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

Four laws await parliamentary approval

Four crucial legislative items are awaiting a parliamentary approval during the current legislative term, the vice president of the parliamentary economic committee said on Monday.

“The items include an amendment to the Investment Law, which was submitted to a first reading and is expected to be debated next week; the Customs Tariff Law; the Infrastructure Law and the Consumer Protection Law,” Yonadem Konna told Aswat al-Iraq news agency.

The four laws are expected to be passed during the current legislative term, Konna pointed out.

http://en.aswataliraq.info/?p=119619

Iraqi PM presses for constitutional amendments

Iraqi Premier Nouri Al-Maliki on Sunday urged for some constitutional amendments to be made according to legal regulations.

Al-Maliki's remarks came during his reception of a number of tribal leaders in Kirkuk province at his office earlier today. oil-rich Kirkuk is the core of an Arab-Kurd dispute, which is attributed to cultural and interests-related issues.

"There is talk on a constitutional amendment, and we are for it should it be based on legal and constitutional grounds, and be handled wisely in a manner that would achieve equality and balance," Al-Maliki noted.

Al-Maliki, in March of 2007, approved three bills related to Article 140 of the Iraqi constitution, which foresees a referendum by year's end to decide the status of the oil-rich city.

Article 140 of the Iraqi constitution states that before the referendum is carried out, measures should be taken to reverse the Arabization policy employed by the ex-Saddam Hussein administration during the Al-Anfal Campaign. Thousands of Kurds returned to Kirkuk following the 2003 invasion of Iraq. The referendum will decide whether enough have returned for the area to be considered Kurdish.

The Iraqi constitution also stipulates that any of its articles can be subjected to amendment according to a referendum.

http://www.gulfinthemedia.com/index....itical&lang=en&

Central Bank: monetary policy may lose their capacity to achieve the goal of stability and meet the inflation

Adviser said the CBI d. The appearance of Mohammed Saleh: that the reserve requirements (legal) imposed by the Central Bank of Iraq as a proportion of deposits that banks deposit with the various Iraqi and one of the means of monetary policy used by the Central Bank of the first two-way Protection of public deposits and liquidity risk that banks may be exposed to it, and the second, as a means to control an important aspect of liquidity created by banks to expand lending through the deposits and borrowings through the multiplier maximizes the money supply and increases the speed of money circulation and Matoldh last pressure from strong demand for goods and services paid up inflationary phenomenon, which would intersect and objectives of monetary policy in the forefront of basic stability in the general price level by reducing rates of inflation

D. In a statement to the appearance of the "morning," confirmed that the management of reserve requirements (legal) as well as the optimization and management of foreign exchange reserves manner that is consistent with all of local reserves, are signs go together and represent the strength of the balance sheet of the Central Bank in promoting monetary stability and controlling the flow of liquidity and to meet internal and external shocks affecting the overall stability of the country.

And that despite the progress, and an estimate of the monetary authority of cruel and unusual conditions suffered by the electric power sector, especially facing a dilemma funding for urgent projects, the central bank could accept Isaddarip special one-year interest rate of 2% of the remittances of Treasury Bank of Iraq, which in turn bought it from the Ministry of Finance, and the establishment of such remittances by 50% of the reserve requirements (legal) of the bank in question and $ 2.7 trillion dinars are converted in foreign currency reserves of the Central Bank of Iraq Foreign Affairs.

The acceptance of treasury transfers as part of the legal reserve back an exceptional operations handled by the secondary market open that is consistent with the implementation of the functions of monetary policy, and it is one of the operational policies accepted a limited exception, although it is not perfect and can not extend it. On this basis, was admitted to practice one-time and exclusively in accordance with the accounts maintained monetary stability at a critical point can not be Beat.

Therefore, the expansion in the mechanism of acceptance of the above mentioned more treasury transfers replacing the reserve requirements (legal) to fund a series of projects and sectoral ministries such as transport or the Secretariat of Baghdad or elsewhere, for example, on issues according to how long it rained on the recent Iraqi Central Bank financing as a means easy, would turn the central bank to finance institution projects to replace the investment going forward, which would eliminate the role of the monetary authority and its core functions and guide the central bank and duties outside the targets set by the law of the CBI.

It was noted that the current inflationary conditions indicators, which began to mount, where the record set the basis for the annual consumer price data in August 2009, up a significant 10.8%.

Given the limited reserves, the Iraqi Central Bank's foreign exchange that have not been any evolution in the direction of increase over the last ten months of the current fixed rates. And about the limitations of the foreign reserves that do not provide adequate protection for economic stability through the adoption of easy monetary policies very excessive, such as allowing the treasury to accept money orders and replace the legal reserve requirements, the promise of this method for the financing of large projects to find financing the investment budget for programs, including the supplementary budget, the stability of the country would be reduced to levels Amehal very dangerous and degradation, including the risk of deterioration of the exchange rate and inflation to decline again and the loss of macroeconomic stability.

He revealed the practice of government financing pressure on an ongoing basis to the Iraqi Central Bank through the expansion of issuing treasury transfers replacing the mandatory reserves for banks to finance expenditure, monetary policy will lose their capacity to use tools to achieve the objectives of stability and combat inflation, which began to suffer from the country in recent times and the associated imbalances broad economic exposure joints production and living standards to the risk of degradation, then the Central Bank of Iraq will bear the blame for the missed opportunities for economic balance and stability of the waste of the country because of continued government intervention and negative effects on the performance of monetary policy.

He concluded that the CBI is an autonomous entity based on its law No. 56 of 2004 and it is not enforceable in the implementation of expansionary policies on behalf of the poor performance of the investment budget, and sacrifice the goals of stability and macroeconomic balance in the interest of the financing of public expenditures are outside the functions of the monetary authority and close tasks and goals general budget of the State.

http://www.alsabaah.com/paper.php?so...page&sid=90515

Update.....

International Monetary Fund gives Iraq $ 1.8 billion to help it emerge from the global downturn

Central bank adviser said the appearance of Qassem, the IMF will provide Iraq with $ 1.8 billion to help it emerge from the global recession.

He said in a press statement transferred reporter That the purpose of money is to support the liquidity and improve growth in the Iraqi economy."

Qassim stated that it expected to spend money on infrastructure projects also adds a large deficit in the budget, estimated at 19 billion dollars this year.

He said the "Iraq and the International Monetary Fund approaching To complete the deal a standby loan of $ 5.4 billion, payable in two installments over five years at an interest rate slightly more than 1%.

Kacem added that inflation in September is expected to be about the same level recorded last month and inflation in August rose to 10.8% compared with 7% in July, soon the impact of the decline in agricultural production and rising food prices."

According to Qasim "It is expected that the economic growth in the non-oil sector in Iraq, 5% during the first nine months of this year."

Earlier, the President of the CBI on the sidelines of a meeting of Central Bank Governors held in Abu Dhabi could be done financing deal with the IMF during the annual meeting of the Organization to be held in Istanbul from October 6.

http://al-iraqnews.net/new/iconomi/35565.html

Update.......

Central Bank Governor: Can not prejudice the reserves only for the stability of foreign exchange

Central Bank Governor Sinan Al-Shabibi said that "Iraq does not use its reserves of hard currency in bridging the budget gap, but the issue under discussion."

The Shabibi in a press statement transferred Office In Abu Dhabi That "can not be touched, but reserves to stabilize the foreign exchange."

Shabibi's comments came on the sidelines of a meeting of Arab central bank governors in Abu Dhabi Asked if Iraq has used its reserves to fill budget gaps, "and confirmed" the existence of discussions with the Iraqi government on this matter. "

Last year, the central bank said that the government will not approach the reserves at a time when the country rushed to fill the shortage in the budget after a sharp decline in oil prices.


http://al-iraqnews.net/new/iconomi/35514.html

CBI dollar sales higher on Tuesday

The Central Bank of Iraq’s (CBI) dollar sales increased slightly in its daily auction on Tuesday to reach $231.018 million compared to $212.665 million during the previous session.

“The demand hit $2.150 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $228.868 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 16 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=119663

General Manager of Bank of Iraq: we have issued (651, 660) A smart card

Professional staff issued a smart card (651. 660) A card during the past period for the introduction of modern technology in the work of Iraqi banks.

A media source in the Ministry of Finance's that "the General Manager of Bank of Iraq Abdul-Hussein al-Yasiri said that staff on the issuance of smart card-issuing (635. 412) A card through Bank Rivers and (624. 168) a card through a bank branch Governance, pointing out that all bank branches in Baghdad and the amount of (47) branches operating in the smart card project, as well as "on the branches of the central region."

The source added that "Yasiri pointed out that work is underway to activate the work in provinces across Iraq, where next month will see the activation of the project (POS) which is the system under which a citizen smart card holder as well as buying and selling on the theme of remittances and savings by using the smart card, which will benefit of the Iraqi citizen."

http://translate.googleusercontent.c...NqBpH_uXKKaarA

Talks between Iraq and the oil companies, such as the second round of licenses
Held next month in Turkey talks between Iraqi officials and representatives of forty-five oil company specialized out of one hundred and twenty companies to discuss the mechanism and timing of the second licensing round to be held later this year, and aims to develop ten untapped oil fields in different parts of Iraq.

It was announced Salman Abdel Nasser expert at the Southern Oil Company that the fields will be presented for development in southern Iraq is the second phase of the Majnoon and West Qurna in the province of Basra and Halfaya fields in the province of Maysan and Dhi Qar Gharraf in fields and rump and West Kifl and Morgan in the Middle Euphrates region.

And other fields to be covered by development - according to the source of Iraq itself - is a field east of Baghdad in the Baghdad province and Qayyarah and field star in Nineveh province north of the country and the field of Pedra border with Iran in the Wasit province.

And add to the fields in the province of Diyala, a Khashm Red Nadoman, moon and hooks.

According to the expert, the Iraqi future meetings will be held in the Turkish city of Istanbul in the first week of October next, and will answer queries and questions of the companies that received the terms of participation in the forthcoming second round of licensing.

Greater productivity

For his part, Director General at the Ministry of Oil, Munther Hussain "licenses, which plans the Ministry of Oil awarded to companies that have the competence and experience, and winner of Iraq's condition, competition would drive up the productivity of oil fields previously undeveloped."

For example, the production capacity estimated Rumaila in Basra would rise from one million to two and a half million barrels at two dollars a barrel on the additional product. The companies will pay two dollars one-third of the amount of taxes, as well as the rate paid for the development of Iraqi oil companies for assistance to invest 250 billion dollars to develop production.

The Iraqi Oil Minister Hussain al-Shahristani Described last month in a statement to the press the first Iraqi licensing round earlier this year that it "took place in an atmosphere of transparency, competitiveness among the leading international companies after the previous system was entered into contracts with these companies in dark rooms."

"The contracts that we undertake is currently the service contracts and not sharing contracts, as do most oil states like he did the previous regime involved a contract which was concluded with the Chinese company in the Ahdab in Wasit province (160 km) south of Baghdad, which we converted later to a contract of service".

http://translate.googleusercontent.c...78cJkc3k8-7OfQ

Blue: Investment Projects of oil illegally to the legalization of Oil & Gas Law

The head of the oil and gas in the House of Representatives Ali Hussein, Blue believed that oil and gas law will be deported to the next parliamentary session, stressing the illegality of oil investment projects concluded by the Government not to enact the law.

Many of the lawmakers had confirmed in previous statements, the agreement on the deportation of a number of laws including the law on oil and gas to the next parliamentary session.

The Blue in contact with the agency and the independent press (Iba) on Tuesday, "at most, depending on the circumstances and constraints will carry oil and gas law to the next parliamentary session."

He pointed out that the main barriers to adoption of law relating to Annexes associated with the draft law and there are substantial differences around them.

He also said the federal government wants this sector should be managed centrally and the abandonment of territories and give the oil-producing provinces a constitutional right.

The differences between the central government and Kurdistan Regional Government on the issue of investment in the oil sector and the signing of the regional government projects with foreign companies to invest in areas of the province.

He stressed the need for Blu resolve these problems before proceeding with any investment projects "because he may not enter into contracts prior to the approval of law."

He stressed that the government may not make any agreement before the enactment of the law, saying the contracts have been concluded by the Ministry of oil illegally.

And the Blue that contracts signed in the first round of permits, and perhaps the second face several problems especially with the possibility of a change in government after the next parliamentary elections.

He said he may not carry out any investment project in the oil and gas without the law, adding that law firms and investment, even in time Brimla, excluded the oil sector investment and contracting with foreign companies, so "no legitimacy for decades in the oil investment only after the legislation law."

http://www.ipairaq.com/index.php?nam...onomy&id=15869

Iraq Parliament to deal with major Laws

Iraqi Parliament is awaited to convene within the coming days. Its first session will deal with a series of major laws mainly the electoral law, the parties’ law and oil and gas law.

http://www.alsumaria.tv/en/Iraq-News...ajor-laws.html