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

i'm sure it is Livefree....but when that's the only way of life that they know because their government hasn't done anything really constructive in the past 4 years to help the economy generate more money to the working class people this is what you are going to get..even the ranks of their security personnel and army regulars are probably infiltrated with terrorists among them....and the longer it takes for this government to start their economy rolling the more of these acts you will see..especially with the U.S. pulling out its troops and the upcoming election..not saying an RV is the complete answer..but start giving these people a CHANCE to afford to make a living and you might see less and less people trying to blow themselves up for 2000 dollars so their families have money to survive on....IMHO...Pat

Iraqi Drilling Company plans to drill more than 100 wells this year

The director of the Iraqi Drilling Company, on Tuesday, the company plans to drill more than 100 oil wells next year, which is twice the number of wells that were drilled last year's 53 wells in various parts of Iraq.

The Idriss Yasiri told (Voices of Iraq) that the Iraqi Drilling Company "intends to drill more than 100 oil wells in various parts of Iraq except the current year" which is what constitutes "one that twice the number of wells drilled during the year 2009, amounting to 53 wells in various parts of Iraq, the highest number the company's history."

The Yasiri that there was "a major development company has experienced after 2003 did not include the number of wells, but also the number of meters which have been dug, which amounted to 111.2 thousand square meters, compared to 96 meters by the year 2003," The company "has purchased 24 new rig, which we rely often achieve a qualitative leap in the number of wells this year."

On the constraints of work digging wells Yasiri said it was "primarily related to the foundation with instructions and the Ministry of Planning which impede the arrival of materials needed by the company, as well as monitoring the funds necessary for that."

http://radionawa.com/Ar/NewsDetailN....885&LinkID=105

Shall confer with the governor of Basra Oil Company Italy is possible to run 15 thousand unemployed

Search the governor of Basra Cltag Abboud Mayah Tuesday with the chief of security and logistical support to the Italian oil company ENI assigned to develop the Zubair oil field could provide jobs for 15 thousand unemployed in the province.

Mayah, said that "the meeting the delegation of the Italian company ENI oil by a discussion of its work plan to develop the field Zubair won a contract to develop an investment from the oil ministry in the first round of licensing."

"We have been talking about the possibility of providing job opportunities for people of the city as the Italian company that promised us savings of over 15 thousand jobs for the unemployed in Basra."

Mayah said that "the next few days will witness a direct Italian national oil company (ENI) and with the combined companies in the development of Zubair oil field after the issuance of official approvals by the Prime Minister."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-12

Shahristani: Iraq will be the largest supplier of oil market in the coming years

Oil Minister Hussain al-Shahristani predicted that Iraq will be the largest supplier of oil market in the coming years.

Shahristani said at a symposium organized by the ministry in cooperation with the Faculty of Mass Communication, University of Baghdad, said Wednesday that the second licensing round was convincing to all parties and has contracts signed by the ministry of foreign companies with a large part of the ministry programs.

Stressing that the first licensing round and the second meets the legal requirements, despite the objections earlier.

"The ministry plans to raise the production ceiling to 12 million barrels per day through the rehabilitation and development of oil fields, a key factor in the optimum exploitation of the oil wealth of Iraq."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-13