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

Governor of Central Bank: We reject the accusations against the banks that deal with the World

Denied the Iraqi central bank governor Sinan Shabibi strength of the Iraqi dinar has been affected by the process of lifting the zeroes that the central bank implemented during the next period, indicating that the process of lifting the zeros will be gradual and thoughtful it without having any negative impact on the Iraqi currency.

This came during a news conference Attended by the reporter convened by the directors of the bank at the Rashid Hotel address general policies of the Bank And Altamlat carried out with banks, adding that the attack by an adviser to the Ministry of Finance of private banks and said it would go bankrupt for not tackling properly and non-compliance with the laws of the bank, is unrealistic and untrue Many banks contributed to the progress of the sector banker, and there is no breach Event of any bank, and urged not to accuse banks haphazardly, "he says."

For his part, Director General of banking in the bank That the banks in the Iraqi civil including Kabtal Alorca and Iranian banks have credits and name of the banking and capital great, and we reject any accusations because the bank is responsible for the transactions of these banks, and we are now and then to freeze certain sections and keep revisiting the open actions from transactional banking and there is no reproach to any Bank, especially those targeted by some quarters recently.

http://al-iraqnews.net/new/local-news/14286.html

Allawi opposes SOFA Agreement

Head of Al Iraqiya List Iyad Allawi held the United Nations and the US responsible for reform prior to US Forces withdrawal from the country.

Washington should protect the democratic process for which Iraqis have sacrificed, Allawi said in a statement.

Allawi pointed out that he opposes the SOFA agreement for it is not clear over the readiness of armed forces and the implementation of the political reform pact approved by the former Parliament according to which Iraq would exit UN Charter Chapter VII.

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

Oil Expert : Ministry of Oil made a mistake in the declaration of licensing round for the fields of invasive

Iraqi oil expert said that the Iraqi oil ministry made a mistake in announcing the third licensing round for the fields and the gas was supposed to be delayed until the formation of the next government because of the absence of several important companies in the gas exploration.

Yusuf said Amer Kurdistan News Agency "was supposed to from the Iraqi government outgoing postpone any trading oil or gas and have a sensitive impact on the Iraqi economy in the future because the period of critical policy in Iraq has now."

He explained, "There is no doubt that the political reality overshadowed aimed at the working level of oil and this became apparent in the absence of a number of international mining companies to participate in the third licensing round for gas fields."

The Oil Ministry announced on Wednesday that the display conditions of the third licensing round of its gas fields to international companies, is part of a strategy to enhance transparency in the country.

Amer stressed that "the petroleum business greatly affected by political stability and such tours had to be postponed until the stability of the political situation in the country."

And launched the Iraqi Oil Ministry 's third licensing round fields in the presence of invasive representatives of a number of foreign companies at the beginning of the sixth of May last, .. The roadshow aims to rehabilitate and develop three gas fields in the third licensing round is the field "crutch" in Anbar province in the west field, " Mansuri " in Diyala province northeast of Baghdad and the field of "Sepah" in Basra in the south.

It is noteworthy that Iraq's proven reserves of gas up to 4 trillion square meters, according to estimates of the Ministry of Oil.

http://www.aknews.com/ar/aknews/2/158047/

*Iraq to hold a meeting for Oil Companies Representatives*

Assem Jihad, spokesman of Iraq Ministry of Oil said that Iraq will host a meeting for the executive Directors in International Oil Companies in Baghdad next Saturday and that in order to talk over the contracts of the 4 refineries intended to be set.

These refineries are expected to add up about 750000 bpd to Iraq productivity. The same source added that many international companies voiced interest in participating and reaching an agreement with the Ministry.

Jihad said that Iraq aims at establishing a refinery in Al Nassiriah refinery with a production capacity of 300000 barrels per day and another refinery in Kirkuk with a productivity of 150000 barrels per day. However, it is also planned to establish a third refinery in Missan and a forth one in kirkuk with a productivity rate of 150000 and 140000 respectively.

http://www.alsumaria.tv/en/Economics...entatives.html

Central Bank denies that private banks be put at risk

denied the Iraqi central bank governor on Thursday, that the development of private Iraqi banks risk Matwkdh by the Ministry of Finance down.

The Shabibi told Kurdistan News that "Iraq is in economically developed and clear, especially with regard to the subject of private banks with which the Central Bank on the basis of economic force in all the countries of the world."

"The main problem facing the Iraqi economy is the impact of political realities on the economic side of the country, which needs to provide factors stabilize the political side to positively affect the work of government and private banks alike," he said, pointing out that "the economic reality in the country Well, and needs to be further efforts are tailored to the needs of the country of Finance."

Description Shabibi charges the Ministry of Finance on the loss of private banks as "illogical and can not be applied to the land of the economic reality in the country," saying that "these banks, especially the old ones have credits and capital that the bank is responsible for its financial transactions, whether external or internal, as well as he Is the occasional freezing of bank branches that fail to work."

The total capital of private Iraqi banks from 30 million dollars in 2004 to one billion and 600 million dollars now, except Maatmlleke branches of Arab and foreign banks operating in the country.

The number of private banks rose from 17 banks in 2004 to 31 banks currently in the number of branches in Baghdad and other governorates from 100 to more than 600 branch to compete in the level of services number and bank branches Iraq and rational.

http://www.aknews.com/ar/aknews/2/158179/

Originally Posted by Seaview

*Iraq to hold a meeting for Oil Companies Representatives*

Assem Jihad, spokesman of Iraq Ministry of Oil said that Iraq will host a meeting for the executive Directors in International Oil Companies in Baghdad next Saturday and that in order to talk over the contracts of the 4 refineries intended to be set.

These refineries are expected to add up about 750000 bpd to Iraq productivity. The same source added that many international companies voiced interest in participating and reaching an agreement with the Ministry.

Jihad said that Iraq aims at establishing a refinery in Al Nassiriah refinery with a production capacity of 300000 barrels per day and another refinery in Kirkuk with a productivity of 150000 barrels per day. However, it is also planned to establish a third refinery in Missan and a forth one in kirkuk with a productivity rate of 150000 and 140000 respectively.

http://www.alsumaria.tv/en/Economics...entatives.html

Iraq to host oil contracts meet on June 26

Iraq will host a gathering of international oil executives in Baghdad on Saturday to discuss contracts for the four planned refineries that would add about 750,000 barrels per day of capacity, Oil Ministry spokesman Assim Jihad said on Wednesday.

"There are many international companies that expressed their interest to participate and to reach an agreement with the Oil Ministry," he said. The conference is the first step before inviting companies to tender for the refineries, he added.

Iraq wants to build a refinery in Nassiriya, southern Iraq, with a capacity of 300,000 bpd, and a second one in the northern oil city of Kirkuk with a capacity of 150,000 bpd, Jihad said. A third refinery, at Maysan in the south, is projected at 150,000 bpd and the fourth in Kerbala at 140,000 bpd.

Earlier this month, engineering and construction company Foster Wheeler said it was awarded a feasibility study and engineering design contract for the Nassiriya refinery.

Iraq plans to boost its refining capacity to 1.5 million bpd in the next five years by building the four new refineries and overhauling existing ones, Oil Minister Hussain al-Shahristani told Reuters in May. The engineering designs for the four refineries will be completed this year.

Iraq has eight oil refineries with a capacity of 659,000 bpd. It produces about 453,000 bpd of refined products and uses 589,000 bpd, according to the OPEC website, although Shahristani said last year that Iraq had attained self-sufficiency in refined products.

Years of war, sanctions and underinvestment have ravaged Iraq's ability to produce enough fuels like gasoline and diesel to meet growing domestic requirements, forcing it to buy imported fuel to plug the gap.

Iraq has said it plans to boost refining capacity as part of a $50 billion plan to revamp its investment-starved energy sector. In 2007, Iraqi parliament approved a law allowing foreign firms to build and operate domestic refineries.

Baghdad has signed a series of deals with global oil companies and aims to boost its crude output capacity to 12 million bpd from 2.5 million bpd in six to seven years. (Reuters).

http://www.arabianbusiness.com/59127...eet-on-june-26

Despite the failure to pay the balance 2010, working on a financial budget 2011

Despite the failure to pay the state budget for 2010 so far , the Ministry of Finance are working on a budget of 2011 to be finalized in a timely manner.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-24

Preliminary investigations failed to demonstrate any link between corruption and attacks on banks

The chief judge of integrity Rahim Ugaili The initial investigations into robberies and bombings, which affected the recent State banks did not demonstrate the emergence of indications of a link between the attacks and the existence of financial corruption in the institutions concerned.

The Ugaili that investigation teams problem is currently seeking to identify the nature of the documents that burned down and the size of the numbers of transactions where and try to link with other corruption, and renewed to say that there are any indicators to date suggest a link between the attacks and the existence of financial corruption in the institutions concerned, he said.

However, Ugaili saying "This does not mean denial of early absence of corruption, may be present and we can not reached in spite of all our investigations as a result of burning all the evidence and leads us to confirm our suspicions," in appreciation.

In the earlier adopted a so-called "Islamic State of Iraq," al Qaeda-related attack on the central bank, said in a statement that the attack was "achieved its objectives" through the destruction of specific targets.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-24

Iraqi Association of Banks : Central Bank urged the private banking sector to enter the market and investment funds

The Director of the Association of Banks of Abdul Aziz al- Hassoun said the central bank urged private banks to enter the market through the investment of funds in various economic activities.

He said Hassoun in contact with the agency of the independent press (Iba ) to reduce the interest rate for the public banks would stimulate the private banking sector is reflected positively on his work.

The rate-setting represents one of the tools the monetary authority to control the rate of inflation that are imposed on the central bank to intervene to create a state of economic balance is correct.

Carter said the rate cut would push private banks to stimulate investment and private banking sector and will reflect positively on his performance and does not represent a pressure to the fact that the interest rates for private banks is stable.

And economists say that interest rate cut by the banks as an element of governmental pressure on private banks to decrease their usefulness and to invest the money in the market rather than frozen deposits.

Commented Hassoun, saying private banks take the interest rate does not exceed 15% as the highest estimate and not less than 10% of their loans, while interest on deposits by not more than 9% but not less than 3% in some banks, reducing interest in public banks does not affect the interest rates The private sector.

Said that the central bank some time ago calling private banks to invest their money in the market and stop playing the role of financial intermediary , reducing the interest rate is a spur in the direction of development activities and the activities of private banks which will reflect positively on their performance.

http://www.ipairaq.com/index.php?nam...onomy&id=27016

Senior Economist : private banking sector is still insufficient to fulfill its role

The expert economic peace Sumaisem that the reduction of the interest rate for banks is the component of governmental pressure on private banks to reduce interest rates, in addition to capital investment in economic projects and raising the performance of the Iraqi economy, instead of freezing in the form of deposits from the public banks.

The Sumaisem in contact with the agency, the independent press (Iba) private banking sector in spite of his desire to take an advantageous position and active in the Iraqi economy, but still failed to perform its role.

She noted that the central bank was working on the cover of private banks, but many problems led to embarrass the central bank and led to the imposition of conditions to help improve performance and scalability.

The central bank has cut interest rates during the month of April to 6% on loans and 4% of deposits in a move aimed to increase the investment in the country and to make cash available for investment projects at the lowest possible price of the interest.

She drew Sumaisem that determine the interest rate for fiscal policy of the state and control the Iraqi economy, control and rein in inflation, which has a direct impact on the size of investment in the country.

She pointed out that the process of gradually reducing interest rates announced by the Central Bank since pressed for private banks to no longer be confined to its role to work credit, transfer and exchange.

The agency Sumaisem this step represents a component of pay for private banks to adopt other means that contribute to profits for their institutions, especially that many private banks adopted to deposit their money in government banks to achieve the profit margins through high interest rates at the time, without investing in the rest of the areas that contribute to the advancement of The Iraqi economy by providing capital for investment projects.

http://www.ipairaq.com/index.php?nam...onomy&id=27006