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

Approval of the draft law the First Amendment to the Law of private investment in crude oil refining No. (64) for the year 2007

Announced the government spokesman Ali al-Dabbagh said the Cabinet decided to approve the bill the first amendment to the law of private investment in crude oil refining No. (64) for the year 2007 the auditor by the State Council and forwarded to the House of Representatives based on the provisions of Articles (61 / item I. and 80 / item II) of the Constitution and the ratio of reduction of price of crude oil supplier to refineries 5% and duration of fifty years.

The al-Dabbagh said in a statement issued by his office today that approval of the bill the first amendment to the law of private investment in crude oil refining No. (64) for the year 2007 comes within the framework of a process through which the government is to encourage investment in this field and encourage investors to invest in this vital sector, which is one of the most important economic sectors and that the government attached special attention to their advancement in order to provide the best services to develop production of oil and its derivatives for the Iraqi citizens and will be a substitute for the import of petroleum products from abroad.

He explained that the oil ministry had requested amendment of the law private investment liquidation of crude oil No. (64) for the year 2007 form, which encourages the Iraqi private sector and foreign investment in the activity of the liquidation of crude oil in Iraq by increasing the percentage of rebate on the price of crude oil supplier of the investing company as an increase in this proportion to the price of oil supply to the investor (1%) to (5%) will provide an incentive to the private sectors to invest in the liquidation of crude oil in Iraq and that the country needed to invest in this area by providing oil products to be a substitute for imported from abroad.

Dabbagh said the draft law on the First Amendment to the Law of private investment in crude oil refining No. (64) for the year 2007 was contained in Article II of the Altaadililghae Article V of the Act to be replaced by "The Ministry of oil processing refineries covered by the provisions of this law of crude oil and commensurate with the operational capacity to and world prices under a contract signed between the Ministry of Oil and the company invested in accordance with the following price equation: (the export price of Iraqi crude oil is on the back of the tanker (FOB) to world markets, minus (5%).

And that the intention of the private sector is all a private company, an Iraqi institution in accordance with the provisions of the Companies Law No. (21) for the year 1997 or a foreign company able to create filters for the liquidation of crude oil within Iraq, the qualifications of financial and high technology as indicated earlier Act that the company invested a pipeline crude oil pipeline connects the point of delivery and liquidated at their own expense and be responsible for its operation and maintain facilities and are subject to measurement and control, calibration, periodic inspection by a third party with jurisdiction of the investing company and his candidacy is associated with the approval of the Ministry of Oil.

He said that the company has invested rent what they need the project from state-owned land or owned the property purely for municipalities in areas designated for investment and may lease the land for under the contract defines the rights and obligations of the investee company and the owner of the land.

Ali al-Dabbagh also said that the law of the investing company Kalmstodat use of public facilities and export terminals and pipelines under a contract between them and the oil ministry, ministries and related companies governing the rights and obligations of the parties.

http://www.ipairaq.com/index.php?nam...onomy&id=24499

Filled Baldawi: borrowing from the International Monetary Fund has a previous approvals of the Council of Representatives

Said a member of the Economic Commission of the Council of Representatives outgoing Baldawi full of "borrowing from the IMF had earlier approvals of the outgoing parliament," he said, "This is a loan with a few benefits to move the Iraqi economy."

The International Monetary Fund approved a loan program for Iraq worth 3.6 billion dollars had been allocated to meet the needs of the balance of payments and to help rebuild infrastructure destroyed.

She Baldawi in contact with the agency, the independent press (Iba), "The approval of the IMF loan to Iraq was subject to approval of Iraq's budget for the current year by the House before."

The former House of Representatives passed in February to balance the federal State for the current year a total value of 87 trillion Iraqi dinars, up to 72.5 billion U.S. dollars.

And followed Baldawi "The Mataatkzh the government of the decisions made in the interest of the general economic situation in the country and can not be linked to any decision to walk economic matters in the country to form the next government." Hinting "that the decision to link grades form the next government is still in place until the composition and formation of the Federal Service".

Has been linked to former House government demand career degrees, amounting to 110 000 degrees the formation of the Federal service.

http://www.ipairaq.com/index.php?nam...onomy&id=24481

Keep inflation levels during the past three months

A report prepared by the Central Bureau of Statistics of the Ministry of Planning to keep inflation in price levels during the past three months.

Said Deputy Minister of Planning Mahdi Keywords in a radio interview that the price levels in general retained but have risen by three per cent from the previous year.

Keywords and description of the increase in prices of some items negligible and does not exceed one per cent, pointing out that the statistics include article 600 in Iraq.

The Central Bureau of Statistics prepares monthly reports on the levels of inflation in the prices of consumer goods and services.

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Ministry of Commerce: Transforming the ration card items to the provinces

Said Under Secretary of Commerce Habib sweet that the ration card items will be converted for each province to take their share of the ministry's budget allocated to them and with the assistance and support staff specialist.

Sweet said in a statement Special correspondent That the Central Organ of the Ministry of Planning will be distributed to beneficiaries vocabulary and identify those in need He said, adding that it would be Within the controls and studies prepared by economists.

Elsewhere in the Under-ministry To the possibility of a contract with Germany for the operation of most furnaces governmental and other import ovens for the production of Alsamun Stone

http://al-iraqnews.net/new/local-news/6923.html

Leadership in the state of law: a secret meeting of Izzat al-Duri and Yunis Al-Ahmad in Syria to create a state of chaos and achieve a military coup

Criticized the leadership of the coalition of the rule of law Abdul-Hadi al-Hassani, the demands of the Iraqi List, which calls for forming a government of national salvation and re-elections.

Hasani said in a telephone conversation "These demands are tantamount to Iraq before the first box and allow occupation forces to control Iraq again.

He added that such demands are not the first but asked the Vice-President Tareq al-Hashemi in more than one occasion this, stressing that the Iraqi List implemented dimensions and agendas for Foreign Affairs and International aims to create a military government serve the occupation forces and the United States, which wants to interfere in Iraq in various ways and means."

He explained that "we reject the interference of foreign countries in Iraq's affairs, specifically in the question of forming the next government because it is a matter for the Iraqis themselves, pointing out that those who want to jump on the Constitution and the deterioration of the political and security conditions are responsible for blood and Iraqi lives that will bring about a result of this tension."

Revealed the existence of a secret meeting of Izzat al-Duri and Yunis Al-Ahmad Al on Syrian territory in order to create a state of chaos and increased terrorist attacks in Iraq and achieve a military coup in order to gain power again.

http://al-iraqnews.net/new/political-news/6919.html

Prime Minister Nuri Kamal al-Maliki Receives a delegation from the U.S. Council on Foreign Relations

Receive Prime Minister Nuri Kamal al-Maliki at his office today, the official delegation from the Council on Foreign Relations, during the meeting, stressing the importance of developing relations between Iraq and the United States in all areas, and expand cooperation under the Convention on the strategic framework.

The sovereignty: The Tjaosalarac difficult circumstances and challenges, and we have great sacrifices which we were able to curb al-Qaeda in our country, we managed to achieve important successes in the military and security fields, and we have to maintain this success and we moved forward.

The Prime Minister: despite all the surgery and the problems we encountered only that Iraq could build a democratic experience that we will continue to reinforce to achieve all the aspirations of the Iraqi people, and that Iraq was ruled by a dictatorship with an iron fist, turning today to the country of freedom and democracy and elections.

The sovereignty: that Iraq Eebeni only through partnership is thought to dismiss any party is mentally ill because the future will not only be through understanding and Abralagliat democracy, not through threats and accusations, and if we had some problems in the elections, the resolution will be through legal means, and we We will continue to work vigorously to strengthen the national project and will not allow the confiscation of the will of the Iraqis and work with external agendas.

He said the Prime Minister, the issue of appeals are normally a matter of law, not political, has happened in many countries, including the United States geared up, but we note that this issue has taken on a political dimension and the mobilization of domestic and regional which is inconsistent with the higher interests of the people.

The sovereignty that the process of counting and sorting task to solve the problem regardless of the size of irregularities and manipulation, and changing the numbers in the results would not affect the formation of the government Flatojd list alone able to form a government, pointing out that for the first time in the history of states and electoral processes in the world, that the government complains of the opposition while it was usual to accuse governments.

The Prime Minister said we were already preoccupied with the security situation and the legacy of Saddam's regime and its wars, we go the day after the stabilization to the major task is the construction, reconstruction and investment, we have moved towards Ttoergtaa services and the oil firms, have signed oil contracts with international companies and we will soon sign contracts gas.

For their part, members of the U.S. delegation praised the ability of the Iraqi people and its commitment to the democratic option, and bear the difficulties and face challenges, and efforts by the Iraqi government to maintain security and stability of Iraq and the development of the Iraqi economy, infrastructure development and investment projects.

http://www.pmo.iq/index/03-1205.htm

ADIB heads to Iraq as trail-blazer for Emirates

Abu Dhabi Islamic Bank (ADIB) will become the first Emirati bank with a presence in Iraq when it opens a branch in Baghdad next month. The company plans to open other branches across Iraq.

“We’ll have a branch in every major business city,” said Hussain Qaragholi, a senior vice president at ADIB and the company’s head of Iraq business.

Construction of the first Baghdad branch is under way, and the Central Bank of Iraq has given ADIB a preliminary licence.

“The next branches we’re looking for is Basra, Erbil, Najaf, Karbala, and eventually Mosul,” Mr Qaragholi said yesterday at an Iraqi Business Council conference in Abu Dhabi.

Iraq’s banking sector continues to be dominated by public entities such as Rafidain Bank and Rashid Bank, as they control 85 per cent of the transactions in the country, while private banks account for 15 per cent. There are 36 local banks in the country, according to the Central Bank website.

Several foreign banks – including Capital Bank of Jordan, HSBC, National Bank of Kuwait and Ahli United Bank of Bahrain – have already set up in Iraq, but they have entered through partnerships with local banks. In the past, foreign banks shied away from opening branches under their own names because of security concerns.

ADIB is only the second foreign bank to enter the market by starting a branch from scratch rather than through a partnership. The first foreign bank to open a branch in Iraq was Byblos Bank of Lebanon, said Wassim Jazrawy, the head of Al Karmal Stock Exchange, a brokerage company in Baghdad. ADIB’s entry into the market was “a good and timely decision”, Mr Jazrawy said. The financial sector accounts for 80 per cent of shares traded on the Iraq Stock Exchange. Iraq’s banking sector suffered from years of isolation during the rule of Saddam Hussein and still lacks strong links with the outside world. Mr Qaragholi, an Iraqi-American, said bankers in Baghdad thought they could run the sector alone after the US invasion in 2003, but now realised the benefits of opening to foreign participation.

ADIB planned to invest in power generation and oil services, he said. The property and manufacturing sectors are potentially attractive to investors, but accurate and detailed feasibility studies would be required, Mr Qaragholi added. Foreign banks are hoping to capitalise on economic growth driven by rising oil production in Iraq. ADIB shares rose 3.2 per cent to Dh2.84 yesterday on the Abu Dhabi Securities Exchange.

“The financial sector in Iraq is one that has remained in the shadows against the global financial crisis,” Mr Qaragholi said.

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Asiacell Launches it's 'Bawe3 Zaen' Campaign

Showcasing its unique and competitive standing in the Iraqi telecom market, Asiacell – the largest private Iraqi company and the first and only m.obile telecommunications company to provide coverage for all of Iraq – announced the launch of its new ‘Bawe3 Zaen’ campaign, which highlights the distinctive privileges that Asiacell offers its subscribers through its services, and underlines the price differences of Asiacell’s services, which are charged in Iraqi dinar and on per-second basis.

Through the ‘Bawe3 Zaen’ campaign, which will continue to run until the 25th of May 2010, Asiacell encourages all Iraqis to carefully compare between Asiacell’s services and those that are being provided by other companies in the Iraqi telecom market in order to acquaint themselves with the benefits that Asiacell provides. The Iraqi public will be able to view the campaign’s advertisements in the visual, audio and printed media. The campaign further serves to promote healthy competition and greater productivity within the sector in order to bolster the telecom sector’s growth.

The launch of this campaign followed Asiacell’s announcement of its adoption of the per-second billing system in place of the per-minute billing system starting from the 10th of April 2010. The new per-second billing offer charges subscribers per second from the first second at a competitive billing rate of IQD 1/second. This offer sets Asiacell apart from other telecom companies in that it does not impose any additional fees on the first second of a call and allows subscribers to choose between subscribing to the per-minute billing offer and switching to the new per-second billing offer.

This campaign builds upon Asiacell’s overall success in the Iraqi market, particularly its decision in March 2010 to change the currency used in all its transactions from US dollar to Iraqi dinar, which is also applicable to and Asiacell’s prepaid recharge cards. This step reflects Asiacell’s sincere dedication to effectively contributing to the development of the Iraqi economy.

Asiacell is currently providing a number of privileges to its subscribers, such as keeping its subscribers’ prepaid recharge cards’ validity period unchanged when switching to Iraqi dinar. Asiacell is also the only company that does not charge its subscribers for checking their balance through dialing the designated number for this service, and enables subscribers to transfer credit at a minimal cost of only IQD 120. In addition, Asiacell offers prepaid lines at IQD 6,000 with IQD 3,500 as free credit.

Commenting on this step, Mr. Faruk Mustafa Rasool, Asiacell’s Chairman, said: “One defining feature that distinguishes us at Asiacell is our dedication to providing our subscribers with the latest telecom services and best offers possible. Not only do we aim to offer our subscribers comprehensive telecom services, we also strive to dedicate all our expertise to gaining an intimate and intuitive understanding of the Iraqi people’s needs and meeting them in accordance with the highest standards of quality and efficiency. It is also our aim to positively contribute to the development of the Iraqi economy despite the challenges that we face on the economic and security fronts. We believe in our ability, both as a company and as employees, to achieve our goal of helping build the new Iraq.”

http://www.iraq-businessnews.com/?p=2962

Zubaidi: budget 2010, were no security given priority for the first time after 2003 in favor of: The Central Bank started a project cooking up zeroes on the backburner

Said Bayan Jabor, the Minister of Finance, the budget this year did not give priority to security for the first time since 2003, but gave it to humans represented by the Ministries of Education and Higher Education and Scientific Research, human rights, environment, culture and the recent increased its budget by a growth rate of 40%.

While stressing the appearance of Mohammed Salih, adviser to the central bank raising project zeroes currency promoted by the government in 2007, "Itboukh Central Bank on the backburner" and expected to see the end of 2010 or early 2011 on the development project."

He denied Baqir Jabr Al-Zubaidi, Minister of Finance that the relationship between the Ministry and the Central Bank tense at the moment. He said Zubaidi's "world" that "the tension of the right of the relationship dates back to about 6 months after objection Central Bank Governor Sinan al-Shabibi my request and asked Prime Minister Nuri al-Maliki to issue money orders treasury stock (up to support the currency) to support power projects as the Bank Act does not allow using balance.

It promised that in that time, "we go back to the House of Representatives, which is linked to the Bank, but also rejected the letter and put in the budget law prevents the use of the reserve."

He said al-Zubaidi "We went back to the House of Representatives and took his consent using the money in the banks were the deposits of the country and the citizens of more than 10 billion dollars, we used 2.5 billion U.S. dollars, including Sentviha this year as stated in the text of the budget as we will use 2.5 billion again this year to Nsddha next year".

And variation in fiscal policy after the pre-2003-Zubaidi stressed the difference between the two targets, pointing out that new ones are "activating the work of banks and development, we have developed banks Mesopotamia and the rational and the real estate and agriculture.

The first two have received a report from the company brings Point Global Advisory after coming to the ministry in 2006, suggests a liquidating because of the debt of the former regime, after borrowing a commercial made them debtors of more than 13 000 creditor has refused to filter for many reasons, especially the presence of 14 000 families working Miloha in the branches of two banks".

Zubaidi says "For the real estate has found it to hang him from fully Vaguetrdhana Mesopotamia and the good of 200 million dinars, and regained his specialist, as we have lent to the agricultural in the 80 000 project in 2008."

He said the second objective of the new financial policy was "to improve tax policy has achieved a lot in this aspect and we would expect in 2010, tax revenues of 3 times what it was in 2008.

The third objective policy-making customs again, especially after the parliament's approval tariff law customs either the fourth goal from the basic is to increase state revenue. "Promised Zubaidi budget one objectives of the ministry, which is renewed each year, adding that the current year budget" did not give priority to security for the first time since 2003 but gave it to humans represented by the Ministries of Education and Higher Education and Scientific Research, human rights, environment, culture and the recent increased its budget by a growth rate of 40%."

On the other hand continue the central bank in fixing the exchange rate of the dinar against the dollar. On the feasibility of this policy conflict with the policy of economic reform, followed by Iraq since 2003, under which the installation is a departure from the principles of capitalism Judge freely liberalization of exchange rates.

He said the appearance of Mohammed Salih, adviser to the Central Bank said that "Iraq is in transition toward a market economy and the objectives of central bank action to achieve the stability of the dinar after it had been slumping a concern for the citizen."

In response to the central charge responsibility for the rise in inflation despite the policy followed by the installation.

Saleh said that "the Central is not interested in lower prices in the market, but is responsible for the overall level of prices, and inflation declined in the country and income for the first time arranged to one decimal place, a 6% after it had been 60% although it does not exist in the world series of price turned back, but the important thing is that be controlled by the price rises."

On the role of the current banking system and the possibility of its contribution to economic development between Saleh said that "the nature of the banking system inherited and 80% of the banking operations of the tributaries and good government, and 20% of the civil status of a province and its ability to open its contribution is limited.

We aim at the central banks to merge small and great, restructure Iraq and rational work on a market economy, a path is not easy.

The contribution of the banking sector in economic development is the function of institutional needs to be a great effort while the banking system reported since 1964, when banks were nationalized and entered into the problems of war at a time when private banks were not capable of development, now there is improvement in the banking system."

On the effects of global financial crisis on the Central emphasized in favor of that "The crisis did not affect the bank because the reserves were deposited in overseas banks safe for any adventure."

Regarding the fate of the project raise zeros from the currency promoted by the government in 2007, Saleh pointed out that "Itboukh Bank project on the backburner, and I expect to see the end of 2010 or early 2011 on the development project."

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Source: Iraqi government may resort to freeze Kuwaiti investments after booking the Iraqi plane in London

Thrills actions taken by the Kuwaiti government to seize the Iraqi plane bound for London has plenty of local reactions characterized by condemning the policy as Kuwait and the spirit of revenge, retaliation from Iraq without discrimination between the stages of the relationship between the two peoples.

The Ministry of Transport said in a statement received by the independent press agency copy of it yesterday, that the Kuwaiti authorities deliberately provocative way, to follow in dealing with the issue of reparations for Iraq's invasion. Foothold when the booking of the plane in Iraq.

He said Iraqi politician who preferred not to be named for security reasons he said it, the correspondent of the independent press (Iba) The Kuwaiti side in spite of Asthsalh amounts of compensation estimated at 40 billion dollars But he is still no pressure from the Kuwaiti side for the completion of the amounts estimated by the Compensation Committee of the United Nations.

The source said, that the volume of Kuwaiti investments in Iraq, billions of dollars, divided by sectors and a giant task, indicating that Kuwaiti companies from more companies take advantage of the U.S. invasion of Iraq. The U.S. military is directly dependent on the logistical support to the Kuwaiti companies in all areas and that the primitive means of Cleaning And feeding to the transfer of equipment and construction of facilities, most important of the giant building the U.S. embassy in Baghdad.

The source revealed that there is considerable resentment within the corridors of Iraqi politics, might lead to stenosis of the Kuwaiti investments in Iraq or even important to them to freeze until the completion of a compensation, which is regarded by many interested in the war on Iraq with a knife in the side of the people of Iraq.

And the Iraqi people to bear responsibility for the Kuwaiti side of solidarity with the rest of the countries that invaded Iraq and the destruction of their future social, economic and political, which has resulted in varying periods between the Kuwaiti side of the claim for damages of up to thousands of billions of dollars to facilitate the task of the sweep.

Almost a year ago from now, there was a crisis raging between Iraq's parliament and Kuwait's parliament on the back of the urgency of non-settlement of Iraq's debts arising from his trust and the international legal prosecution by the Kuwaiti authorities on the origins of the Iraqi state. Including the freezing of a deal to buy a Canadian aircraft for the Iraqi side.

On previous occasions, criticized the international bodies hardline policy towards Iraq, Kuwait, which led to the movement of an Iraqi diplomat to lift the restrictions of Chapter VII which set by the UN on Iraq, but the efforts of all of Iraq is a failure.

The question remains important on this occasion, where the relationship will end the Iraq-Kuwait after that provocative step taken by the Kuwaiti authorities against Iraqi aircraft.

http://www.ipairaq.com/index.php?nam...itics&id=24526