Thread: Archive News - Iraqi Dinar Think Tank - 28/03/10 - 21/06/10

Central Bank calls for financial audit of sales of foreign currency and money orders

Demanded that the Ministry of Finance officials in the Iraqi Central Bank audited sales of hard currency and foreign remittances per day. The statement said the ministry received a «morning» copy of which

Sales of Bank in foreign currency up to «120» million dollars a day, indicating that most of these funds allocated to the import of goods and food, indicating that the General Commission for Taxes in the Ministry during the audit figures and records in collaboration with the Financial Inspection Office and found a difference and a mismatch between external transfers daily and goods entering the country. And that knowledge of the exact amounts that target import of goods and food will require considerable effort, stressing that the private sector banks and the central bank held responsible for this audit

http://www.alsabaah.com/paper.php?so...age&sid=100204

Central Bank announces interest rate cut and the legal reserve of banks from Sunday

Central Bank of Iraq adviser, on Saturday, the Central decided to reduce the interest rate on loans to banks from 7% to 6%, as well as reducing the legal reserve of banks from 25% to 20% starting on Sunday.

He said the appearance of Mohammed Saleh told (Voices of Iraq) that the central bank "has decided to reduce the interest rate on loans from 7% to 6% starting on Sunday" as well as a reduction of legal reserves to private banks from 25% to 20%."

The interest rates offered by the Central Bank and up to 20% in the year 2007, to achieve its monetary policy to address the inflation by withdrawing liquidity, which triggered widespread criticism by the private sector, who accused the central block of investment to higher lending rates and the tendency of private banks to deposit money in pursuit of them to get high interest rates.

With private banks were demanding to reduce the legal reserve as hinder movement in the credit.

http://ar.aswataliraq.info/?p=214087

Netherlands firm looking for the possibility of implementing investment projects in Basra

Basra's governor Cltag Abboud Mayah that, on Sunday, discussed the establishment of investment projects with the Dutch IPS in Basra.

The Mayah Agency (Voices of Iraq) that the meeting "was today (Sunday) a delegation from the company IPS Dutch on a potential investment projects in the sanitation sector and dams," pointing out that among the projects that the company aims to implement "project to establish a dam on the Shatt al-Arab".

The delegation of the Netherlands, "a look at the initial information for the project and wished to be ****uted as well as seeking to implement projects for the modernization of health networks pavement", indicating that the talks dealt with mechanism for the granting of work permits the company to maintain investment projects."

The town of Basra, Basra province, 590 km south of the capital Baghdad.

http://ar.aswataliraq.info/?p=214280

Netherlands firm looking for the possibility of implementing investment projects in Basra

Basra's governor Cltag Abboud Mayah that, on Sunday, discussed the establishment of investment projects with the Dutch IPS in Basra.

The Mayah Agency (Voices of Iraq) that the meeting "was today (Sunday) a delegation from the company IPS Dutch on a potential investment projects in the sanitation sector and dams," pointing out that among the projects that the company aims to implement "project to establish a dam on the Shatt al-Arab".

The delegation of the Netherlands, "a look at the initial information for the project and wished to be e.xecuted as well as seeking to implement projects for the modernization of health networks pavement", indicating that the talks dealt with mechanism for the granting of work permits the company to maintain investment projects. "

http://ar.aswataliraq.info/?p=214280

The Central Bank "regretted" the intervention of the Ministry of Finance in its policy "to achieve economic stability"

The Central Bank said in a statement on Saturday, expressed regret for "the intervention of the Ministry of Finance in his efforts to achieve economic stability and strengthen the market economy", noting that the report of the Audit Court, which relied upon the ministry involves the "motives biased" and reflects "politicized deliberately to stir up economic storms hit the economic stability achieved by the monetary policy of the bank.

A statement from the bank, which received the agency (Voices of Iraq) a copy of the Central Bank of Iraq, "regretted the intervention of the mystery of the policies to achieve economic stability and accelerate development and improve the chances of a market economy and that he finds in the report of the Audit Court, which referred to the statement of the Ministry of Finance motivated biased neutral control we have come from the Office of the said since its inception and reflects the politicized deliberately taking advantage of the transition period with the current political for the country to make waves economic purposes unknown lead to hit the economic stability achieved by monetary policy and the successes attendant over the past years and the introduction of the country in economic chaos, ominous."

The statement said that his strategy to build a path of stability in this transitional phase and difficult over the Iraq "sought to provide a stable environment to attract growth from Baktall cash becomes today a strong and solid at every fair-minded people of our people", stressing in this regard that the auction of foreign currency organized by "is a means of indirect monetary policy impact on the cash basis of the country in order to control the application or the total expenditure generated by current expenditures, particularly the general budget and inflationary pressures them as they lead the auction three goals", indicating that the first is that "an intervention by the Bank Central in the exchange market to stabilize the value of the Iraqi dinar by defending the exchange rate equilibrium, which reflected positively on the general level of prices, especially for goods produced and imported production inputs and strengthen the export base, and this is what has already been achieved after the country entered in the price levels stable is by inflation, the foundation does not only 6% at the present time has increased the annual rates of 34%."

And second, according to the statement is to "as a means for the application of indirect tools of monetary policy in the management of liquidity, the economy and control Mnasebha, is a case of the application of open market operations required a continuous basis to achieve balance in the money market and strengthen the opportunities for financial stability."

The third statement also quoted, "It is an important source of financing private sector trade of goods and services needed by the Iraqi market, a key financier for it."

The statement also stated that although the sales of foreign currency in the auction in question "is not confined to finance the import of goods and proceed as well as to import paragraph wide range of services that can not be records of customs show plus domestic demand for foreign currency and investment banks in that currency by 20 % of their capital within the regulations, regulatory approved, the Central Bank of Iraq stresses that monetary policy adopted in the conduct of an auction of foreign currency is not directly responsible for the activities of the import trade of all goods and services outside the scope of financing, "and that the functions of the central bank oversight in the management of an auction of foreign currency "confined in the fight against economic crimes is strictly related to combating money laundering and funding crime and terrorism, not the Central Bank is another important to create an environment hostile to economic freedom, including freedom to convert the outside environment, generating economic stability guaranteed by the Constitution and that it was denied the country over more than forty years and the legacy of catastrophic consequences on the lives of Iraqi society and the individual and encouraged the flight of capital across national channels mysterious repressive."

The Central Bank of Iraq in his statement that, to the extent that monitors the movement of capital flows into the country and out of it "finds its economic phenomena natural that help maintain the financial system fixed on the basis of competition in the market and generates at the same time integration is desirable in the financial market International, open and wide in banking with the world and in spite of, those funds and flows should not be exempt from the deepening of surveillance and detection that the movements of such funds are legitimate legal and does not contravene the law against money laundering, money, crime and terrorism, or even evasion of other commitments to government authorities Kalojhzp tax, financial or contravention of instructions and regulations issued by the regulatory Central Bank of Iraq, which is also determined, for example, amounts of investment banks to foreign assets, which represent another form of the flow of domestic capital outside the country."

The central bank said in the statement that any restriction of these outflows, "not only helps to generate a black market suspicious encouraged at the same time the phenomenon of capital flight abroad, but through illegal channels and other channels of the mysterious non-bank, which is reduced in all cases the ability direct control over at the same time the cost of operations and the burden of indirect control. As well as generating financial environment weakens the negative climate for foreign investment in Iraq to encourage the flow of foreign capital inflows and integration with the international financial system and intersect at least with the principles enshrined in the Investment Law No. 13 of 2006."

The media handled the recent press statement issued by the Ministry of Finance based on the information of Supreme Audit shows that the numbers of import of commodities and goods entering the country through the customs, do not match with the sales of auction of foreign currency at the Central Bank of Iraq, has carried the statement the central bank and commercial banks all banks, including the government itself and of the Ministry of Finance, is responsible for it.

http://ar.aswataliraq.info/?p=214135

Association of Banks urged private banks to merge

To urge the Director of the Association of Iraqi banks, Saturday, private banks to merge to form a high capital to strengthen their capacity to work.

Abdul Aziz al-Hassoun told (Voices of Iraq) that "the Association urges the integration of banks to raise their capital to enhance the ability to work," said Hassoun "There are talks taking place in the Commonwealth of Iraqi banks to examine the views of specialists with regard to the decision of the central bank has raised capital banks and how to implement it", pointing out that the story was" up to the banks and their capabilities."

The central bank decided in March and last up capital of banks to 250 billion dinars gradually over the next three years, which caused lower rates of prices of banks in the Iraqi Stock Exchange due to lack of liquidity, especially since most of the banks with a capital of 50 billion dinars, which included the resolution lifting their capital to 100 billion dinars during the next year.

And on strengthening the Ministry of Finance procedures against banks told Hassoun that "the Association of Banks was surprised by the statement by the Undersecretary of the Ministry of Finance recently published," noting that a "body of the Association of the process of preparing a response to the statement of the Undersecretary of the Ministry of Finance, who said which, the state will crack down on banks Iraqi special, and will be subject to a particular system will impose financial all banks."

The Undersecretary of the Minister of Finance Fadel Prophet said in a press statement late last month that the ministry decided to put tougher controls on the private banks because they did not lead role in the economic activity in Iraq.

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Opening of the first center for the smart card to pay the salaries of retirees outside banks

opened in Baghdad, Sunday, the first center to provide the smart card, which contribute to the payment of pensions, the disabled and military outside the State-owned banks, where the Director, Bank of Iraq, the card will serve the citizens and reduce the suffering, it also contributed to the detection of 71 a case of abuse of public money.

The head of Bank of Iraq Abdul-Hussein al-Yasiri during the opening ceremony which was attended by agency (Voices of Iraq) that "work with an electronic system began in mid-June of 2007, as has been done مليون و 250 thousand cards yet," Domenech said the project "is one of the important achievements of the Bank Mesopotamia and the smart card company, because it will save effort on the citizen and reduce the suffering in the long-standing Btuaber receipt of salary, and allows him to withdraw his dues even during the holidays."

The system also Yasiri, according to "contribute in the face of corruption, abuse of public funds, was discovered 71 thousand people receive more than one month salary and a lot of billions of dinars were going to the wrong people."

The Yasiri that the card "is used for 250 missions to deal with, including 83 process for financial, monetary and other functions for social purposes as is the secretary and a passport and personal identification and logistic purposes as well."

In turn, said the managing director and global smart card (KI) Baha Abdul-Hussein told (Voices of Iraq), "The aim of the process of transferring this service to outside banks was to provide service points over longer working hours, work will be continued in the centers of Smart Card service seven days a a week from nine o'clock am to nine pm, "noting that" work is continuing to develop this service to all citizens without exception, will be able to Iraqi citizens using this card in the service of e-procurement and shopping easily without the need of the customer or the shop owner to the banknotes to provide protection to everyone and will start work this service out of Iraq as well."

Abdul-Hussein said that "many of the government ministries have submitted applications to participate card system (so) through a bank and Iraq and there are good legal proceedings for the signing of agreements so, and soon will announce some of the ministries that you intend to subscribe to this service system."

The economic expert Ghazi al-Kanani, said told (Voices of Iraq) that "the idea of opening service centers smart card will begin in areas of high population density, but it will spread thereafter in all Iraqi provinces," noting that the most important characteristic of this service is "the existence of fingerprint non- to fraud and the electronic system's technical and well-deserved face of piracy on the cards of citizens, "added to" a charger power is able to operate for 300 hours in the absence of electric power."

http://ar.aswataliraq.info/?p=214387

The French are seeking investment opportunities in Basrah

Basra's governor said that talks were held, on Wednesday with a delegation from the French Embassy in Iraq on investment opportunities in the province.

The Cltag Abboud Mayah Agency (Voices of Iraq) that the talks with the French delegation headed by the economic official at the embassy, "dealt with the areas of investment in the city and the mechanism of the arrival of French companies to maintain the implementation of investment projects in the oil sector," adding that the talks "that included preparation for the visit of French Ambassador to Basra to discuss investment opportunities in the city and the mechanism of cooperation between the two sides."

The governor of Basra province to local government "is working to develop relations with the French side", indicating it is "dedicated one of the traditional role in Basra to be the seat of the French Cultural Center in the city."

http://ar.aswataliraq.info/?p=215025

China Company Signs Memorandum of Understanding for the implementation of three projects in Hindi Kerbala

official media spend Hindi province of Karbala, said a Chinese company ended, on Wednesday, her visit to the city after being identified three sites for the implementation of residential and commercial projects.
The Mohamed Abdel Zaid told (Voices of Iraq) that "A delegation of the company (Hijiaz Hong Yuk) ended the Chinese visit lasted for several days to spend Hindi (20 km) north of Karbala to see first what can be implemented by the investment projects in the city."

He pointed out that "the Chinese delegation signed a memorandum of understanding was also identified sites for the establishment of residential and Centre Mall and plant oils," noting that "most of the projects to be implemented on the Euphrates river which runs to the city, straddling the two halves."

He pointed out that "the business Centre Mall will be implemented in several floors and will be implemented in place nursery Hall (downtown), while the will of housing complexes in a way the vertical, six-story building-one on the segment adjacent to the water project Hindi common in the Assembly (east of the city) ", while to be" the establishment of plant oils in the area of governance (west of the city). "

http://ar.aswataliraq.info/?p=215116

Government to approve the draft investment agreement between Iraq and Lebanon

announced the government spokesman Ali al-Dabbagh, on Thursday, said the Cabinet decided to approve to authorize the Minister of Finance to negotiate and sign a draft agreement revitalization and protection of mutual investments between the Government of the Republic of Iraq and the Government of the Lebanese Republic.

He said al-Dabbagh, according to the statement of its position today that "the approval of the draft Convention on encouragement and reciprocal protection of mutual investments between the Government of the Republic of Iraq and the Government of the Republic of Lebanon comes as part of a series of accords with brotherly and friendly countries through the promotion of economic cooperation and create and maintain favorable conditions for investment, promotion and protection on both sides".

Dabbagh said that "the Convention, which included 12 items, stating that each Contracting Party shall ensure fair and equitable treatment within its territory for investments of investors of the other Contracting Party and such treatment should not be less favorable than those granted by each Contracting Party to investments made within its territory by investors of the third party."

He added: "Contracting Parties shall ensure the protection for investors of either Party in the territory of the other Contracting Party shall not be any of the parties to take, directly or indirectly, the decisions of expropriation or nationalization or any measures having a similar effect with regard to investments of investors of the other Contracting Party only If the public benefit in accordance with the laws and regulations on both sides."

Al-Dabbagh said "the differences between the parties concerning the interpretation or application of the provisions of this Agreement settled through diplomatic channels and present Convention applies to investments made in the territory of a Contracting Party and in accordance with the laws and regulations by investors of the other Contracting Party before the entry into force of this Convention does not apply this Convention to differences that have arisen before its entry into force."

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