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

Finance Ministry to cooperate with Gulf banks

The Iraqi Finance Ministry is looking forward to combine the banks of the Iraqi government with the economically developed Gulf states", an official security source at the Finance Ministry said today.

"The economic ties with the developed Gulf states would support the Iraqi economy in the next stage, especially that Iraq has many economic problems," the Adviser of the Ministry, Zuhair Abbas, told the Independent National News agency of Kurdistan (AKnews).

He said the Ministry, in coordination with the Iraqi Central Bank and the Foriegn Ministry would hold continuous meetings to discuss the possible frameworks in the composition of combination with large banks in the Gulf States."

"The combination won't exceed banking and financial cooperation in addition to advices, and it is not considered a full combination, because the economic situation in Iraq differs from the economies of the other states."

Abbas said that "more than 6 Gulf banks expressed their wish to facilitate the process of combination to carry out money exchange between Iraq and those countries and the work of Gulf investors in Iraq."

"The most prominent problem in the subject is the difference in prices of Gulf currencies and the Iraqi currency, but serious attempts were exerted to resolve the problem as soon as possible," Abbas said.

http://www.aknews.com/en/aknews/2/134941/

Economists warn of banks and companies that deal with electronic exchange (FX)

Warned Habra economists citizens in the fall to fish the banks and companies that deal in electronic trading currencies Alajgnep and minerals of any so-called (FX), and confirmed that most banks and companies will be intensifying its propaganda this time in order to gain the largest possible number of investors and then tricked the grounds of loss and robbed of their money.

The economist said Saleh Zeidan, "The economic crisis afflicting the world's leading banks and financial companies to head operations likened (p.almtawaip) to acquire the people's money," adding, "Bahraini Saudi Bank is known in the region to deal Forex", pointing out "for a period of years, which makes its profits through illegal and has a partner company (ACM) Unknown owner They have headquarters in Dubai and the large cadre of staff and means of communication with the masses so different investment Iguenao citizen who do not know how to work with people running Aamahafez and in agreement with each client Ivelson."

The media published a demonstration by a group of Iraqi Karkh district court demanding the elimination of interference in the recovery of money stolen by the Bahraini Saudi Bank and its partner company (ACM) On the pretext of investment.

Emphasizes employee sales and customer service of the Bahraini Saudi Bank Inc. (ACM) Taken from the city of Dubai-based good-Akkad, "he was expelled by the company for being a stop with a group of investors Iraqis and called for the bank refunds the money to them," adding that "extremely sad over the loss of Iraqis poor and they were to have an agreement with the bank to be their money reserved from the loss But the bank to withdraw all what they Modeinh in their accounts under the pretext of their loss and they do not know and was running the accounts people from Jordan, "adding that" Arab states should consider this issue carefully and to shut all these companies and banks because of all the transactions behind them circles Astkhiarip such as (Mossad) in order to drain the money in the region."

He said one dealer with the company and the bank lost 30 thousand dollars of the Iraqi citizen Nazir Mohammed "in recent months, the company started to show ads (ACM ) Are remarkable and give Pons twice the amount of deposit and, unfortunately, deceived by this and I Aejrebhm, I have dealt with them and was one of the worst companies that already and dealt with them for Ailtzmon what they say once every time they request to increase the amount of the account and when you ask clouds dragging their heels in you and no one respond to you when you want to complain."

He said "every Shui related to you one second and apologize that was made with the former request for opening a new page and you claimed the win with him and requests the deposit amount and the game continues, and when they do not respond will see for yourself how it's changing words, but he speaks the words does not suit said," stressing "I therefore Beware my brothers to deal with this company nor Ingro advertising and their words at the beginning Fu God I lost my account in full with in less than ten days because of them."

The Director of Bank of the Middle East Nahid Ezzat "Companies are now starting to turn towards the banks to improve its image." "It was ordered after it became clear and I knew their work and erected a monument to rob investors began to hold partnerships with major banks to protect against its name," noting that "the company (ACM ) Can not get one investor without it had agreed with Bahraini Saudi Bank is working on his behalf, "and wondered" How that Saudi Arabia and Bahrain to carry a bank whose names and is stealing people's money."

http://www.uragency.net/index.php?aa=news&id22=6123

Central Bank intervention and criticized the Ministry of Finance in his economic policy

Expressed 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 "the politicized deliberate to make waves economic hit economic stability achieved by the monetary policy of the bank.

A statement from the bank, which the agency received a (Ur) 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 its 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 which organized "as 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 of the Central Bank 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 exceed 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 the economic phenomena of natural 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 control direct and more at the same time the cost and burden of surveillance operations and indirect. as well as generating financial environment negative weaken the foreign investment climate in Iraq to encourage the flow of foreign capital inflows and integration with the international financial system and intersect with at least the principles that are enshrined in law Investment 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://www.uragency.net/index.php?aa=news&id22=6154

Oil Companies: Winning Rounds started licensing procedures to start work

The official spokesman for the Iraqi Oil Ministry, Asim Jihad said all international oil companies winning licenses rounds of the first and the second organized by his ministry has embarked on the implementation of administrative procedures and technical preparation for the start of the direct investment of the oil fields was awarded the contract after ratification by the Council of Ministers.

He noted the Jihad in a statement that "the majority of these companies have existed on the ground in areas that have been established by the bids, which practically means the official start to work," denying the existence of obstacles had to intervene that the contracts signed are binding on all parties according to the timetables agreed upon, in the recipe.

He explained that his ministry is preparing to set up Mwtmmermusa in the month of July to exchange views with the representatives of those companies and discuss the implementation mechanism of the oil contracts with them and provide all facilities to them and implement their needs and to overcome the difficulties which may hinder the work, as will provincial councils, whose fields lie invested within the administrative borders in addition to relevant ministries such as the Ministry of Transport is responsible for providing facilities at airports, ports and external to facilitate the granting of visas and others.

The new Jihad stress no intention of his ministry the implementation of licensing round third "after successful rounds in previous gaining access to the production ceiling of about 12 million barrels of oil a day, a figure that qualifies Iraq to reach an advanced position in terms of producing and exporting oil in the world," "The Fields not referred to any of the international companies will be developed by the cadres and the local oil companies."

He noted that the ministry's effort in the near future will focus on the optimum use of gas whether it is accompanied for the extraction or that is located in the ground in the fields explored in addition to the development of domestic refineries and other sectors.

And on negotiations with a number of companies that are close to the financial ceiling set by the ministry but failed to win any of the contracts development, "said Jihad" This did not happen only in one case, a coalition led by the company (CNN or or C), China, which was priced far what set the ministry to develop a set Maysan fields, which include field Fakkah and Bazargan, Abu-sinking, but it finally succumbed to the exchange rate required which confirms the reasonableness of the prices that have been developed by us and we are now awaits the signature of the final contract, which is empowered by the ministry by the Cabinet."

And on an intention to offer a second round licenses Balacetkchavat oil, said spokesman of the Iraqi oil ministry "does not have directed towards this issue and the task been delegated to the Iraqi teams belonging to the OEC Patriot, which will conduct seismic surveys and marking the presence of oil reservoirs in the ground."

He stressed Jihad, "The production rate of the current Iraqi is two million five hundred thousand barrels per day, beyond the ceiling of export daily barrier two million barrels through the ports of Basra in southern Iraq and Ceyhan," stressing that the ministry's plan to increase exports at a rate of one hundred and fifty thousand barrels during the current year and again during the next year, as far as appreciation.

Iraq won since mid last year ten decades developmental to a number of oil fields with fifteen foreign company and a coalition of thirteen countries, including Italy's Eni, Shell, ExxonMobil and Total of France and Petronas of Malaysia and Total of Japanese and Kaz Gazprom and Lukoil Alrusitan and Norway's Statoil in order to raise the production ceiling to 12 million barrels per day during the next six years.

http://www.uragency.net/index.php?aa=news&id22=6231

Atroushi: we will call also oil or financial portfolio in the new government

A leading figure Kurd, said the delegation of the Kurdistan region, which will go to Baghdad in the coming days to discuss and debate the ministerial formation is anticipated, will demand access to one of the two ministries, sovereign states are the finance or oil in the new central government, and emphasized on the nomination of President Jalal Talabani for a second term.

He noted Sami Alaterci that the negotiating team would be from all the forces represented in the regional parliament, the National Union and the Kurdistan Democratic Party and a list of change and the Kurdistan Islamic Union, which nominated each of three people will be selecting from among them to represent the delegation "that perhaps chaired by the Prime regional parliament (Kamal Kirkuki) or any leading figure of Kurdish", pointing out that the mission in the Iraqi capital is to" seek to resolve all outstanding problems with the Centre ", without giving further details.

And about the refusal of block (change) the nomination of Jalal Talabani for a second term, he said, Kurdish leader "This was the position before to meet the region's president Massoud Barzani blocs victorious Kurdish few days ago, which (the change) where supported the nomination of Talabani to the post requirement to implement a number of demands including the improvement of conditions in Kurdistan and the lifting of some restrictions on members and supporters of the cluster in Sulaymaniyah "in northern Iraq.

And about the nomination of the person who will occupy the seat compensatory allocated by the Electoral Commission of the Kurds, the leader of the Kurdistan Islamic Union Alaterci "We have delayed naming the incumbent this seat so far due to several factors, there is a preoccupation with the task of forming the delegation that will go to Baghdad to negotiate, and that the President Talabani was on a visit to Saudi Arabia, followed by yesterday with President of Kurdistan, Massoud Barzani, as well as on the uncertainty about the final results of the elections", but hinted that" predictions are in the Kurdish leader, Fouad Masum passes without this issue definitively," as described.

He noted the Kurdish leader that visits a number of political blocs and government officials to some neighboring countries, "which will do nothing wrong, a condition that limited deliberation, consultation and exchange of views, information regarding the regional and sent assurances of a new government," but he added: "But Mankhcah that there is pressure from one of those States to form a government or a certain way to influence the decision taken by the political blocs, because, as is known, all the neighboring countries interests in Iraq one way or another," as he put it.

And the existence of fears of a potential alliance between the list of Iraq and the rule of law, dashing expectations of the Kurds, "There is a distinct convergence between the blocks of the four winners to form a government partnership and not a government of national unity, which practically means the participation of all key components of the country in government, the Shi'ites, Sunnis and Kurds taking into account the requirements for the next phase in this matter and agree on a range of issues which we hope will be resolved together."

He said that "The reference to these components to promote sectarianism does not mean a new" on the grounds that "The country is going through a phase-sensitive lack of mutual trust between the key players." He added, "Unfortunately, the Iraqi state had not built so far on the basis of an institutional order to go to the matters referred by the Constitution of the majority government and other opposition in parliament, the situation in the country did not allow the emergence of a group ruling and the other opposed in the House, we have witnessed over the past years the phenomenon of officials to their posts a way that in the interests of their parties or Perigord and deprive others from their own, causing a crisis of mistrust between the components and this requires that the government of the partnership including all clusters, even those that take for the opposition in the form, which guarantees access to the rights of its members to have a role in government" the next.

http://www.uragency.net/index.php?aa=news&id22=6365

Financial Expert: Mali: the current phase is one of the most important and most difficult stages of banking reform

Emphasized the appearance of Dr. Mohamed Saleh adviser at the CBI on the importance of the adoption of programs and mechanisms in the field of financial reform and banking sector. Working to develop the financial sector in Iraq. In line with developments in the countries of the developed world. And its impact on economic growth in a country where free market economy. By eliminating the problems that hamper investment in these countries.

Saleh said in his speech (economic morning): that the financial reform and banking is the establishment of a financial system capable of mobilizing domestic financial resources and international and re-allocation and efficiency of the service of economic activity in order to achieve high and sustained economic growth, and leave that reform in the modernization and deepening and strengthening of all units the financial sector. As well as significant changes in the nature of the banking industry and restructuring in Iraq for the purpose of mobilizing domestic savings and reduction of capital in addition to the immigrant part of the possibility of attracting foreign investment flows. In order to be reforms, financial systems and banking successful, it must be part of a more comprehensive strategy for change and reform through economic and structural reorganization of the national economy.

He said financial reform and banking is reflected in the process of liberalization of this sector in order to keep abreast of financial and banking world, which are established to be free from restrictions and barriers and increasing competition among banks, the use of technological means advanced communications and information as well as the application of the decisions of the Basel Committee in order to work within the international standards for banks, bringing the their international competitiveness in international action.

Saleh continued by saying: This is the stage of the most important and most difficult stages of banking reform in Iraq, because the start of the change process towards reform Ba require considerable effort and the whole reform process depends on the success of this phase, which include the formation of the private banking reform. Where the State by establishing a special body to reform banking. Take it upon themselves to policy-making banking reform and diagnosis of necessary equipment and supervision of banks. That granted by the State the ability to pass laws and procedures and to provide capital necessary to perform its work. And includes the elements that have a knowledge of existing problems and aware of the need of present and future. Perhaps the most important functions work on the development of policies and proposals are necessary. And re-evaluate the work of the banking system and its effectiveness. Through credit rating, size and degree of risk and liquidity ratio. In this area should be referred to the decisions of the Basel Committee to be based on units of the banking system to all international standards in terms of efficiency and effectiveness. And improve the level of control and the development of accounting systems. So transparent and much more clarity than ever before. He pointed to the importance of restructuring the banking sector by encouraging mergers among banks, private banks, small ones. For the establishment of big banking units can provide banking services in more than one area at a competitive cost. What supports their competitiveness in the banking market in Iraq. Especially after giving way to enter the commercial banking sector in Iraq.

Stressing the need to work to establish a consortium of all private banks is the Federation of Iraqi banks, similar to the Union of Arab Banks. And works to develop the work of private banks. Expressed in the face of those banks and connects the private banking sector sector international exchange. And that is the process of banking reform gradually by starting to government banks and private banks access to and all the components of the financial and banking sector from non-bank financial institutions and elements of monetary and financial market. In addition to creating a new bank or choose a bank-based model for the reform process. For the purpose of making the necessary changes in government banks. It must provide an alternative (a token) role model by other banks so that the bank supports this new ways in marketing banking and financial services.

As well as creating an institute for the development of banking is to develop capabilities of the Iraqi bank and the development of research and studies. For all banks the right to benefit from the Institute of capacity-building for staff or seeking to work in banks in both the public and private sector. There is no doubt that the Institute will provide the staff necessary to develop the banking industry by re-skill existing and develop new skills (new generation) and would prefer that the Institute be cross-sectoral and flows competencies of internal and external can also use the status of Banking Studies of the cadres specialized scientific academics in universities Iraq. Where the funding for this Institute through the allocation of a percentage of the profits of international banks in the country determine these proportions through the study and then obliging the banks for payment, also employed in some studies institutes financial and offshore banking.

http://www.alsabaah.com/paper.php?so...age&sid=100858

Iraq favours Shell, Total, KOGAS for gas fields

Iraq will invite 15 companies before the end of the year to bid to develop three gas fields and Royal Dutch Shell, Total and South Korea's KOGAS are favoured, an Iraqi oil official said on Wednesday.

"We are keen to select international companies with experience with gas and which have gas projects across the world," said Sabah Abdul Kadhim, head of the Oil Ministry's petroleum contracts and licensing directorate.

"Shell, Total and KOGAS will be at the top of the list because they have good experience in the gas industry and gas operations worldwide."

http://www.londonstockexchange.com/e...entId=10450446

Sincere Zamili: No consensus among the political blocs to any candidate for prime

According to a member of the Iraqi National Coalition sincere Zamili, "said the political blocs failed to reach consensus on any of the names put forward for the post of prime minister," noting that "there are differences within the bloc one on this post."

There were several candidates for the post of Iraqi political blocs list is nominated by President Iyad Allawi, as well as Nuri al-Maliki's coalition rule of law, Ibrahim al-Jaafari and Adel Abdul-Mahdi, and Baqir al-Zubaidi for the Iraqi National Coalition.

He Zamili in contact with the Independent Press Agency (Iba), "The majority of the candidates for this position are experienced in this post, but the important thing is universal access to certain consensus on the national figure, able to bear the burden of responsibility to build a government national partnership for the coming period."

And political leaders expressed the need to form the next government of all the political blocs Alvizp and the principle of national partnership of all components of the Iraqi people.

On the convergence of the Iraqi National Alliance and a coalition of state law continued Zamili "The issue of convergence between the coalitions had reached an advanced stage to form a large block of take it upon themselves to form the next government without marginalizing any list, especially in Iraq."

The head of the Islamic Supreme Council of Ammar al-Hakim, stressed the necessity of forming the next government of all the political blocs, especially the winning menu Iraqi Government on the principle of national partnership.

http://www.ipairaq.com/index.php?nam...itics&id=23894

Abdul Karim al-Samarrai: List of Iraq, which a constitutional right to choose a prime minister

According to a member Iraqi List, Abd al-Karim al-Samarrai, "that Iraq is her constitutional right to choose a prime minister because it won the elections and the first article of the Constitution is clear in this regard".

The first paragraph of Article 73 on the constitutional mandate of the President, the parliamentary candidate of the more numerous, the formation of the Council of Ministers within fifteen days from the date of the election of the President.

Samarrai said in contact with the agency, the independent press (Iba) "that in case of failure to form the next government is assigned another block to do so."

Paragraph III of Article 73 also assigned to the President of the Republic, a new candidate for the Presidency of the Council of Ministers within fifteen days, if the prime minister assigned form the cabinet.

Samarrai said that "the right of the winning political blocs to nominate its candidate for prime minister in the House of Representatives," noting, "We're still reserve the right to form the next government."

Has made several political blocs, candidates for the Council of Ministers, including Nuri al-Maliki coalition rule of law and Ibrahim al-Jaafari and Adel Abdul Mahdi and Baqir al-Zubaidi for the Iraqi National Coalition.

http://www.ipairaq.com/index.php?nam...itics&id=23905

Haider Jourani: understandings between the Sadrists and Maliki is an important step for the integration of coalitions

According to a member coalition rule of law Jourani Haider "the understandings between the Sadrists and the President a list of coalition rule of law, Nuri al-Maliki is an important step for the integration of coalitions."

He dispatched more in touch with the agency, the independent press (Iba), "The Sadrist movement has had some of the positions of Prime Minister Nuri al-Maliki and it is on the way to the solution and that the attitudes and observations are also some blocks of Iraqi National Coalition," adding that "these obstacles have been removed and the question of integration into coalitions has become close."

And demands from within the Sadrist demands from Prime Minister Nuri al-Maliki to release prisoners stream.

With regard to paragraph on a government constitutional Jourani said that "Iraq allied with two or more become the biggest bloc to form the next government," stressing that "things would revert to the alliance coalitions with the Kurdistan Alliance parliamentary bloc to form a large".

Had differing views on the interpretation of the political blocs first paragraph of Article 73 and Constitutional candidate for Prime Minister Is it the biggest bloc of seats the number of electoral or parliamentary bloc, made up of two blocks or more at the first meeting of the Council of Representatives.

And Jurani "The next prime ministerial candidate will be coalitions and coalition candidate country the only law is the head of the list Nuri al-Maliki." Noting that "the Iraqi National Coalition has specific mechanisms for the selection of its candidate from among the names exist for this position."

And the Iraqi National Coalition several candidates for this position including Vice President Adel Abdul-Mahdi and the Minister of Finance Baqir al-Zubaidi, the Sadrists and the candidate of former Prime Minister Ibrahim al-Jaafar.

http://www.ipairaq.com/index.php?nam...itics&id=23900