Thread: Archive News - Iraqi Dinar Think Tank - 01/10/09 - 27/03/10

Special banking system’s laws need to be reconsidered

Specialists in the economic and special banking work in Iraq said on Thursday that the special banking system needs to reconsider its laws to suit the current reconstruction stage in the country.

This came during a ceremony held by the Gulf Commercial Bank on Thursday (Jan. 7) on its 10th anniversary, during which it honored a number of media institutions for their roles in spreading the economic culture in the society, including Aswat al-Iraq news agency, al-Sabah newspaper and al-Hurra S.atellite channel.

“The Iraqi banking sector has achieved a quality leap regarding the number of banks and their branches which reach 640 or their capitals which reach 1.200 trillion Iraqi dinars,” Chairman of the Gulf Commercial Bank, Abu Taleb al-Hashemi, told Aswat al-Iraq news agency.

However, the banker continued, despite these developments the banking sector’s contribution in the national output does not exceed 7%.

“The banking system in Iraq needs a comprehensive restructuring and a development of its legislations to encourage banks to take part in the developmental work, mainly in the establishment of the small and medium enterprises.

He called on the Central Bank of Iraq to set up two economic institutions; the first one to guarantee deposits and the second to guarantee the loans which will enable the national banks to expand their activities.

“There are some laws need to be studied because they are very important in the baking dealings, mainly fostering the Iraqi judiciary concerned with the economic affairs,” he explained.

“Iraq does not has laws on the electronic commerce (E-commerce) which is very important for boosting the economy and its development,” he concluded.

Economist, Ghazi al-Kenani, said “the coming stage is a competition stage between Iraqi and foreign banks,” pointing out that the later expressed readiness to enter the Iraqi market and invest in it, the matter which force the Iraqi banks to develop themselves to prove their ability to work and compete.

“Special banks need some change in their law to foster the roles in the Iraqi economy,” head of the economic department in al-Sabah newspaper, Yasser al-Mutwali, said.

“This will depend on the fiscal policy the Central Bank of Iraq will adopt,” he told Aswat al-Iraq news agency.

He voiced hope that the fiscal and monetary policies of the CBI would support and strengthen the special banks’ roles to live up to the international levels.

http://en.aswataliraq.info/?p=124880

MP calls on parliament not to delay budget

A member of the Iraqi parliament’s financial committee called on political blocs not to delay the federal budget of 2010.

Lawmaker Sami al-Atroushi criticized the Iraqi central government for not providing the House of Representatives with the final auditing of the four previous years, according to a release issued by his office.

“The delayed approval of the budget would negatively affect them during election,” the statement received by Aswat al-Iraq news agency quoted Atroushi as saying.

He said that there are many problems with the budget that the parliament was supposed to deal with.

“The parliament has never been able to know how much money the government really has had,” Atroushi said.

But he said that some blocs have delayed the approval of the 2010 budget for purely political reasons.

“It is meaningless to be afraid that the government may use the 2010 budget to fund electoral propaganda,” he said.

http://en.aswataliraq.info/?p=124897

Dilemmas that binds the Iraqi industry is still going on

Ray Media Center that the economic problems that binds the Iraqi industry is still ongoing, despite a number of specialized conferences, debates and studies prepared for the search.

A member of the Center Omar Khuzai "Most of the national products are threatened with closure due to the abundance of goods influxes of countries in the region, which calls for the implementation of government commitments to overcoming the obstacles to private industry and engage in the process of economic decision-making."

Khuzai said that "despite the strategic importance of the industry they have not received adequate support or protection to ensure the sustainability of production and to eliminate the economic risks posed to him, not to mention the absence of a pricing policy to ensure a balanced product stability."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-09

Large Arab conference for investment in Iraq soon, Beirut

Iraq received an invitation to participate in Arab conference for investment and large on Iraq in Beirut during the coming days.

The Deputy Chairman of Committee on Oil and Gas Authority, Abdul Hadi al-Hassani "The conference did not specify after the date of holding the conference, but those who directed the conference and call for Iraq to form a delegation from the Iraqi figures for participation in addition to the participation of representatives of the Arab League and Lebanese officials."

Hassani said, "The conference confirms that the Arab countries realized the importance of Iraq after the country began various foreign companies to enter the local market through the licensing round and features that give the investment law, the new amendments, making Iraq a rallying point in the world in the future.

It should be noted that the conference be held in Beirut, is the first in the Arab world after the adoption of amendments to the Iraqi investment law.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-09

Ministry of Oil: companies win contracts in oil licensing round announced the end of their preparations for work in Iraq

Confirmed the Ministry of Oil, "that foreign companies that won oil contracts licensing round announced the end of the necessary preparations for work in Iraq and cooperation with those responsible."

A source at the ministry told the independent press (Iba) today, Sunday, "The winning companies realized the importance of Iraq's oil fields and investment opportunity in the country, important to confirm the presence on the world stage, and consequently, the work will benefit companies in Iraq and support its oil sector."

He noted that "the licensing contracts for the two rounds are the last two hinged gate to encourage foreign companies operating in the oil sector to invest in the fields. Alluding to pursue the ministry to make way for companies wishing to work in Iraq within the law."

The source confirmed that "these steps very useful as they help develop the technical and engineering staff of the oil through the contact with foreign companies that have expertise in the development of the oil industry and employment and encourage investment."

It should be noted that the ministry has long ago won a number of foreign companies licenses to tour oil

http://www.ipairaq.com/index.php?nam...onomy&id=19700

The confiscation of weapons of foreign contractors in Baghdad

Iraqi officials said on Saturday security forces have seized hundreds of guns and thousands of cartridges of ammunition and other military equipment in a raid on the headquarters of security contractors in Iraq.

The BBC quoted officials as saying they were targeting the private security companies that ended the legal license to operate in Iraq.

He said Qassim Moussawi, spokesman for the security apparatus in Baghdad, said all of these companies, which ended its license are not allowed to enter for a distance of one meter in Baghdad or owning a single piece of weapon.

The authorities have launched the Iraqi raid on the headquarters of foreign security contractor, on Friday night and seized 20 thousand ammunition clips and more than 300 armor.

Officials said at another site, Iraqi forces discovered 400 guns and helmets, radios and more than 35 vehicles believed to belong to the same contractor, was not arrested any person during the raid.

Denied Gen. Hussein Kamel, Deputy Interior Minister to be a crackdown in Baghdad in response to the issue of Blackwater, indicating that the interior of these companies has given sufficient warning to renew their licenses.

http://radionawa.com/ar/NewsDetailN....339&LinkID=109

A military coup is imminent in Iraq

British Ambassador in Baghdad, John Jenkins, the establishment of democracy in Iraq is not a done deal, and there is a substantial risk of a coup as long as many of the senior officers in the armed forces who served under Saddam Hussein.

Jenkins said in his testimony before the Commission of Inquiry into the Iraq war, it is difficult to find a balance between the use of competence and experience of former army officers under Saddam, and at the same time dealing with the fear that this is an opportunity for the emergence of Baathist elements a.spires to be a force inside Iraq.

He drew the British Ambassador to the recent bombings in Baghdad, renewed accusations implicating elements of the Iraqi army who have loyalties Baathist confrontational in those blasts.

http://radionawa.com/ar/NewsDetailN....342&LinkID=109

Hassani: report of the situation in Iraq was ranked 12 within the sequence of the richest countries of the Arab world is not accurate

MP Abdul-Hadi al-Hassani, the United Iraqi Alliance "report published by an institute specialized Arab and the situation in Iraq was ranked 12 within the sequence of the richest countries of the Arab world without flour."

He said al-Hassani told the independent press (Iba) today, Sunday, "These reports are trying to reach the image to the world that the Iraqi people and the poor could not keep pace with economic transformations taking place in the world and Hually contrast, Maakabbal companies to enter the Iraqi market, but evidence of the importance of the location of Iraq and mineral riches."

"The specialists involved in economic affairs in the world know the status of Iraq and its resources to the different class as the first oil reserves in a few years ago. Diminishing the impact of these reports on the movement of investment and the willingness of companies to work in Iraq."

He said Hassani, "Terrorism is the main reason behind the confusion and the general situation and trying those responsible for it and create a destabilizing impact on the economy, which means the situation in Iraq in the list of countries that suffer problematic development and the inability to provide means of livelihood of the citizen."

He called on "institutions and international organizations concerned with studies and comprehensive research to conduct polls in Iraq and open offices with a view to give a realistic picture of the events."

It should be noted that the institute concerned with the affairs of the Arab world issued a report on the situation in Iraq in category within the 12 richest countries of the Arab world.

http://www.ipairaq.com/index.php?nam...onomy&id=19705

Jaber Khalifa stresses importance of oil & gas law in raising national income

Counting decision of the Commission's oil and gas parliamentary Jaber Khalifa Jaber statements that are likely to migrate bills that contained oil and gas law is clear negligence by the parliament and political forces. Stressing its importance in raising the economy and national income.

Jaber said, told the independent press (Iba) today, Sunday, that the laws contained in the oil and gas law is of great importance for the country, but the amendments and the political pressure delayed the bill is passed, the president and so we are now in front of the reality of deportation to the next parliament. He pointed out that deportation does not mean the cancellation.

He added that the House has not ignored the importance of law in changing the economic situation and support the budget, but the reality is to impose a variety of data. Alluding to the Board sought to work for the adoption of economic laws in general and not issues related to the oil sector.

With regard to the licensing contracts, Jaber said that the second round included a non-productive fields in Iraq truly need sustenance being provided to meet legal and constitutional.

It should be noted that a number of members of the House of Representatives stated that the law of oil and gas will be deported to the next session of Parliament.

http://www.ipairaq.com/index.php?nam...onomy&id=19720

CBI sells $159m on Sunday

The Central Bank of Iraq’s (CBI) dollar sales fell to $159.045 million in its daily auction on Sunday, compared to $180.120 million during the previous session.

“The demand hit $20.540 million in cash, covered at an exchange rate of 1,170 Iraqi dinars per dollar, and $138.505 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 11 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=124964