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

Private banks suffer Finance Ministry’s decision

The Iraqi Finance Ministry’s decisions in 2009 caused big crisis for private banks in the country.

“In 2009, the Finance Ministry prevented state-run institutions from having bank accounts in private banks,” Mohammed al-Samaraee, the ****utive director of al-Warkaa private bank, told Aswat al-Iraq news agency on Tuesday.

He said that the decision caused imbalance in deposits in those banks.
“The decision came at a time when the state was supposed to be the major supporter of private banks in Iraq,” al-Samaraee said.

He said that the logic behind such decisions is still unknown.

On Dec. 19, 2009, Iraqi Prime Minister Nouri al-Maliki said that cooperation and partnership between the public and private sectors are an important step to improve Iraq’s economy, warning that polarizing the two sectors will get the country back to “zero point.”

He said in a speech at the 1st constituent conference of the Iraqi National Business Council that the public sector will not be developed without cooperation and partnership with the private sector.

Maliki said that the state should work on achieving this coordination between the two sectors.

http://en.aswataliraq.info/?p=123949

Hassani: current oil prices are able to cover the expenses of 2010 budget

A member of the Commission on oil and gas in the House of Representatives, Monday, the imports of Iraqi oil are able to meet the financial budget for 2010, noting that "the price of 62,5 per barrel, which the Council of Ministers in accordance with appropriate international oil prices."

The Deputy Chairman of the Commission on oil and gas in the Lower House Speaker Abdul Hadi al-Hassani told (Voices of Iraq) that "imports of Iraqi oil resources are able to meet exchange financial budget for 2010", adding that he does not expect "significant shortfalls in the financial budget for 2010."

The Hassani, "the price approved by the government, estimated at U.S. $ 62,5 per barrel appropriate to cover exchange balance of financial resources", pointing out that Iraq is exporting two million barrels a day, "and the current price of oil is $ 70 per barrel, it is expected that the deficit in the fiscal budget of the 2010 limited."

Hassani was likely to be "vote on the financial budget for 2010 this week."
The House of Representatives ended two weeks before the second reading of the draft federal budget for the public in 2010, amounting to more than 83 trillion dinars, about $ 75 billion.

http://translate.googleusercontent.c...BfwLcMYTBSnURg

Sami Atrushi: There are some laws pending in Parliament for specific reasons

MP Sami Atrushi that in the past period, parliament passed a lot of projects and laws and we must be fair.

Atrushi said in a statement to ((et al)) that there are some laws pending in Parliament for a specific reason can be called a political one concerning the political blocs, including the lack of real coordination between the parliament and the government and therefore the submission of draft laws and withdrawn by the government, the obstruction to some laws, it third of some flaw by some of the committees concerned not to rush to provide such laws this imbalance must exist to admit it, but in general many of the laws approved in the last period.

The 2010 budget was read on first reading and again by the Finance Committee was to take notes, ladies and gentlemen and presented to the House of Representatives the competent ministry, as well as a financial planning and solved some problems existing ones Maitalq some detail, which gave us the Ministry of Finance and Ozaanaha to the MPs, and added that some political differences remain, for example, there are calls by MPs rather than blocks, but they are returning to the blocks, these calls to let the postpone the adoption of the budget law until after the elections and this call is not realistic, we must say that based on the parliament and the constitution is not separated from the legislative to the decision of the budget bill for the work of this state first.

So there are two projects will be delayed and many investment projects if the budget is not approved as soon as possible, the parliament could resolve the issue of failure to act because the fear of approving the budget, as the brothers say it is being used for electoral propaganda, I say that parliament should be doing its job of oversight over government surveillance in the coming period as well as instruct the competent authorities such as the integrity or the Financial Inspection Office to follow up government in exchange, either in my opinion, any delay of the budget for political reasons is an injustice to the Iraqi people and will Delays investment in the country and affects many functions of the state, for example, there are now (114) thousand jobs developed, these will be delayed, and approving the budget is our aim, serve as the financial We have asked the Presidency to hasten an end to the debate on the budget and therefore will be approving the budget at the beginning of next week.

http://translate.googleusercontent.c...I5mGsdQJTfAZvg

Update......

Director of Warka Bank: the decision to withdraw financial state funds caused by a "crisis" of private banks in 2009

E.xecutive Director of the Warka Bank on Tuesday, the decision of the Iraqi Finance Ministry to withdraw money from the state departments of private banks in 2009, caused a significant crisis of the banks and shaken confidence, calling for reconsideration of paragraph 28 of the Banking Act, which impede their entry into the the investment process.

He said Mohammed al-Samarrai told (Voices of Iraq) that the year 2009 saw the "most negative towards the resolution of private banks, which was issued from the Finance Ministry in January last to prevent government departments to open accounts in banks and withdraw all the civil and the amounts deposited in the accounts of government," adding that the decision caused to "undermining the financial situation and lack of balance by cash on hand in these banks, delaying the opening of letters of credit, as many government departments have accounts was the guarantor of the opening credits," and therefore the result was "not to carry out processing of materials by contractors, because many customers do not have guarantees covering the adoption of large amounts of foreign currency that are taken in real estate, where the use of deposits of the same State to launch a letter of credit after the end of the circuit and these were the procedures followed."

He pointed to al-Samarrai said the move "comes at a time when State was to be the main supporter of the work of private banks as the backbone of the economy of any state" afterthought, said "We are here to Angsd financial support but also moral, when dealing with the State Bank is a certain kind of encouragement to cooperate with him being a part of the system with the full economic, we do not know what the philosophy of making such decisions so surprising, "and there is" lack of clarity in economic decision in the State, which, though it had successfully developed the security situation and got a large opening by companies on construction projects in Iraq, but they were unable to mature and to make its economic e.xecutable in all its departments so that all institutions and an integrated unit, "adding that the banks" insolvent customers pay as they dealt with the state, especially the Ministry of Commerce did not Isthsaloa their dues and this affected everyone, especially a private bank who does not be able to recover the money from the customer who is awaiting the Ministry for the payment and reimbursement."

On the legislative system and how it fits with the needs of the banking business, criticized the director of Warka Bank in his statement to the Agency (Voices of Iraq), "the existing legal constraints in 2009 and prior years as well, which blocked the entry of Iraqi private banks to investment under Article 28 of the Banking Act, which prevents entry into the investment In case of proven processes were doing so, it is a violation and impose fines may be placed under the guardianship and other decisions."

On the conflict of what went to him talk about investment banking laws with the global al-Samarrai said that "the issue concerning the organization of the investment process if there was a particular problem solution of the problem does not come to the absolute prohibition, but by creating specific solutions, we believe that the question of the involvement of banks in the draft is the reason for the success of the project "This is because the bank," If financial partner would be able to make it a success, and international banks entering the project either as or through a company owned and this process is not implemented in Iraq so far, and no instructions relating to subsidiaries of banks."

The Warka Bank, founded in 1999 and one of the largest private banks in Iraq, and has 110 branches in various provinces and a capital of 75 billion dinars.

http://translate.googleusercontent.c...arVKnk7otPqctw

Greetings gang,

Well, another year has passed and we are all still awaiting our Iraqi Dinar fate. lol It has been a tough year for many, all hanging on hoping 2010 is the year it finally happens, including me. Like everyone who has been on this journey for several years, we tend not to want to believe anything anymore, but then again, it is always nice to see hope kept alive, and I do believe the stars are aligned finally. lol

We all know logics does not work with Iraq, they just do not think like westerners do, and even though they have made progress, steady, but slow, we still see delays, sure makes you wonder what they are waiting for since all the officials have been lining their pockets for years now. How much is enough? Again, as with Saddam, he raped the country for all it was worth, has stashes all over the world of gold and cash, so this is inbred in most, rip off as much as you can get, as if they could ever spend it alll in a lifetime. Simply amazing, so maybe they all got enough by now and they have no reason to delay restoration date any longer, at least I hope so. lol

Well, when a year ends and a new begins, we all have to reflect and be thankful for what we do have. Even in tought times like these, it is nice to know we all have that winning lotter ticket, we just never knew when the drawing will be. It is this kind of hope that keeps us all going, including myself. I went into this looking to bolster my retirement next egg, but I didn't expect almost all my other investments to get scrambled and go down the drain. lol

No matter what, keep the faith, it will happen, and with all the positives we have compiled and reported on this past year, there is little left but the actual announcement, and I still believe Maliki has to push this if he is ever to be re-elected next year. Sure is an interesting time with new year upon us where so many are expecting improvements, so hang in there and be thankful that none of us has lost a dime in this venture. All of us hear have has losses along the way, but the Iraqi dinar is sound and has increased in value enough to put everyone in profit, and you can't say this has not been a fun journey, look at all the friends we have made along the way.

Happy Healthy and Wealthy New Year to all, Mike

well said Mike....I kind of believe like you....Maliki needs to do something big to make sure he is re-elected to another term...he has not kept one of his promises that he promised the people when he took office....only time will tell...but i do believe they{IRAQI POLITICIANS}have stolen all the money they will need and stashed it away...time for the RV...hope 2010 is the year..GO DINARS...Happy New Year everyone...Pat

Interesting....... Wonder who the remaining 15 parties are?

January 1, 2010

The Republic of Iraq National Government, United States of America and its coalition allies are in the midst of confirming the 18 December 2009 date to discuss monetary terms concerning our globalization of the New Iraqi Dinar. Confirmations have been established by 13 of the 22 parties needed to proceed with these dealings (15 are needed to validate hearings). In a recent summit, finance minister Adel Abdul Mahdi wrote the following:

English Translation (summarized): We feel strongly that these summit hearings will result in a complete globalization of our national currency and that we shall soon see a dramatic increase in the value of our legal tender.

Minister of Petroleum, Ibrahim Bahr al-Uloum, wrote Wednesday, December 2009:

English Translation (summarized): Our abundance of natural resources has positioned us to take full advantage of the current international economic crisis. I strongly believe the New Iraqi Dinar will soon be a respected currency within the global marketplace.

The al-Ittilaf al-Watani al-Iraqi (National Iraqi Alliance) mainly composed of Shi'ite Islamist Arab parties, has recently expressed approval of the forthcoming Iraqi Monetary Summit and also anticipate the future currency stabilization to result in national unity and internal strengthening.

The Saed Al Shuhada Islamic Movement appears to be the only national organization that opposes the Monetary Summit. Salam al-Maliki has stated that he disagrees with the summit meeting due to what he calls, the current condition of national unrest and the ever changing stability of the Iraqi national climate. His concerns were well documented during the recent hearings of the Iraqi National Dialogue Council. His concerns have not affected President Jalal Talabani’s decision to hold the hearings.

Trade minister Abdel-Karim Mahoud al-Mohammedawi and finance minister Ali Adbul-Amir Allawi have recently issued this speculative briefing which was sent to all members of the governing council:

English Translation (summarized): We feel through a series of strong and productive hearings, we could come to realize a globally unified currency. The affects of international trading of the New Iraqi Dinar, could see the value of our currency be assessed as high as $1.85 as compared to $1 USD. This is purely speculative but our country’s strong foundation of renewable resources along with a sturdy history of agricultural exportation supports this speculative estimate. Conversely, we feel as though the floor price could possibly be as low as $1.10 as compared to $1 USD, given a substantial decrease in the 2006 calculation of our gross domestic product evaluations.

Success to all, Mike

wow!!!!!!!....thanks Mike for that piece of information....if I am reading it right this is GREAT NEWS...the only thing that worries me is when the Iraqi's use that word""SOON""....lol..that could mean a while yet....lol....but this is a GREAT piece of news ...thanks for sharing it..GO DINARS...Pat

this is it!!!!!!!!! Happy new year!!!!!!!

The first phase of the transition to a market economy in Iraq will continue until 2011

Economic Adviser to Prime Minister Abdul Hussein Al-Anbuge, Tuesday, Iraq started in 2009 to draft the economic reform in the first phase will last until 2011 to work on a gradual transition to a market economy, in cooperation with the United Nations.

He said Abdul Hussein Al-Anbuge told (Voices of Iraq) the Iraqi government "launched in 2009 and in cooperation with the United Nations first phase of economic reform in Iraq, which will continue until the year 2011 to a new phase starts after" noting that the project includes a "gradual transition to a market economy in accordance with paragraphs implemented on the ground by four teams interested in the work of each one of them next to a particular economic."

The first team Anbuge that "the meaning of legislative reform, where we have a lot of legal obstacles that have prevented the transition to a market economy, taking into account that the Iraqi constitution stipulated that the economic system of Iraq is free" Moreover, "Article 25 of the Constitution also stipulates that the duty of the State carry out economic reforms for the transition and therefore became necessary for us to explain this vision and translate it to action items."

The second working group is related to his work to "reform state-owned enterprises may be privatized or any percentage, without requiring to be sold entirely to the private sector, but starts to gradually shift" in order to maintain the "state's rights and ownership at the same time protect the staff and workers and the occurrence of shock the social aspect of the economy "in addition to this work is proceeding at the same time with the" third team to support private sector capabilities and knowledge of their problems, as there is in Iraq up to 17 thousand unemployed factory operation and are trying to find reasons for failure to perform its work."

The fourth team will take care of "the promotion of investment and drawing his map and develop a strategy to him, and everything related to investment issues, then it could be our ability to transition to a market economy unless we have investors and the private sector is capable of investment, and lending institutions capable of providing banking facilities and other."

According Anbuge the four teams "working for a year and come games in the field of legislation and the working mechanism and the transition to reform public institutions with which we started in three state-owned companies as a model waiting for approval of the Council of Ministers, to start working on 50% of the state institutions in the same way" as there are "Several methods can be adopted for companies that we are studying every one of them the qualities and characteristics differ from the other in the privacy of its transformation according to the status quo."

Asked told (Voices of Iraq) on the extent of benefit from the experiences of countries in the transition to a market economy, he explained Anbuge was "access to the experiences of many countries such as Poland, China, Egypt and Romania have benefited greatly from these experiences," As a result, we found "the importance of the development team the work of others working on the first tax reform and the other is the process of land reform "and that we have" important work to be done, a banking reform, and this system if it is integrated will be the first phase of transition to a market system according to the time limit issue until the end of 2011, and direct phase the suffix".

In conclusion, Economic Adviser to the Prime Minister by saying "We have achieved much in the area of economic transformation is a complex subject and can not say Snthol and end up" because it cost expensive and needs to be funding and hard work, "noting that" some countries have begun to turn twenty years ago did not even finish it Today, we started the first step and continuing it."

http://radionawa.com/Ar/NewsDetailN....836&LinkID=105