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

Originally Posted by Seaview

'Al-Qaeda’ wages war against Iraqi banks

Iraq’s al-Qaeda group is said to be directing its deadly and bloody car and suicide bombings against Iraqi banks.

In one week, attacks blamed on the group killed at least 35 people and injured scores as its suicide bombers are said to have targeted a state-owned bank and a private bank.

The first attack targeting the Central Bank on June 13 brought most of Baghdad to a standstill.

The government has blamed the daring attack in which at least 26 people were killed on Qaeda operatives despite allegations that Iraqi security personnel were involved.

There was heavy gunfire and plumes of smoke rose over Baghdad skyline but none of the attackers was killed or captured. Iraqi security forces had cordoned the area and stormed the bank.

A twin suicide bombing on June 21 targeted Iraq’s commercial bank. At least nine people were killed and many others wounded.

It is not clear why the latest attacks have banks as their major targets and why would Qaeda shift attention to the country’s financial institutions.

Iraqi troops and bodyguards assigned to protect senior politicians have previously been implicated in such attacks in which millions of dollars were stolen.

http://www.azzaman.com/english/index...06-21\kurd.htm

That no attackers were killed or captured should tell you something about the security!

International banks eye Iraqi market

BAGHDAD - Iraq is in talks with six or seven foreign banks interested in entering the Iraqi market, despite insurgent attacks against financial institutions such as the central bank, the bank's governor said on Wednesday.

Central Bank Governor Sinan al-Shibibi told Reuters that the central bank's policy interest rate, now at 6 percent, was appropriate for the time being and in line with core inflation, which was holding steady at 3 percent in June. "There are some foreign banks who have interest to join forces with domestic banks and we are actually negotiating with a lot of them ... There are applications for licences," he said in an interview conducted in English.

"There are banks from the Gulf and I think two to three from Europe; I think six to seven (banks) is quite a good number." He did not name them.

Among those lenders who submitted applications to operate in Iraq are Iranian and Lebanese lenders, Waleed Eedi, acting director-general of banking supervision, said in a news conference later on Wednesday.

Suicide bombers and gunmen stormed the central bank earlier this month, killing 18 people, and fought a 1-1/2 hour gunbattle with security forces. A second suicide attack took place last Sunday against the Trade Bank of Iraq.

But Shibibi shrugged off concerns that a fragile security situation and a delay in forming a new government after March elections would deter foreign investment.

"These are very long-term objectives; I think it is not going to affect investment decisions," he said.

The central bank cut its key policy rate by 100 basis points to 6 percent in April in reaction to subdued inflation.

Shibibi declined to say if the central bank is likely to adjust interest rates further this year.

"(The interest rate) tallies with inflation very well now ... I think the level of inflation is quite good, and we don't actually anticipate any changes of monetary policy in (coming) months," he said.

Iraq's official interest rate is more of a guide to bank rates than a direct monetary mechanism, as the banking sector is small and capital markets are underdeveloped.
Iraq's formal economy, as it pulls out of years of sectarian carnage that followed the 2003 U.S.-led invasion, is dominated by the oil sector.

The governor did not expect the country's budget deficit to widen in 2010 as oil prices, which traded around $76 a barrel on Wednesday, were not that far from Iraq's budget estimate, adding the Iraqi budget outlook was "more or less" stable on the back of the recent rise in oil prices.

"But I think there will be more demand for development projects ... because of the fact that you had some kind of political instability and election, so a lot of the implementation did not go through," he said.

"Probably there will be a drive for implementation of projects, and this will exert some pressure on the budget," he said.

Iraq's cabinet approved a 2010 budget of 78.73 trillion Iraqi dinars based on an oil price of $62 per barrel, entailing a budget deficit of 17.95 trillion dinars.

The central bank governor also said he did not expect any major disruption to the country's economy from the current political wrangling and delay in forming a government.

The Iraqi economy, driven mainly by oil production, is expected to grow by 7 percent this year, he added.

Iraq demands "IMF" five billion dollars to meet its budget deficit

An official source at the Iraqi Finance Ministry, on Wednesday, the current budget year, recorded a deficit of 23 trillion Iraqi dinars, pointing out that his country asked the International Monetary Fund, a loan of five billion U.S. dollars to fill the deficit.

The agent said the Ministry of Finance Fadhil Prophet told Kurdistan News "The arrival of budget deficit this year to Iraq, to the proportion of 23 trillion Iraqi dinars, forced the Iraqi government requested a loan from the International Monetary Fund worth five billion U.S. dollars, to plug its budget The distribution of those economic sectors that need it."

"The Kurdistan region will get its share of the loan and the general budget by 17%."

The Prophet said that he "would be the sum Aguetrdhanah the World Bank, to reduce the impact of the deficit budget", adding that "the International Monetary Fund has not imposed on Iraq, any conditions in return Loan".

http://www.aknews.com/ar/aknews/2/157881/

More than 150 companies Turkey participates in the Basra International

The Associate Director of Information Gallery Basra International on Thursday, said the gallery Basra International, which will open on Friday with the participation of more than 150 companies of Turkey, and Iraqi companies and other global, it will be attended by important personalities including the Minister of Commerce and the governor of Basra and a number of officials in Federal and local governments.

She said Rasha Salman told Kurdistan News announced today that the "gallery of Basra International will be held tomorrow and intensive preparations by the organizers of the exhibition, a company (Beramides Group) Turkish participation of more than 150 companies of Turkey, and Iraqi companies and other global."

She pointed out that "all Turkish delegations participating in the exhibition came to the province of Basra, the remaining delegations are still flocking to the province including the Turkish representative" Jatiyan Oregon "and under direct supervision by the director of the company Commissioner Mohammad Sharifi the arrival of the participating delegations."

She said that "the current situation in Basra would not affect the number of companies participating in this exhibition, but also increased the confidence of the participants in this exhibition, which is an important step in the history of Iraq's economic, as the exhibition will provide a great opportunity for international companies to invest in Iraq in the area of equipment Construction, machinery, food and electrical appliances."

And completed the Basra International Fair ground value of more than 50 million by a number of Iraqi companies for the purpose of the United invest in international exhibition projects, rather than establishing it on the land of Basra International Airport in the province, which lies a distance of 550 km to the south of the Iraqi capital Baghdad.

http://www.aknews.com/ar/aknews/2/158153/

The organization of Islamic State in Iraq claimed responsibility for the terrorist attack on the Trade Bank of Iraq

Islamic State in Iraq affiliated with al Qaeda claimed responsibility on Wednesday for the second deadly attack on state-owned bank in a week in a campaign apparently aimed the financial sector emerging in Iraq.

The Islamic State of Iraq said in a statement posted on jihadist Web sites to be responsible for the suicide car bombing The Trade Bank of Iraq, which killed 26 people. The group had previously claimed responsibility for a coordinated attack on the Iraqi Central Bank by gunmen and suicide bombers on June 13 on the eve of the first meeting of the new Iraqi parliament. And 18 people were killed in the attack.

Aggravated attacks concerns about stability in Iraq after the March election that did not produce clear winner has not yet yielded the formation of a new government in a time when U.S. forces to end their combat operations in August, before a full withdrawal by the end of 2011.

A statement by the Islamic State of Iraq "was launched rides through the village of Fuwaris Baghdad dear dignified in Charge of the new hit another stronghold of the strongholds of evil in Baghdad .. The target this time the building (TBI).

"The statement continued that the Bank "became the headquarters for the management of financial transactions The massive theft of oil wealth and foreign loans, which bring the pretext of investing in Iraq asthma burdensome debts are then transferred to the pockets of the lords of the government".

http://alforattv.net/index.php?show=...ticle&id=46286

Iraqis told to wait for two more years for power supplies to improve

Iraqi Prime Minister Nouri al-Maliki dumped Iraqis’ hope of better electricity supplies by saying that they will have to wait at least two more years before they see any tangible improvements.

Power shortages have worsened recently amid scorching heat and rising temperatures. Supplies from the national grid are erratic and may last less than three hours a day.

Violent demonstrations, in which two people were killed and scores injured, swept across southern Iraq and have so far covered five provinces.

More demonstrations are expected in central Iraq, but they will probably change nothing.

Electricity Minister Kareem Wahid has submitted his resignation, meeting a major demand from the demonstrators.

Since 2006, the government says, it has poured $17 billion into the electricity sector.

But Wahid says most of the money has been allocated for major contracts, some of which need years to be completed.

To meet domestic requirements for power, Iraq should be able to produce at least 14,000 megawatts. Wahid says the grid’s capacity is about 8,000 megawatts.

Although the figures given by Wahid indicate that the grid can churn out more than half Iraq’s needs, many cities barely have two hours of continuous supply every day.

http://www.azzaman.com/english/index...06-24\kurd.htm

(SOMO) expects to increase oil exports to 1.9 million barrels per day

Chief Iraqi Oil Marketing Organization (SOMO) said Thursday that the Iraqi oil ministry expects to exceed the average oil exports in June, 1.9 million barrels a day.

And Falah al-Amiri in a press statement supplied by a correspondent "We expect actually to go beyond the 1.9 million (bpd)." He pointed out that "the flow of oil through the pipeline, which runs between the city of Kirkuk in northern Iraq and Turkish port of Ceyhan on the Mediterranean stopped briefly on Wednesday due to technical problems but it was his appeal on the same day and we have no problem today. Is pumping normally."

And Iraq's oil exports rose in May to 1.9 million barrels per day from 1.767 million bpd the previous month.

Iraq signed a member of OPEC agreements with international oil companies that will enhance production capacity to 12 million barrels a day within six years from 2.5 million barrels per day at this time.

http://al-iraqnews.net/new/economic-news/14255.html

Sub: political blocs will not agree on a candidate and the Parliament is firmly sponsor

The member of the National Coalition Jalaluddin al-Saghir not optimistic that the experience of the scheduled meeting next parliament to identifying a candidate for the presidency.

Or other presidencies , noting that the political blocs will not agree on a person, but resolved by the parliament itself this process through voting.

Sagheer said, told Iraq our house on Thursday: "The political blocs in front of a problem because the first session of parliament was not clear by the Federal Court amid lax application of the Constitution before it, and no one does not know is that the convening of parliament was to complete the meeting 's Free State to start."

He added: "The constitution did not talk for thirty days, except for the purpose of ending the outstanding issues, and also so do not feel the political blocs as the front of the gate open forever. "

Little also expressed regret at the way that is handled with the Constitution, unlikely to be agreement on the three presidencies within the thirty days that have been identified after the first session, but noted, " In the event complies with the Federal Court and the political blocs to this period, they will be as of today Held its first session in Parliament on the fourteenth of June, before the maturity of a time-bound commitment by him." He expressed his hope that the political scene does not obscure interpretation of the Constitution during this period, as happened with some of the articles that I read in a manner "unnatural" .

And on the identification of one candidate for the National Coalition said Saghir said : "No one received so far to be the only candidate of the National Alliance, for the president of a coalition of law Nuri al-Maliki that is not enough because the candidate himself."

And invite Islamic Virtue Party Alliance of blocks of four winners (coalitions of national and state law as well as Coalition and Iraqi Kurdistan) and to break a candidate through the election, expressed little not optimistic this invitation because the political blocs will not agree on a person, but to settle the Parliament itself this process by Vote on any nominee will be presented in its meeting held for that purpose, he said.

http://iraq-beituna.net/////show.php?sho=18849

UNAMI chairman urges political understanding

Head of the UNAMI commission Ed Melkart stressed the necessity for all Iraqi political parties to form the new government within 30 days.

Speaker of the new Parliament should be elected in order to move forward the political process, Melkart told Alsumaria News.

The UNAMI is ready to assist in this concern, he added.
Head of the UNAMI commission underlined the importance of gathering all political parties in order to reach an understanding on the new government within timelines stipulated in the Constitution.

http://www.alsumaria.tv/en/Iraq-News...rstanding.html

Rafidain Bank lowers interest rates on loans and deposits for the promotion of investment banking

The Economist, Mali, Iraq today, Thursday, the central bank began cutting rates in financial approximately six percent of loans and four per cent of bank deposits to encourage investments in the country, after a series Asthdavat and robberies recently on the banks of Including the Iraqi Central Bank.

The expert, who preferred anonymity, told news Kurdistan (Akaniwz) that "the Iraqi Central Bank began to reduce the financial benefit to about 6% of loans and 4% of bank deposits."

The source added that "Such a shift reflects a new policy of the Central Bank would increase investment by paying money to the owners of Tzifaa investment allowance deposited to banks for lack of interest".

"The central bank had taken a decision in 2007 to lift interest rates to 23% in this ratio resulted in no rush to invest, leading to the left as a result of rising interest rates, "noting that "deposit banks at that time (2007) was better than Investment and risk bringing the money deposit is the appropriate choice."

He pointed out that "a wise policy that is working to balance between investment and pumping money and the deposit where there is a mating between monetary policy and fiscal policy."

The Iraqi citizens have been baptized recently to withdraw their money from Iraqi banks Asthdavat and after a series of robberies on the banks of government in the country during the past few weeks.

The last attack on the banks last Sunday when two car bombs exploded in front of Trade Bank of Iraq in a safe area west of Baghdad, killing 26 people and wounding more than 50 others injured.

It was preceded by a coordinated attack on the Iraqi Central Bank by gunmen and bombers in the June 13 being the eve of the first session of the Iraqi Council of Representatives at its second session and 18 people were killed in the attack.

And adopted the so-called " Islamic State of Iraq, "ex attacks, at the time believed the Iraqi officials and experts that targeting banks intended to hit the Iraqi economy emerging.

The bank in the region of Mesopotamia Mashkhab south of Basra has been subjected to a robbery by an armed group at the end of last May, and the theft of more than five and a half million dollars from him.

Will also present the bank's branch in Baghdad Azwaip robbed on July 28 last year, and the thieves stole about five million U.S. dollars.

http://www.aknews.com/ar/aknews/2/157986/