insuring deposits to ensure the protection of depositors and banks.
الانطباع الذي خلصت اليه?الصباح ? ان القطاع المصرفي بحاجة الى اعادة هيكلة شبكة المصارف حسب متطلبات المرحلة الحالية للاقتصاد العراقي.The impression findings of the "morning" that the banking sector needs to restructure the banking system to the requirements of the current stage of the Iraqi economy.
والسؤال الذي يطرح نفسه متى يستطيع القطاع المصرفي التصدي للتحديات التي تواجهه وتحد من تأهيله؟ وهذا ما ستعمل عليه الصفحة الاقتصادية خلال عام 2007 ضمن خطتها لابراز وسائل الاصلاح الاقتصادي.The question that presents itself when the banking sector can address the challenges facing the challenge of rehabilitation? This is one of the things Page economic during 2007 within its means to highlight economic reform.


Translated version of http://www.iraqigovernment.org/

Originally Posted by kiko

I agree, maybe it can't, they determine the rate they want and can seek a solution for that.

It will happen!

I believe this series of equations explains the lifting of three zeros idea:

Approximate Conversions
Dinar USD
1260 = .000793
126 = .00793 = one zero
12.6 = .0793 = two zeros
1.26 = .7930 = three zeros
.793 = 1.00 = Still three zeros [ 1.26 USD]

Success Story

A carpentry shop trains carpenters and creates job
Making Jobs for the Jobless
Eighteen-year-old Najjar abandoned his dreams of becoming a mathematician after his father died suddenly. As the sole breadwinner in his family, Najjar quit school and started working in construction. When his small wage could not cover the rent, his family was evicted. We had nowhere to go, he said.

Not knowing where to turn, he applied for a job at a small carpentry workshop that is part of a USAID program to empower local residents to identify and meet community needs. This particular workshop focuses on youth development. It fosters leadership, independence, and financial stability among youth between the ages of 18 and 24. Profits from the furniture, doors, and bookshelves sold by the carpentry shop are reinvested in the youth center to purchase sports equipment, internet access, and secondary school supplies.

The manager of the carpentry workshop explained that this is an effort to provide jobs for the jobless. Najjar is one of 12 full-time employees in the not-for-profit workshop. With his wages, he can pay the rent and support his family. The work schedule allows him to attend school in the afternoon. A youth center has offered Najjar a university scholarship upon completion of his secondary school studies.

The shop also holds training seminars to improve the carpentry skills of local residents. The training resulted in sustainable jobs for all 35 attendees. Three separate 15-day workshops An Introduction to Carpentry, Bookshelf Making, and How to Establish a Carpentry Workshop gave community members sufficient skills to either join an existing carpentry enterprise or start their own.

This is one of nearly 4,000 small community development programs USAID has implemented throughout Iraq. Designed as a grass-roots program that instills self-confidence and self-reliance in participants, the program champions local solutions to local problems by building ownership and capacity in neighborhoods across the country.

Bush to announce new Iraq plan Wednesday - Politics - MSNBC.com

Updated: 27 minutes ago

WASHINGTON - President Bush is putting the finishing touches on a revised war strategy he plans to announce this Wednesday evening in a 9 p.m. E.T. address to the nation. In addition to a troop increase, the proposal could provide more money for jobs and reconstruction programs in Iraq.

Meanwhile, House Speaker Nancy Pelosi is cautioning Bush to think twice before proposing a troop increase in Iraq, suggesting the new Democratic-controlled Congress could deny him the funding.

But the Senate's top Republican said he believed that Bush will get the money he needs and cast doubt that Democrats would - or could - block him. "Congress is incapable of micromanaging the tactics in the war," said Minority Leader Mitch McConnell of Kentucky.
Democrats promise 'harshest scrutiny'

In issuing her warning, Pelosi made clear that her party supported boosting the overall military size "to protect the American people against any threats to our interests" and would not cut off money for troops already in Iraq.
But Bush will not get a blank check for an open-ended commitment there, she said. Any funding he seeks for additional forces in Iraq - Bush's expected plan could send as many as 20,000 more U.S. troops - will get the "harshest scrutiny."

"The burden is on the president to justify any additional resources for a mission," said Pelosi, D-Calif. "Congress is ready to use its constitutional authority of oversight to question what is the justification for this spending, what are the results we are receiving."

"There's not a carte blanche, a blank check for him to do whatever he wishes there," she added in an interview taped Saturday and broadcast Sunday.
Asked about Pelosi's remarks, White House spokesman Alex Conant said Bush welcomed any ideas on Iraq that "lead to success."
"We're glad the speaker wants us to succeed in Iraq," he said.
Record Iraq funding request pending

Since the attacks of Sept. 11, 2001, Congress has approved about $500 billion for Iraq, Afghanistan and other terrorism-fighting efforts. The White House is working on its largest-ever appeal for more war funds - a record $100 billion, at least. It will be submitted along with Bush's Feb. 5 budget.
While leading Democrats reaffirmed their opposition to a troop buildup, several did not join Pelosi in suggesting it was possible Congress could deny Bush the money for the additional forces.

"I don't want to anticipate that," said House Majority Leader Steny Hoyer, D-Md.

Sen. Joe Biden, chairman of the Senate Foreign Relations Committee and a 2008 presidential candidate, said increasing troops would be a "tragic mistake." But he contended Congress was constitutionally powerless to second-guess Bush's military strategy because lawmakers had voted to authorize the commander in chief to wage war.

"As a practical matter, there's no way to say, 'Mr. President, stop,'" said Biden, D-Del., unless enough congressional Republicans join Democrats in persuading Bush that the strategy is wrong.

Pelosi and Senate Majority Leader Harry Reid, D-Nev., told Bush in a letter last week that Democrats oppose additional U.S. forces in Iraq and want him to begin withdrawing in four months to six months American troops already there.

Sen. John McCain, R-Ariz., wrote in Sunday's Washington Post that boosting troops for an indefinite time was necessary to secure peace in the Mideast.
"When we authorized this war, we accepted the responsibility to make sure they could prevail," he wrote. "Even greater than the costs incurred thus far and in the future are the catastrophic consequences that would ensure from our failure in Iraq."

Pelosi spoke on CBS' "Face the Nation," McConnell and Hoyer appeared on "Fox News Sunday," and Biden was on NBC's "Meet the Press."

Iraq poised to end drought for thirsting oil giants
After 35 years, the third-largest reserves in the world are to be opened to American and British companies

By Danny Fortson

Published: 07 January 2007

For more than three decades, foreign oil companies wanting into Iraq have been like children pressed against the sweet shop window - desperately seeking to feast on the goodies but having no way of getting through the door.

That could soon change. The Iraqi Council of Ministers is expected to approve, as early as today, a controversial new hydrocarbon law, heavily pushed by the US and UK governments, that will radically redraw the Iraqi oil industry and throw open the doors to the third-largest oil reserves in the world. It would allow the first large-scale operation of foreign oil companies in the country since the industry was nationalised in 1972.
It would also be a shot in the arm for the global petroleum industry. The biggest oil companies are finding it ever harder to uncover new reserves to replace those that are going dry. Iraq sits on a sea of easily tapped, high-quality crude.

For a sector desperate for a panacea, the stakes couldn't be higher. By conservative estimates, Iraq represents about one-tenth of the world's reserves at 115 billion barrels. Most of this is untapped or under-exploited. Former oil minister Issam Al-Chalabi was quoted recently saying that a fully functioning Iraqi oil industry could generate $100bn (£52bn) in annual revenue.

The new legislation "is a redrawing of the whole Iraqi oil industry into a modern standard," said Khaled Salih, a spokesman for the Kurdish Regional Government, a party in the negotiations. "It will allow new technologies to come in to revitalise the oil industry and allow foreign investors to invest long-term in Iraq and upgrade infrastructure."

Iraqi government sources say the hope is to have the law on the books by March. No one expects big players such as Exxon, BP and Shell to jump into the country until the security situation stabilises. They are jockeying to stake their claims now for exploitation later. "It's a mad rush to get something there," said James Paul, the executive director of Global Policy Forum, a New York watchdog group. "The companies are saying, 'Before any troops are withdrawn, we have to have these contracts.' "
So why are the oil companies so desperate to get a foot in the door? For one, they are struggling to keep production increasing in line with demand, which last year rose to more than 82 million barrels a day. Those rises have been driven in large part by the growth of the Chinese economy. The tide of oil nationalism in places such as Venezuela, where the stranglehold applied by President Hugo Chavez on the industry has led to lower production, has shifted more pressure on to the rest of the industry.

Also, the cost-per-barrel of extracting oil in Iraq is among the lowest in the world because the reserves are relatively close to the surface . This contrasts starkly with the expensive and risky lengths to which the oil industry must go to find new reserves elsewhere - witness the super-deep offshore drilling and cost-intensive techniques needed to extract oil form Canada's tar sands.

"The majors are finding it increasingly difficult to locate actual black oil resources," said Praveen Martis, an analyst at research firm Wood Mackenzie. The most coveted sites in Iraq are the Majnoon and West Qurna fields, both close to Basra in the south of the country. Together, they fields represent nearly a quarter of Iraq's proven reserves. Total and Russia's Lukoil had deals in place with Saddam Hussein's government on the Majnoon and West Qurna fields respectively.

It is arguable whether these contracts are still valid, and Exxon is now seen by insiders as the frontrunner to nab the rights to the Majnoon field.
Other parts of the country, such as the Western desert, remain virtually unexplored and could be home to large reserves.

Critical to whether the petro-leum industry will be able to exploit Iraq's buried treasure will be the introduction of production-sharing agreements (PSAs). These are contracts that allow the state to retain legal ownership of its reserves but let international companies share in the profits from extracting oil, in exchange for investing in the infrastructure and operation of the wells, pipelines and refineries. The agreements would be the key to the sweeping development of the Iraqi industry by international companies.

According to an early draft of the legislation that was sent to oil companies this past summer and obtained by The Independent on Sunday, PSAs are the centrepiece of the new legal framework.
Their introduction would be a first for a major Middle Eastern power and is sure to be highly contentious. Saudi Arabia and Iran, the world's number one and two producers, both control their industries tightly with no appreciable foreign company collaboration. According to the Iraqi draft legislation, the PSAs could be fixed for as long as 30 years, which would provide a welcome framework in which the companies could work. Though they are preferred by the oil industry, PSAs don't always guarantee profits for Western companies.

The Russian government depended heavily on PSAs in the 1990s when it was far weaker economically than it is now. The Kremlin has since made moves to wind back these agreements. The most notorious instance came last month when Shell was forced to cede a controlling stake in the $20bn Sakhalin 2 oil and gas project back to the Russian state-owned gas giant Gazprom, after months of brinkmanship from the Kremlin.

Yet for all the black gold that lies under the sand of the Iraqi desert, any potential payoff for Western oil giants is years off. An enormous amount of work remains to be done. The infra-structure is decrepit and patchy after years of neglect, and there is the risk of sabotage and wars. The country is in a state of near anarchy and the debate about the ownership and exploitation of its main asset, which accounts for nearly all of Iraq's GDP and export revenues, is still to be had.

But if the new hydrocarbon proposals pass through their fledgling parliament, the Iraqi people will be forced to share their buried treasure with the West's oil giants.

Originally Posted by wciappetta

I believe this series of equations explains the lifting of three zeros idea:

Approximate Conversions
Dinar USD
1260 = .000793
126 = .00793 = one zero
12.6 = .0793 = two zeros
1.26 = .7930 = three zeros
.793 = 1.00 = Still three zeros [ 1.26 USD]

Thanks!

Originally Posted by MrsCK

Help on translate pdf:
Translated version of http://www.amf.org.ae/

Ok I can not get the Arab Montary Fund report to go to english - can someone please check these documents and see if it may have a clue to Iraq mont. policy thanks chris

I'm sorry if wrong one, is this it?

The Arab Monetary Fund and the International Monetary Fund within the framework of the program of their joint regional training seminar for senior officials on "institutions and economic growth in Arab countries" in Abu Dhabi in the United Arab Emirates during the period 19 - 20 / 12 / 2006. وافتتح الندوة دوق النقد الدولي.The symposium was opened by HE Dr. Mohammed Khalfan bin Kharbash, Minister of Finance and Industry in the United Arab Emirates, HE Dr. Jassim Al Manai, director-general, board chairman of the Arab Monetary Fund, HE Mr. Takatoshi Kato, Deputy Director of the International Monetary Fund. وركزت .The Symposium, which brought together ministers and governors of central banks from various Arab countries, along with other high-level figures from the elite policy-makers and economists from the region and beyond, on how strong institutions to support growth in the Arab region. .Participants agreed that the composition of the special population in the region - which represent the young labor force and rapid growth-make of growth and job creation need good economic, social and political imperative. .The region needs a real growth rate of between 6 and 7% annually, double the rate witnessed in the late 1990s, in order to prevent the occurrence of significant unemployment problem; This is in addition to the role of sustained growth in the higher levels of prosperity and well-being of the citizen in the region. القضايا التالية:In the face of this development challenge facing the Arab region, participants in the symposium focused on the following issues :



تحديد.Identifying institutional challenges facing the region and its sources.
النمو.Measuring the impact of the quality of the institutions and governance on economic growth in the region and identify the channels through which to influence growth.
.Discuss strategies needed to support quality institutions in the region and the reduction of barriers to achieve faster economic growth.


وكان.There was general agreement among the participants in the symposium in that there is still a gap between the government administration countries of the Arab region and other countries with similar income levels. .These include the gap of a wide range of indicators, including bureaucratic performance and the rule of law and accountability among other aspects of institutional quality. أن.The participants felt that such a gap could be attributed mainly to the weakness of the institutions at the national level and at the level of companies that will help to develop and activate the private sector and the public sector over-sized. .The government intervention in regard to the economic rivalry of private sector investment and employment, and weak institutional quality led to a reduction in the growth rates through the negative impact on productivity and capital accumulation.



.Finally, there was broad agreement that the gap governance in the region do not always represent the situation. .The participants discussed a number of mechanisms that would promote institutional change, including the liberalization of trade and development of education, rehabilitation and openness to information and rely on the cornerstones of Foreign Affairs. .Such mechanisms would help to create sound institutions, which will no doubt be supported through accountability, participation and political will.

Originally Posted by bultn

They might come up with any rate they want to have. The only thing I am saying is that it is mathematically impossible to get from 1260 IQD/USD to 1.26 USD/IQD by moving the decimal point.

Partially agreed. The term lifting three zeros is a very loose term that can range in reality from 1.00 USD to 9.99 USD once past that point it would become lifting four zeros Etc. So they are speaking of a general term here. It's mathematically achievable just not under one consistant formula. that is at least not unitl they have made it reality

Adster,I see you learking!!! We need your input and we really miss you! Please do what you do best and post for us! You know we love you!!
sarah