Thread: Archive News - Iraqi Dinar Think Tank - 22/06/2010 - 04/10/2010

Building a bank of 600 under the hammer of security threat

Concluded , bankers and businessmen Iraqis that the attacks on the recent building of the Iraqi Central Bank and the Trade Bank of Iraq in Baghdad, which claimed the lives of those killed and injured in addition to the destruction of important parts of the buildings banks, imposed a new reality on the banking and financial sectors require an examination of the results and draw lessons from it so as to provide Required level of protection required for employees of banks, both governmental and civil assets or cash after being targeted as dangerous , and that any laxity in this context would lead to very negative effects on the future of the whole sector.

The figures derived from the reports of Iraqi banks stating that the very large sums are spent on the side of protection required for banks and secure from any terrorist attempts or theft, and these amounts are deducted from the resources sector, which constitute the outcome of an industry, and are therefore considered part of the profits of shareholders in relation to the private banks. Attention is chairman of the Bank of the UNESCO International Wadi Nuri al-Handal told the «weekly» that «More than 150 billion Iraqi dinars (about 140 million dollars) were paid for by the budget of private banks in less than two years for the security side and the pensions of thousands of guards who Guarding premises of the main branches and subsidiary banks to capacity, which increases the number of branches from 600 buildings spread across the provinces, along with numbers doubling from the premises of State-owned banks, which calls for discussion also on the mechanism is under the protection of a cluster of large cash travels daily between banks, government and private self And between them and the Iraqi Central Bank, in anticipation of robberies already experienced bus transfer money of the banks en route to perform their duties.»

Transport Company
He was previously the Association of Iraqi private banks, which account for more than thirty banks, civil strife, increasing the total capitalization of 2 billion dollars that examined the issue of establishing a private company to transfer money and the other to protect the banks, the Association submitted a feasibility study on the two companies proposed, but the effort did not take a range of Required despite the increased security difficulties which beset the country, despite repeated theft and robbery, whether in Baghdad or in the provinces. And the transfer of the Executive Director of the Association of Abdul Aziz al- Hassoun, saying that the security situation exceptional experienced by the banks, casting a dark shadow on the performance of the whole sector, and makes it bound concerns continue to prevent enables its affiliates to operate in the atmosphere of help giving and giving, so that investment and economic activity need to be climate An attractive and secure at the same time.

Stagnation of a bank
The special conditions faced by Iraqi banks, especially the security side led to a recession in banking in the overall effectiveness, and increased the difficulties of this situation is found to form a government despite the move more than 100 days after the legislative elections that took place early March (CAIR), and The economic recession that spread to the country was the first victims of the banking sector.

Despite calls by banks, citizens, investors and owners of capital projects, both industrial, agricultural and businesses to benefit from the opportunities for loans and banking facilities granted by banks to them, but that the case refers to the general reluctance in this context due to lower labor market in Iraq, low productivity, and thus the inability To repay loans, and the unemployment which is estimated at about 35 percent helped the sense of frustration among the citizens.

Although some economic reforms that have been adopted in recent years has contributed to some extent in developing the work of the banking system and its role in financing and credit creation, but such reforms itself, due to the shortage and lack of strategic vision, had a negative impact with regard to expanding segment of the poor in the country Elements in terms of lack of treatment for their situation public.

Conditions of this society and put the banking sector in the development is unable to overcome crises, and perhaps talk here is difficult when we find that the risks to the Iraqi banks than the subject of security challenges to other aspects of irregularities sector parallel to the banks, is the companies banking and finance financial undertaking domestic transfers and external And banking and the transfer of cash, some of which are outside the official framework without the required control.

Point should be casting light on the overall situation of the banking sector and the relevance of the strategy devised for the development and recovery from crises that threaten the present and future, as well as the grave dangers which may be incurred if it is to overlook the causes of such crises and how to address them.

http://www.alesbuyia.com/inp/view.asp?ID=14010

Shahristani: view the eight power stations to invest

Iraqi Minister of Electricity and agency Hussain al-Shahristani said his ministry will be eight power stations distributed throughout Iraq for investment.

Shahristani said in a press statement that this was in accordance with the ministry's program to lift production capacity of electricity through the activation of the role investment.

He noted that the eight stations had offered for investment under the investment law, which allows each ministry to activate this law in order to promote sects with service . .

Shahristani said that these stations were stations in the province of Kirkuk, as in the province of Basra, one station in each of the Dhi Qar , Maysan and Muthanna and Diwaniya.

http://www.ipairaq.com/index.php?nam...onomy&id=27578

Economist : Iraqi politicians "paralyzing" the economic movement in the country

The Iraqi economic expert, on Friday, said the delay in forming a government of its negative effects on the Iraqi economy and was the cause of decline in the economic process in the country since the beginning of this year.

The economist said Bassem Jamil Antoine told the Kurdistan News (Akaniwz) "There is a noticeable decline in the Iraqi economy since the beginning of 2010 due to the unstable situation that Iraq is going through," noting that "the delay in forming a government has had a negative effect paralyzed the general situation of economic and commercial And agriculture."

He explained that "the conflict between the political blocs reflected negatively on the investors, especially foreigners due to the absence of one economic strategy that will work with the next government."

Antoine pointed out that "the political and economic conceptualized together, "noting that" delay in economic decision-making by the government and those responsible for the economic process in the country is the main factor behind the slowdown in investment during the past few months."

The Iraqi government has succeeded over the past years through the International Monetary Fund to put off the debt owed by Iraq of all European Union countries remained not only the State of Kuwait, which is holding the file of financial compensation deducted by 5 % of Iraqi oil source.

http://www.aknews.com/ar/aknews/2/162740/

The Ministry of Oil: leak me. my projects will not affect Iraq

Oil minister said Saturday he did not expect to affect a large oil spill from a well for BP . me in the Gulf of Mexico on current or planned projects to develop giant oil fields in Iraq. It was me. my vowed to pay compensation to those affected by the worst oil spill in U.S. history, and committed themselves to fund worth 20 billion dollars to cover the expenses of cleaning and other costs resulting from the leakage.

The costs so far exceeded three billion dollars, while fueled the company's financial troubles sparked speculation of takeover bids. Says me. me it would invest about 15 billion dollars for the development of Rumaila largest Iraqi oil fields, which is shared by CNN. that me. C- Chinese, in order to boost output to 2.85 million bpd from around 1.066 million bpd.'s.

Oil minister Hussain al-Shahristani told Reuters on Saturday, "do not expect that to affect the problem faced by me. on my work in Iraq either now or in the future."

"We are very satisfied with my performance. Rumaila me in the development and pace of work (in the Rumaila) is on full swing, and according to the plan that we agreed with the company."

And Tony Hayward, chairman of BNP. me on Wednesday met with the investment fund, the Abu Dhabi government in a bid to raise cash in order to avoid possible acquisitions and to help pay for the oil spill. He said al-Shahristani also said that the Iraqi Oil Ministry is moving ahead with legal proceedings to establish a joint venture on behalf of the Gas Company Dac Basra with Royal Shell and Mitsubishi of Japan to raise the gas is flared in the southern oil fields. He said he could not comment on the date of signing the final contract for the deal, valued at billions of dollars after the approval of the Council of Ministers last month. The minister said, "are now taking legal action necessary to establish a joint venture do not know how long I can not fully satisfied the procedures to set out when we will sign the final contract."

http://alforattv.net/index.php?show=...ticle&id=46707

Association : private banks will charge high interest against the mortgage lending

Chairman of the Association of Iraqi banks Abdul Aziz Hassoun that private banks are unable to provide mortgage lending to finance housing projects for the citizens, and provided that loans Vsttkady against which the benefits are high.

He said Hassoun in contact with the Agency for the independent press (Iba) that the cluster of cash for the private banks deposits derived from the public, which had the merit of being short-term, while the real estate finance needs to provide a long-term loans more than 10 years.

The economic circles to the entry of private banks in the area of real estate development through the provision of loans to citizens and support construction projects, which raised questions about the size of the benefits of these loans.

And many observers have criticized the economic policy of the Iraqi Central Bank of Iraq to use the iron fist in dealing with the value of the Iraqi dinar and the failure to reduce the interest rate and lack of flexibility on its policy Tnafarha with monetary and fiscal policy of the government, which reflected negatively on the economic reality in Iraq.

Hassoun pointed out that private banks give remunerative interest rate to depositors of up to 10 % and therefore will charge a higher interest rate for loans That can be provided to the public.

Iraq is gripped by a housing deficit estimated at up to 3 million housing units can not the government filled, which led to turn to the private sector and private banks to provide liquidity for these projects in light of growing population growth, especially that the country has not seen any residential project widely over the past three decades.

He pointed out that Hassoun increase the capital of private banks will inevitably enter the banking sector in the field of real estate development He stressed the need for coordination with the Investment Authority to create the laws and requirements and facilities in this regard.

http://www.ipairaq.com/index.php?nam...onomy&id=27595

Saudi firm eyes oil, gas investments in Iraq, Qatar
Saudi industrialisation and energy services company Taqa is considering investing $1.6bn in pipelines and $133m in offshore platforms in Qatar and Iraq, an Arabic newspaper said on Friday.

Officials from Taqa told the Saudi-owned daily Asharq Al Awsat they were considering investing in the gas industry in Qatar and the oil industry in Iraq by building platforms and pipelines for companies already working in the two countries.

Taqa, 40 percent owned by the Saudi government, said it has already invested 500 million riyals ($133.3 million) in offshore oil and gas platforms in Saudi Arabia.

Officials said interest has increased since one of the company's main partners, the Italian oilfields services company Saipem, won a $10 billion contract to develop fields in southern Iraq.

http://www.arabianbusiness.com/59238...-in-iraq-qatar

National Alliance to convene a meeting to solve the dilemma of the nomination for prime minister

Exclusion of the resumption of the open meeting, Tuesday, .. And attempts to agree on naming my presidency, parliament and the Republic.

National Alliance held the next few hours meeting to resolve the dilemmas that accompanied the internal negotiations to choose a candidate for prime minister, with politicians ruled out the resumption of the parliamentary session after the open on Tuesday, revealed a source familiar with the movements determined to agree on naming my presidency, parliament and the republic.

The source asked not to be named for »Sabah» that «the move comes in order to settle the political crisis and step forward through the designation of my presidency, parliament and the Republic at the current stage and leave the choice of prime minister how long the next few».

The source pointed out that «an important meeting was expected to take place yesterday between the state of law and national levels has been postponed to resolve the issue of selecting the candidate for prime minister in the light of the position of the National Coalition Conservatives to re-nominate the leader of the rule of law for prime minister again, and is expected to be held today or tomorrow to invest time Such as the parliament session to determine the attitude to the outstanding issues in the National Alliance, particularly the question of choosing its candidate for prime minister».

Other sources told the «morning» that «the candidates, to take over my presidency and the parliament of the Republic will be confined to blocks of coalition rule of law and the National Coalition and the Kurdistan Alliance in the event of deputies decided to proceed with the convening of the meeting and a quorum».

Could not be verified on the extent to verify the possibility of such proposals because of «the sensitive situation and the absence of definitive agreements between the political blocs on the issue of nomination of candidates or blocks that will be of such places», according to confirmed for «morning» number of members of parliamentary blocs.

As a member of the National Coalition Sheikh Humaid Maaleh has hinted in a statement «morning» at the possibility of failure to attend some of the parliamentary blocs to the Parliament next Tuesday, which leads to lack of quorum and therefore did not take action on the deadline for the election of the three presidencies», indicating that the To take such a step would have a negative impact in the political process necessary to see a commitment to constitutional deadlines by all blocks». Ruled out as leader of the Kurdistan Alliance Mahmoud Othman, get agreement on the nomination of candidates for parliament and chair of the Republic's failure to agree on naming the prime minister.

Osman said in a telephone interview with »morning », it is difficult to resolve the issue of choosing a major parliamentary Republic, if there is no agreement on the three presidencies, then it is linked to resolving the prime minister», likely not to hold a session of parliament due to disagreements among the political blocs on the distribution of positions, as well as Report of Representatives not to the date of the meeting until now».

Osman stressed the commitment of the Kurdish bloc's nomination by President Jalal Talabani for a second term because of the desire by most of the political blocs to assuming the presidency again.

In the meantime, U.S. Ambassador to Iraq Christopher Hill told a news conference held yesterday and attended by the representative of the (morning) Omar Abdel- Latif : The «United States of America wish that the Iraqi government is formed quickly».

Hill reiterated that Washington does not favor a certain candidate to head the next government, but want to be there the Government of national partnership.

http://www.alsabaah.com/paper.php?so...age&sid=105476

Finance stresses the importance of a branch of the World Bank in the country

Finance Minister Baqir Jabr Al-Zubaidi importance of opening branch of the World Bank's Iraq in order to promote confidence and the relationship between the parties, and creating a predictable environment to support investment and entry of firms into the country.

A statement issued by the Information Office at the Ministry of Finance, the minister stressed during his meeting yesterday with the first U.S. delegation led by Assistant U.S. Treasury Secretary Charles Cullen on «the economic successes that have been made in Iraq was the result of strong and sustained effort of the Ministry of Finance in formulating and implementing fiscal policy that has been growing» Large »in the national economy.

He said Zubaidi «that Iraq has made significant progress in the relationship with the International Monetary Fund and the Convention chock SBA, as it was received 400 million dollars of the loan of 3.8 billion dollars over two years, and the discussions with the Fund for the period from 13 July 17 under for the down payment The second loan, amounting to 475 million dollars.

The minister reviewed with the visiting delegation strategy budget for the years 2011 and 2012 and 2013, which sets for the first time in Iraq to develop strategy and clear for the phased reduction of the deficit in the budget of Iraq Federal these years and limiting the benefits of highest production for oil to preserve the gains security and economic achievements of the country.

On his part.

Said Assistant U.S. Treasury Secretary's commitment to his government's effective support for Iraq to continue to support the efforts of economic reform in the areas of financial management and the financial market to promote economic growth and prosperity.

The delegation included the U.S. Director of the Office for International Economics in the Middle East and North Africa, the U.S. Treasury and a number of aides and Treasury Department at the U.S. Embassy.

http://www.alsabaah.com/paper.php?so...age&sid=105439

Lukoil waived for developing the West Qurna field

Said Lukoil, Russia's energy in the data published local newspapers on Sunday it had launched tenders for the work in Phase II development of West Qurna, Iraq's giant.

And opened Lukoil - which won with its partner the Norwegian Statoil contract to develop the field - the door to bid for contracts for the design, engineering and management of the establishment of location of wells and roads. The company said in a statement that the deadline for submission of bids is July 27.

Said in another statement, it also called for companies to bid to oversee the three-dimensional seismic survey of the field and identified the first of August as the deadline for submitting offers.

Concluded Lukoil , Statoil signed an agreement for a period of 20 years to develop the second phase of West Qurna field in southern Iraq, which reserves of 12.9 billion barrels during the tender in December. And vowing to enhance production to 1.8 million barrels per day.

A senior official in Statoil said in April that the production of the West Qurna field will be 120 thousand barrels per day in 2012.

http://www.uragency.net/index.php?aa=news&id22=9278

Government report to the UN Security Council on the Development Fund for Iraq

Began an official delegation to visit New York to participate in the UN Security Council meeting scheduled for today, to discuss the issue of the Development Fund for Iraq.

Statement issued by the Office of Financial Supervision said that the Chief of Staff Abdel Basset Turki, the Chairman of the Committee of Experts of Iraqis and his accompanying delegation left Baghdad for New York to attend the meeting of the Security Council to discuss the Government's report on the progress made in implementing the Action Plan on the arrangement of the Development Fund for Iraq pursuant to Security Council resolution No. 1905 to 2009 and the financial and administrative control on the Development Fund for Iraq.

It is scheduled to hold a UN Security Council on Monday a special session to discuss the issue of the Development Fund for Iraq, after Baghdad's decision to keep the fund under a different name. He told Iraq's Ambassador to the United Nations, Hamid al-Bayati of the Security Council last week that Baghdad has decided to maintain the Development Fund for Iraq in the Treasury U.S. federal with The existence of immunity of the United Nations Fund, which protect against creditors or debt, which was to expire on December 31 next.

And the statement that the International Council for Control and advice (IAMB) was established to oversee the revenues and expenditures of public funds of Iraq from the production and export of oil and petroleum products deposited in the account opened in the Federal Reserve Bank in New York on behalf of the Development Fund for Iraq (DFI), where he was granted this account immunity from international Shall not be liable to seizure or confiscation as a result of decisions of international tribunals, noting that he has been to establish a committee of financial experts, the Iraqis in April 1, 2007 to work together with advice and oversight.

The statement added that «the Council of the International Advisory and Monitoring Board, admitted during the past three years through the records of meetings and statements to the press efficiently to the Committee of Financial Experts and their ability to replace the Board in monitoring the Development Fund for Iraq», as the resolution 1905 in December 2009 included a request to the UN Security Council The government's finding an alternative mechanism for the transition of the Council of advice and monitoring to the Iraqi Committee of Financial Experts».

As was also, and according to the statement «presentation and discussion of the circumstances that can cope with the transition from the Development Fund for Iraq to an alternative system, which may expose Iraqi funds to the loss of international immunity and thus into custody, in addition to discussing the government's efforts to settle the debt owed by Iraq during the period of The former regime and its successes with the Paris Club countries to reach a settlement of over 51 billion dollars of total debt, also reached with creditor countries outside the Paris Club to adjustments in accordance with conditions similar to Paris Club countries with the exception of 13 countries including the GCC and confirmation of the Government of Iraq's commitment to resolve the full Debt and demands inherited from the former regime and resolve and address». It is said that UN Secretary-General Ban Ki-moon announced last Friday that the Development Fund for Iraq will remain in the Fed (U.S. central bank) in New York beyond the end of this year.

Moon said in the second quarterly report for the current year to the Security Council will also be the same mechanism and arrangements currently in place in the management of the Fund, including the allocation of five percent of oil revenues to the Compensation Fund.

He also said : "The government of Iraq has received assurances from the Federal Reserve Board in New York to continue the current mechanism to the Development Fund for Iraq beyond December 31, 2010."

http://www.alsabaah.com/paper.php?so...age&sid=105524