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

"Iraqi currency needs radical reforms that commensurate with location of the country," economist says

The Iraqi situation needs radical reforms in the coming period, in line with foreign currency to support the local market, the oil situation and economic development in the country," an Iraqi economic expert said on Saturday.

"The next stage requires activating the role of the government to make radical reforms to the issue of financial currency and how it fits with the value of foreign currencies, particularly the euro and the role in moving the Iraqi market," Ali Kahiachi said.

"Iraq has been unable during the last period to reinstate the currency to its position in the global market because of the confused economic situation in the country," he added.

Changing the currency in Iraq is related to the political situation and other major changes. When the Iraqi state was founded in 1921 a new currency for the Iraqi Kingdom was printed and continued until July 14,1958, after the announcement of the Republican system and the currency was replaced by the Republic currency; and after the fall of the former regime in 2003, the currency was changed and it is dealt now in the market.

The current currency suffers from inflation in the money supply, and this promoted to economic experts to ask the Iraqi government to make reforms and organization, particularly eliminating the zeros to reduce the amounts of money found.

"It is not easy to make real reforms in the value of the Iraqi dinar, but it also possible to put development strategy to change the situation of the Iraqi currency," Kahiachi said.

"The Iraqi economy could be much better than neighboring states, but it is inaproportionate to its oil situation," explaining that "the Iraqi currency trading can't be improved except after the deletion of the zeros to reduce the huge money amounts," he suggested.

The Central Bank of Iraq excluded recently deleting the zeros of the currency in 2011, stressing that this is linked to the extent of stabilizing in the economic situation in the country, at a time when the numbers indicate that the Iraqi currency is amounting to more than 27 trillion (t) dinars in 2010.

The Central Bank of Iraq (CBI) in Baghdad has four branches in Basra, Sulaimaniyah, Erbil and Mosul, and was founded as an independent Iraqi bank, and according to the law of the Central Bank of Iraq, issued on March 6, 2004, it will be responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, management of foreign reserves and the issuance and management of currency, as well as regulating the banking sector.

http://www.aknews.com/en/aknews/2/150128/

Bank of Iraq: the work of the bank's branch in Mashkhab will continue after the completion of the circumstances of the robbery

A source at the Bank of Iraq that the work of the bank's branch in the Mishkhab southern province of Najaf will continue after the completion of the circumstances of the robbery, which suffered last Thursday. The source (of the Agency by news) said on Sunday that the robbery does not mean the abolition of branch Bank in the province, but to stop operations until the disclosure involved in the crime. He said there is coordination at a high level of responsibility between the security agencies to maintain existing knowledge of the crime. "There is no confusion in the work of other branches of the bank in the province.The armed group has hijacked after midnight last Thursday on the Rafidain Bank in Mishkhab area south of the province, and managed to steal about six billion Kuwaiti dinars (about five million dollars) from the treasury. This transaction is the third of its kind to be exposed branches of the bank operations burglary and theft of all their funds.

http://www.ikhnews.com/go_ar.php?id=1275213314

The United Nations: we want the Security Council support to stay in Iraq after U.S. withdrawal

Announced that the United Nations Mission in Iraq, that the withdrawal of U.S. troops from Iraq in the coming period will affect the security on the body's ability to provide protection to its employees in Iraq, while some expressed the hope that the support members of the UN Security Council mission to the survival of the international organization after a U.S. withdrawal.

The head of the United Nations Mission Ed Melkert in a report to the UN Security Council in the twenty-fifth of the month of May to discuss the latest developments in Iraq said "the withdrawal of U.S. troops from Iraq will affect the body's ability to provide sufficient protection for their employees," noting that "processing forces Iraq to protect United Nations staff fully takes some time". The Mleckert that "this requires a range of options during the period following the withdrawal of U.S. forces including the development of capabilities of the United Nation's own and greater reliance on internal security forces of Iraq are progressive and seek the support of the United Nations to increase the elements of its contingent in Iraq," noting that b "possible to use some other security expertise".

The U.S. forces in Iraq withdrew by the end of the month of June in 2009 From all Iraqi cities, and handed over the security file, where the Iraqi security apparatus, under the sofa signed between Baghdad and Washington in 2008, and provides terms of the agreement to hand over all military bases of the U.S. military and the NATO mission according to a schedule expires at the end of 2011, The Convention also reduce the number of U.S. forces in the month of August next to some 50 thousand U.S. troops.

He noted the President of the United Nations Mission in Iraq to "work currently underway to build a new international organization in Baghdad, after presentation by the Iraqi government to provide land and pay an initial contribution of 25 million dollars for 50% of the shares", expressing at the same time hoped to "support the members of the Security Council to continue and represent the United Nations in Iraq after U.S. withdrawal". Melkert emphasized that "the alternative would be to reduce the representation, which will lead to negative consequences at a time when we still have major tasks to achieve in Iraq".

http://alforattv.net/index.php?show=...ticle&id=45584

Al-Bayati: Maliki, speaking on behalf of the state of law, there are three to five candidates will compete for the post of prime minister

Mohammed al-Bayati said the leader of the «Islamic Supreme Council» for »life» that «al-Maliki, called the rule of law, did not speak spokesman coalitions.

And that there are between three to five candidates will compete for the prime minister told a committee of wise men, composed of 14 members and that the most likely candidate would get the 80 percent of the votes of members of the committee and it will be the final candidate who will introduce the masses to accept it.

The al-Bayati said «House is who will say the final word on the candidate for prime minister because it would require a vote of 164 deputies out of 325 members of the Council to approve the nomination before his form the next government».

He explained that «Maliki's nomination is not a feature of legal at the moment, unless it passes these stages and reach the House of Representatives».

Said that «the remaining term of the Council of Representatives of not more than two weeks, and that the coalitions are called upon to settle the candidate for prime minister and submitted to the Council when it convenes» explaining that «the resolution of the candidate in a way compatibility between blocs of coalition rule of law and the National Coalition would not be necessary for the Committee of Wise Men convening and voting on candidates.

The leader Qusay al-Suhail «Sadr» and a member of the Committee of Elders tasked with choosing the candidate for prime minister, said «all the candidates put up on the table, and to predict the victory of any of them premature before Altswight the names put forward by the Commission».

The Suhail said «Delays in convening the Committee of Wise Men coalitions due to the desire to reach a compromise candidate without a vote in the Committee, and that in the absence of this requirement will be used to the Committee of Elders to resolve the matter».

He acknowledged that al-Suhail «delay ratification of the election results was one of the reasons that led to political inaction and lack of serious action during the debates over the candidate for prime minister».


http://www.baghdadtimes.net/Arabic/index.php?sid=61582

Lufthansa to resume Baghdad flights after 20 years
Deutsche Lufthansa, Europe’s second-biggest carrier, will restart regular service to Baghdad, the first of the western European and U.S. carriers to resume flights to the Iraqi capital.

The airline will serve Baghdad from Munich beginning Sept. 30, following a 20-year break, as economic growth attracts customers to the former war-ridden country, Cologne-based Lufthansa said in a statement on Friday. A Boeing 737 operated by Switzerland-based PrivatAir on Lufthansa’s behalf will offer four weekly flights, it said.

The carrier offered Baghdad flights between 1956 and 1990, when it stopped service because of the first Gulf War, during which a U.S.-led army pushed Iraq’s forces out of neighboring Kuwait. The Middle Eastern nation aims to double oil production and lift revenue from crude sales by 60 percent in the coming four years even as it struggles to find a government that’s acceptable to all its major ethnic and religious groups.

“Even if Iraq doesn’t seem like a very attractive destination at the moment, in the long run Lufthansa is doing the right thing,” said Juergen Pieper, an analyst at Bankhaus Metzler in Frankfurt, who recommends investors “buy” the shares. “It’s also an expression of the historically good relationship between Germany and the Arab states, which take such positive signals very seriously.”

Lufthansa transported 1.56 million passengers on routes to the Middle East and Africa in the four months through April, up 41 percent from a year earlier, according to the company’s website. The airline started service to Erbil in northern Iraq last month from its Frankfurt hub. Lufthansa’s Austrian Airlines unit has also offered flights there from Vienna since 2006.

“Against the backdrop of the economic recovery and as foreign companies establish themselves in the country, there is growing demand for flights to Iraq,” Lufthansa said in the statement.

Turk Hava Yollari AO, also known as Turkish Airlines, became the first carrier in Europe to resume Baghdad flights to in October 2008. The airline is offering one daily connection, according to its website. Bahrain-based Gulf Air began serving the Iraqi capital in September, while Abu Dhabi-owned Etihad Airways followed last month. Both airlines operate five flights there a week, according to their websites.

British Airways Plc isn’t currently planning to fly to Iraq, while Air France-KLM Group is looking at whether serving the country would make sense, spokesmen at both companies said. Lufthansa’s decision may put pressure on other European airlines to follow suit, Pieper said.

http://www.arabianbusiness.com/58927...after-20-years-

Oil intends to establish a third auction on a number of fields when there are three companies interested in develop

Oil Ministry intends to establish a third auction on a number of large oil fields such as Kirkuk and east of Baghdad.

Said Oil Minister Hussain al-Shahristani said Iraq might establish a third round of bidding on more oil fields that have been raised previously but were not awarded and that if there was at least three companies interested in developing.

Shahristani said that a final agreement for a joint gas venture with Royal Shell Dac will be forwarded to the Cabinet for approval today or early next week after having been approved by the Committee on Energy in the Council.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-05-28

Hill: Washington did not discuss maintaining some of its troops in Iraq as part of the NATO mission

According to the U.S. ambassador to Iraq, Christopher Hill, said his Government had not been discussed so far is to maintain some of its troops in Iraq within the NATO mission after the complete withdrawal from the end of 2011.

Hill said in a statement Sunday that his country had not yet discussed this issue, but it was considered a relationship of NATO with the Iraqi government after the withdrawal of U.S. troops from Iraq that is positive.

The U.S. ambassador to the mission of NATO forces in Iraq have a separate agreement on the Convention, which entered into by us with the Iraqi government, and includes an agreement to train and equip Iraqi security forces.

The Governments of the United States and Iraq signed a security agreement in 2008 which sets rules and requirements that regulate the temporary presence of U.S. military forces in Iraq, activities, and withdrawal from Iraq.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-05-30

Association of Iraqi banks: official entities exercise restrictions on the private banking sector

said Director of the Association of Banks of Iraq Abdul Aziz al-Hassoun said there were attempts to hit the private banking sector and the official authorities are trying to crack down on private banks.

Hassoun said in connection with the Agency for the independent press (Iba) we are surprised by officials from the Ministry of Finance about the inefficiency of the private banking sector and try to crush it by preventing the government departments dealing with private banks.

This came following the announcement of the arrest of Hassan Kubba, Director of the National Bank of Basra by the Integrity Commission on charges of embezzling huge amounts of money in the form of loans from the Bank of Mesopotamia.

Hassoun said that it is cruelty that we call our conclusions on this issue without waiting for the results of the investigation because the topic is sensitive and is currently private actors to treat it.

And the director of an association of private banks, the private banking sector exposed to narrow, noting that a lot of government departments and developed signs of rejection of the acceptance of letters of guarantee of private banks or instruments issued by it despite the fact that private banking institutions licensed by the Central Bank of Iraq.

He stressed Hassoun that he must bear in mind that the Iraqi banking system, whether public, private and one is working under the supervision of the central bank, noting that the private banks has come under an unprecedented onslaught after I got to a good level and have achieved many positive results.

http://www.ipairaq.com/index.php?nam...onomy&id=25929

United Nations warns of economic reality in Iraq

Invited the United Nations Mission in Iraq to share Iraq's oil revenues throughout Iraq, including the Kurdistan region of Iraq and Kirkuk, Al-Hayat at the same time a gap in all economic spheres in the country and limited in reconstruction projects, warning of the possibility that undermine democratic gains achieved "if the current situation has not changed."

And correspondent (Iraqi News Agency Information / INA) of the President of the United Nations Mission in Iraq Ad Melkert told him that he said in his report to the UN Security Council in the twenty-fifth of the month of May to discuss the latest developments in Iraq, said that "the United Nations recommends that all parties to focus on sharing oil revenues throughout Iraq, including the Kurdistan region of Iraq, Kirkuk and to take adequate steps in this regard to resolve the country's economic problems."

He Mleckert in his report that "the Iraqi economy is facing the challenge of translating the high expectations on the progress made at the political, security and convert it into economic growth, thus creating job opportunities contribute to improving the living conditions of Iraqi citizens drastically," pointing to "a deficit in all fields of economic the country."

The obverse regretted that "projects of reconstruction and rehabilitation in the majority of cases was limited, as well as not paying social priorities adequate attention after the parliamentary elections," warned of "the potential to undermine the gains made in strengthening democracy in Iraq if the situation does not change the current".

He noted the President of the United Nations Mission in Iraq that "the signing of an international organization to deal with the Iraqi government aims to promote the building of the Iraqi state in various fields during the next five years."

http://al-iraqnews.net/new/economic-news/11267.html

Tarek war: the ratification of the election results before the Federal Court was given to the legitimacy of the results of this

Legal expert said Tariq Harb that "the ratification of the election results by the Federal Court gave legitimacy to these results, a final form."

He said the war in a telephone conversation with That "the ball now moved from the stadium elimination in the court of Presidency of the Republic and the Presidency Council issued a presidential decree include a call to convene a first meeting of Iraqi Council of Representatives of the new meeting in the coming hours or days ahead provided that the delayed call more than fifteen days."

"The first meeting will be chaired by the oldest member, a good top as the largest elected members of this meeting are not limited to repeating the oath of office in the presence of the representative of the Supreme Judicial Council and then will be open for nomination for the House Speaker and his deputies only."

He indicated that "no Parliament may debate the law or legislation law, or the like in the first session of the parliament and remains an open meeting until the election of the President of the Parliament and therefore, this election would be in a single package is to choose the speaker of parliament and the Republic and the Prime Minister."

He pointed out that "we do not have the so-called blocks, winning that has fifty percent, but all blocks non-winner and the highest mass achieved rate (27%) of the vote, the Iraqi List, which will be compatibility between the blocs to form a government coalition is (164) seats."

And the non-ratification of the Federal Court on a single candidate of the Iraqi and one from the National Coalition, said that the war "not to ratify the Hola will not affect anything Vaerakip replaced Omar Abdul-Sattar al-Karbouli, another person also did the coalition and its candidate substitute another.

http://al-iraqnews.net/new/political-news/11405.html