Thread: Archive News - Iraqi Dinar Think Tank - 08/09/09 - 09/01/10

Central Bank: low demand for the dollar does not mean a decline in aggregate demand

adviser said the Iraqi Central Bank, "The decline in demand for dollar in daily auction over the last period does not mean a decline in aggregate demand, denying the bank's monetary policy change."

The appearance of Dr. Mohammed Saleh told the independent press (Iba) on Monday, "The Bank's goal is focused on achieving price stability in the short term, while preserving the stability of foreign exchange in the local market, and we all know the importance of that for the level of prices and inflation rates."

He continued, "Rising demand for the dollar's decline is linked to the rule of supply and demand and can not be divided on the mechanisms of this rule the central bank."

Saleh explained that "the goal of maintaining a safe level of foreign reserves, which ensure the maintenance of economic stability in the long term, at the same time maintaining price stability are warranted in light of the shift in global politics."

On the other hand, Saleh stressed that "the deletion of zeros from the Iraqi currency will depend on the long-term monetary policy. Indicating that this step requires the issuance of legislations and laws before going ahead as part of the strategic management of the currency in Iraq."

Stated that there are proposals to delete the zeroes of the Iraqi currency, but did not find their way to implementation so far, for reasons related to monetary policy of the State.

http://www.ipairaq.com/index.php?nam...onomy&id=16355

Ministry of Commerce issued new ration card for the next two years 2010 and 2011 uniformly

A source trade ministry official said the new model includes the ration card ration coupons for the next two years 2010 and 2011 uniform for all residents of the country, including the Kurdistan region of Iraq.

The Director General of the Department of Supply and Ministry of Planning Luxury Riad al-Hashemi told the morning that the ministry deemed to include a new model of the ration card coupons covering the shares of citizens for months, the next two years 2010 and 2011 audits in order to alleviate the hardships of the citizens on the one hand, and reduce the amount of print the card, which costs money and effort annually.

He added that the department has taken all the preparations well in advance in order to complete the process of distribution among the families early next year, and to avoid any delay this process, which will be made via distribution centers scattered throughout the whole country, and the nearby shops for family accommodation as identified in school-based and municipal councils in coordination with the Ministries of State for Provincial Affairs and Education and the provincial assemblies.

http://radionawa.com/Ar/NewsDetailN....164&LinkID=105

Japan launches a billion dollars in loan to Iraq

Deputy Prime Minister Rafie al-Issawi as the inclusion of four provinces to benefit from new investment projects of Japanese companies.

This came during a meeting with President of the Japanese Organization for International Cooperation Sadkp Ocata and her accompanying delegation, the Japanese ambassador to Iraq, adopted Shoji Ukawa.

According to a statement issued by the Office of Radio-Issawi received a copy of the Tigris on Sunday that the two sides held a meeting which has been studying investment plans and projects under development for Japanese companies operating in Iraq.

For his part, Ambassador of Japan after the meeting of the government's decision to launch his $ 900 million of the total $ 5 billion, which represents the amount of soft loan to Iraq to bring the total amount that was started by the Japanese side to 3,5 billion dollars.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-11

During a conference of oil in Istanbul preparing to license the second round

Preparations continue the Oil Ministry to hold a second conference in the Turkish city of Istanbul in the second half of this month with a view to licensing the second round of oil fields to companies wishing to invest in the extraction of oil.

Inspector General of the Ministry of Oil, Ali Mohiuddin said: "The purpose behind this is the boot for the second licensing round, which is due to be held at the beginning of the month of November in order to receive bids from foreign companies to invest in the fields before Of the eleven fields and determine the winning companies from them. Mohiuddin said the ministry's procedures and preparations are going well, it did not indicate any negative remarks or violations of certain parts of the ministry and you are viewing on the internet who wish to see them.

http://www.alsabaah.com/paper.php?so...page&sid=91358

Private banks and investment

Taken on the Iraqi private banks it is not doing its part in the construction, reconstruction and development. This criticism is true in any case they were constrained by banks and strict instructions to limit activity and fears of bad debts that are owed a lot of clients without the ability to replay or Mlmtha.

And now .. Economic activity is doing and is active in contrast, private banks began operating bank is required, after having received plenty of powers and with the help of the Iraqi Central Bank.

As long as Iraq is heading towards a market economy and which requirements or requirements of his followers Removing restrictions on market instruments is the private sector and the private banking sector one of these tools.

In a time when private banks in the world, including many investments and real estate service, the Iraqi private banking sector, stopped short of ordering such banks because of the laws, regulations and legislation that limit the role of the private activity.

Even the law of investment did not pay attention to the role of private banks and the need to give it the importance of investment or to attract investors.

Everyone recognizes that the problem of investment in Iraq is the lack of availability of funds at a time when banks have sizeable enough for the part of that money but they are not allowed to invest as intended or as is the case in the countries of the developed world is not only, but in most developing countries find it important, important to re-examine the status of private banks and the possibility of its contribution to successful investment through open the door for her to land ownership and projects and the ability to sale and distribution to ensure the re-capitalization and profits to the continuance of its activities, and not only building and reconstruction of the re-examination of the laws expelling the investment bank to complete the picture of investment required.

http://www.alsabaah.com/paper.php?so...page&sid=91359

Shahristani: foreign investment raises of Iraq's imports

Oil Minister Hussein Shahristani said the investment by foreign companies in the oil fields, West Qurna and Zubair to the southern part of Rumaila giant will bring to Iraq $ 100 billion annually.

He told reporters in a press statement on the expectation that it will be producing three fields combined to seven million barrels per day within six years.

The other hand, the Deputy Director General for the management of contracts and licenses the Ministry of Oil Abdul Mahdi al-Amidi said the foreign company Eni has made a new field of Zubair oil field which did not win another by any company in the auction proposed by the ministry last June.

http://translate.googleusercontent.c...Zp5dU9a7IfXXIg

In an exclusive interview told the (secret) news ... Shahristani reveals papers and the Ministry of Oil
Oil minister, told the fourth power of news (secret):

I invite the House to pass the supplementary budget to provide immediate cash flow and must be spent on service projects for approval and any disruption is an injustice against the people of.
We have provided a financial surplus for this year's budget of $ 4 billion and will rise to $ 7 billion for the three remaining months of this year's.
Completed the procedures ownership to the homes of all associate only with respect to some ministries and soon we will announce a human.
What we have achieved in the rate of production was (2.5) million barrels per day, up half a million barrels and this is what is a quantum leap in the world.

Interviewed by: Deputy Editor in Chief Maytham Atwani
The Ministry of Oil aorta in the body of Iraq, which have a larger role in achieving the country's imports and revive the economy, the ministry, which ravaged the excesses of smugglers and their property destroyed by vandals and racked by political interactions, but thanks to the leadership cadre of al-Shahristani, a person able and sincere efforts to return actively to achieve higher rates than it was in the best conditions undergone by the country .. So what made us in our quiver of questions and went to the headquarters of the Ministry, as we received the Minister and his smile Talo features and extensive answer was transparent despite the momentum of winning the office manager of scheduling to meet dignitaries and delegations of official organizations, but our agency singled HH part of his time showing all the assets of Arab hospitality original.

We went to him Bswna:
Having had Mastkm leading role to achieve the proportion of advanced entered Iraq by raising the volume of oil exports, where the volume of such exports? Is the ministry index indicates an increase in the quantities exported in the near future?
= Received the ministry in mid-2006 where there was no simultaneous action of exports (200420052006) production rate was two million barrels per day, and have risen gradually at a rate of production and we have two and a quarter of the rate of barrels per day and this figure rose in 2008 to Métis and a half, these significant increases and powerful because it is usually when it is in other countries increase (150) thousand barrels, or (200) thousand barrels Thus they have achieved a breakthrough for them was to achieve this increase, especially in general (20082009), and now increases the rate of production by half million barrels as production rate to ( 2.5) million barrels for export, the export rate previously (1.5) million barrels, up to (1.850) million barrels per day in (2008) and the last three months (6-7-8), and even export rate up to (2) million barrels, enabled the ministry to achieve large financial surplus in the year (2008) due to higher selling prices and increased crude oil exports even after the decline in crude oil prices in global markets for reasons beyond the control of the Ministry of Oil for Mountjp and exporting countries to OPEC, but with that in the months of the second General scheme of the federal budget export (2) million barrels per day and price (50) dollars per barrel and average income (100) million dollars per day and Balosmanip months.

I was supposed to check the ministry (24) billion dollars, and has already been achieved from oil sales (24.5) billion, we are at the end of the eighth month, which we have a surplus budget allocation by half a billion dollars .. More importantly, in the last four months of this year (9 10 11 12) per month will be a surplus of at least one billion dollars, so be up to four or five billion dollars surplus than planned in the budget year (2009), I expect to be five billion dollars surplus for the planned minimum in the budget year (2009).

In turn, call the House of Representatives to approve the supplementary budget immediately since he is now available cash and must be spent on service projects for the people and therefore the suspension of the supplementary budget teams and the benefits of the budget in the case of disapproval is the injustice to the Iraqi people, so call for the adoption of the supplementary budget and non - spend time in the political bickering at the expense of people, if there was a political dispute must be resolved not reflected the interests of disabled people and projects within the service, because the amounts available effort of the Ministry of oil and increased exports, and must be increases to serve the people and exploitation of water projects, sewage and electricity , etc, projects that fall in the service of the Iraqi citizen.

Q: What is the percentage of completion of projects that you have announced in advance and that concerning the development and the establishment of refineries and refining units? Is it the intention of the ministry establishment of new refineries or any projects that contribute to raising production ceiling?
= We have in fact managed, to increase the production of our refineries were only old big refineries (session, Shuaiba and Peggy) and small refineries that we have created in the past years when we received the ministry opened Najaf refinery in Phase I and Phase II and opened a refinery in Diwaniya, and now the refinery, which was created in Maysan is ready for opening.

Well there and we add new units, the largest unit with a capacity of up to (70) thousand barrels per day refinery in the tournament, and a second unit card (70) thousand barrels per day refinery, also in the session will be open late this year or early next year, God willing, this This will enable us to provide petroleum products and import substitution ... I would like to say that I have received the ministry and the disposal of approximately (5) billion dollars from the federal budget of petroleum products and fuel crisis was long in the heat of summer and the cold winter of the citizen can stand for long hours to get the product, but beyond that, to s to obtain petroleum products .. As has now been dispensed with all the support from the federal budget did not receive one of dinars, and we were able to eliminate queues crisis mobilized for the product is now available to citizens, and I'm talking to you now that we are at the beginning of autumn, where we have provided the white oil in very large quantities where he arrived in Mosul to exceed the prescribed percentage for the distribution of white oil, a percentage distribution of such material (100%) the share of the same family were barrels of oil, so we were able to cover all parts of Mosul, as well as the rest of the other provinces where we have been able to cover ratio (50 %) of the processing and this is what we have set in anticipation of the cold season next winter and will provide families Bermil another in the case of their need for oil and material that depends on the severity of the cold and the percentage of citizens need to that article and also the case for Article (Alkazhoyl) and the rest of the liquid gas and other products.

* Rumored in the corridors of the oil sector and in particular, among employees of the headquarters of your own, that the vigorous actions concerning ownership of homes occupied by the associate, what is true is this?
= A ministry fact we are very keen on ownership role for the occupants of the old members, and I made unremitting efforts and to encourage large investors, and received more from an investor for the construction of modern residential complexes are essentially the property of the associate and not according to what was in place previously adopted for the ministry and is then possessed after Twenty-general, but is possessed of the immediate associates immediately upon completion of construction and will be the construction of the complexes in the form of vertical building commensurate with the size of a modern development and modernization taking place in other countries in the world .. In connection with the role of old we are serious in their ownership of the affiliates, I can tell you that the delayed resolution of the subject possessed for some ministries such as finance as far as the financial procedures, and, God willing Snhsm soon, and will bleed for our children associate the human occupants of that role Pettmena, and know that the delay in resolving respect to the subject of ownership as stated Jnabkm other ministries that comes from instructions may delay in the process the ownership bit of time.

The second issue mentioned by you and I am sure that most employees want it because it gets the newly constructed house, integrated and owned directly, note that the companies did not enter Iraq only after the provision of infrastructure and basic services and the funds necessary for this project, and laboriously we have provided this, and soon to be introduced .. In the province of Maysan complete the work with the investor to build homes for the associate to all those who wish to possess a home which is affiliated with the Ministry of Oil then he can arrange it soon, God willing, within one month we will finish the completion of this project ... I personally difficult for me as an administrator in the Iraqi government that Iraqi families do not have at home an inch This is my conviction on this subject since Iraq already bestowed by God Almighty Menem There are many vast land unsuitable for agriculture and it must be established by the compounds and thus provide housing for every family Iraq, since that is belonging to the family home when they have a piece of land or dwelling-house owned by, and this issue in the psychological aspect of the citizen, but it's not a humanitarian issue, so since I state official announced on Tbnie this project, which requires ownership of a piece of land residential or home is ready for all Iraqi citizens.

With regard to the Ministry of Oil, I will do my best to ownership of a role for the occupants and owners of each staff member a piece of residential land or house is ready, as investors got to complete those projects and start-up.

Q: How do you evaluate the future of oil policy in Iraq?
= In Iraq now, and actively Msaberp, perseverance and political leadership and the leadership of the Ministry of Oil, we were able to reach the last stages of agreement on oil contracts for large investments, in the first round of licensing, we get to production (4) million barrels per day in this round and we set a price not exceeding ( 2) dollars and this fact was for some time that progress does not like the oil industry in Iraq, as a bolt level of global oil industry, that no one would expect at all that global companies will accept this and invest tens of billions, noting that this amount of (2) dollars not to the foreign company solely because of the proportion (35%) and the remaining tax from which a (1) U.S. (25%) of the Iraqi partner to be so foreign contractor's share (97) cents only and that was the case, prompting some companies to rejection and non-acceptance, but now this Shame on the news agency reported the fourth power (secret) is pleased to all Iraqis, because companies that refused to sign the contract has now been Rdkha to sign those contracts and requests were made at the price set by Iraq and we expect the three fields of the licensing round is Rumaila and Zubair and West Qurna field to reach production to more than (7) million barrels per day and over (6) years to come and invest more than (100) billion dollars and we are about to agree with these companies (BP) and (China National Petroleum Corporation) and signed the contract initialed last Thursday and is now before the Council of Ministers for a field-Zubair and West Qurna, and we expect the next few days to sign the final contract .. It will be the total production from them as stated in the past for Jnabkm (7) million barrels per day (6) years to come to invest in excess of investment plans of Iraq .. The ministry plans between (10 15) billion dollars per year and vary from year to year although we are investing more than (100) billion dollars, and without the Iraqi government does not instruct one dollar subsidies to the Ministry.

At the end of the meeting, make the fourth agency news (secretly) sincere greetings to His Excellency the Oil Minister Hussein al-Shahristani, the bite of the chest and ratified explained, and we wish him and all Iraqis success.

In turn, ask the meeting for everyone to know what did not teach about the Iraqi Oil Ministry to exercise the ministry of great importance and great influence tide in the future of Iraq.

http://translate.googleusercontent.c...moP1VKRYq-mzvQ

high central bank sales to 205 million dollars

Close the CBI on Monday Daily auction for the sale of foreign currency and the dollar high level Sales The dollar was Reported 205 million 680 thousand dollars after it opened its week the level of financial demand was 178 and 910 thousand dollars And a stable exchange rate was 1170 dinars per dollar.

This was announced by the Central Bank I got in a bulletin A copy of which also states that the total sum of sales of dollar distributed between 1 and 610 thousand dollars in cash transactions in cash and bank shot at a fixed exchange rate was 1183 dinars, including bank commission of $ 13 dinars per dollar, and amounts transferred out of Iraq reached 204 and 70 thousand dollars Around the bank for cash at a fixed conversion reached 1173 dinars, including the World Bank commission of $ 3 dinars per dollar.

Did not make Of the 17 banks participating in the auction for any offers to buy the dollar, knowing that the bank earns a commission of $ (16) dinars per dollar with a discount (8) JD / USD on the amounts purchased.

http://al-iraqnews.net/new/iconomi/37679.html

Kuwait says unified Gulf currency plan 'on schedule,' does not want delay

A Finance Ministry official says Kuwait does not want any delays to implementing a unified Gulf currency plan.

The official Kuwait News Agency on Monday quoted Finance Ministry Undersecretary Khalifa Hamada as saying Kuwait supports issuing the new currency "on schedule."

KUNA on Sunday had quoted a ministry statement saying Kuwait wanted to delay implementing the plan beyond the January deadline until technical studies are completed.

Ministry officials were not available to comment on the conflicting remarks.

The currency plan was signed in June by Kuwait, Saudi Arabia, Bahrain and Qatar, and is seen as a step toward greater economic integration between the oil rich Gulf states. Oman and the United Arab Emirates say they will not participate.

http://www.sfexaminer.com/economy/ap/63989807.html

Urgent ... House of Representatives recognizes the British-Iraqi agreement

Learn from informed sources from under the dome of the parliament, the House approved British-Iraqi agreement at its meeting today

http://al-iraqnews.net/new/ajeel/37859.html