Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

The Central Bank registered a rise in Reserves

The advisor said the Iraqi central bank that monetary policy that was followed by the Bank reflected positively on the rise in the central reserves to 50 billion dollars, stressing that those measures are part of the policy have been taken to protect the Iraqi dinar ..

He explained the appearance of Mohammed in a newspaper interview that the reserves amounted to $ 50 billion, which reflected the monetary policy for the protection of the national currency in the region and form a cushion against any internal or external vibrations.

He added the appearance of Mohammed Saleh during a press statement that the Iraqi Central Bank on the reform of cash management in the coming years, pointing out that the GDP will double, especially in the field of oil and other activities, and therefore the cluster the current monetary and specifications are not commensurate with the stage of prosperity and development can economic development. The Economists They emphasized that the pursuit of a number of European and Arab countries to invest in Iraq will support the value of the dinar in the future. which calls for the activation of investment laws and invite businessmen and international companies to work in Iraq as far as to invite a number of economists ..

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Iraq's giant oil revenue to Iran under siege

Witness the Middle East oil-producing group of transformations at the level of this wealth that the world needs badly.

Parallel with the emergence of a new Iraq oil Kmard with the announcement of increased reserves and seeking to develop production, increase pressure on Iran because of the economic blockade directed international companies at a time when Tehran strongly for the maintenance of the facility and maintain the depleted wells.

Was the Iraqi Oil Ministry in October last show of its estimates of the wealth of the country's oil by 24 per cent, to become a 143 billion barrels.

Not only did the Iraqi oil minister, Hussain al-Shahristani is included by these statistics, but added that this figure is expected to rise more developed exploration technology and equipment to draw oil from wells.

If ratified these estimates, it means that Iraq has become the owner of the third-largest oil reserves, estimated in the world, after Saudi Arabia, which has 266 billion barrels, and Canada, which has 179 billion barrels, ahead of Iran, which has 137 billion barrels.

But the numbers thing and the reality on the ground is something else, as the situation in Iraq is still unstable at both the political and security, and infrastructure are ineffective and suffer from significant problems.

Despite the drive towards modernization in Iraq, but the facilities need to develop many.

In the Daura refinery, near Baghdad, for example, was installed and new production units at the station, but some units are still working back to the year 1955.

On this context, "said Assem Jihad, spokesman for the Iraqi Oil Ministry to" The Middle East CNN ":" We do not have sufficient funds to invest in our fields, but international companies with investments brought more than a hundred billion dollars."

At a time when signs of improvement in Iraq's oil sector, we believe that the same industry in neighboring Iran is facing difficulties and challenges. Infrastructure is crumbling, while some of the wells began to drain a large and clear, as the international sanctions increase the pressure to keep the leading investors.

Explains Harry Chilngrorian, an analyst at BNP Paribas importance of such obstacles, saying: "Iran's need for foreign companies and human capacity, technological and financial availability, not only to increase production and the search for new oil fields, but also to maintain the current level of production and maintenance of existing plants, as Without these companies will progress very slow."

Thus, it seems that the experience of Iraq and Iran will be shown clearly that the enjoyment of a country the opportunity to float on a sea of oil thing, and benefit from it for a profit is something else entirely.


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Iraqi economists stress the need for privatization of the industrial sector is gradually

stressed two economists Iraqis, on Monday, on the need to be conducted in the process of privatization of the industrial sector in Iraq gradually to avoid confusion economic might happen, Mpennan at the same time that the transition rapid privatization requires economic conditions stable and this is not available in Iraq.

The economist said Saadoun, logistical, told the Kurdish news agency (Rn) that "the economic reality in Iraq does not allow companies the opportunity to move the Ministry of Industry and Minerals from the privatization of public funding to the fact that it requires a stable economic conditions to accommodate the productive capacity of those companies."

The logistical "The problem of government funding permanent imposes significant damage to economic infrastructure in the country, Maittalb subjecting those responsible for the management of the Iraqi economy to a road map deliberate move accordingly," pointing out that "work on the privatization of the industrial sector in the country must be preceded by measures Ktfiel General Tax Code, and the development of scientific restrictions do not affect the local product."

In turn, said an economic expert for Hana Fourati (Rn), said that the "Start marginal privatization through financing (self - government), until the final access to the privatization of a special nature that would revive the industrial reality in the country."

Fourati indicated that "the privatization of all institutions of the industrial sector the government is serious on the economic reality, in the absence of T put his studies include controls industrial action."

Noting that "speed up the privatization of the industrial sector where many negative effects, and it requires a climate of privatization of public industrial environment and economic stability and returns the actual value of the maker of Iraq."

And calls upon the Ministry of Finance and Ministry of Industry should be the privatization of industrial companies in the country to enable them to bridge the requirements of Alraotb monthly instead of relying directly on the Ministry of Finance.

Studies suggest that Iraq Gerovernmip Ksergrabp $ 180 billion during the past four years because of its reliance largely on imported product.

http://www.aknews.com/ar/aknews/2/196870/

Hopes high on new Iraq Parliament

Iraq’s former Parliament was gripped by political interferences which led to the delay in laws legislation.

While hopes are high on the new elected Parliament, will it be able to ratify the law that interest Iraqis and enhance the situation in the country.

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

Economist: the process of deleting zeros from the currency is an important step will lead to economic recovery

Between academic and an economist at the University of Karbala, said that the process of deleting three zeros from the Iraqi currency will lead to currency appreciation and to increase the purchasing power of citizens, pointing to the need to pursue policies to persuade people to calm and get used to it for a period not exceeding two years.

The Dean of the Faculty of Management and Economics at the University of Karbala governor Dr. Mohsen: The deletion of three zeroes from the Iraqi currency, which intends to apply the Central Bank of Iraq became a target and a national demand as a benefit of the Iraqi economy.

He added: Iraqi currency must be stabilized and take its place with the power of the Iraqi economy and increased oil imports and this requires the disposal of the cluster of digital circulation in the Iraqi market and that is in itself a problem stands in the development of the Iraqi economy ».. pointing out that the zeros that are added to the Iraqi currency to meet the economic blockade formed block cash exceeded 27 trillion Iraqi dinars, and this is what led to rising prices and confuse the business dealings and operations of banks and increase the capacity for fraud .. pointing out that the central bank's move is a step towards the correct solution of the Iraqi currency and the Iraqi dinar .. He pointed out that this plan needed to follow the policies of quiet to persuade citizens to deal with, in the spirit of civilization, noting that the first steps is to issue two classes of currency and one paper of a class of one and the second category of a thousand dinars in order to instil confidence among citizens and enable it to deal with the new currency, but not more than this step for the year or two .. He explained that the citizen has to know that the deletion of zeros would have been useful and beneficial because it will carry papers, reviews are few and raise the value of the currency and increase purchasing power and restore confidence in Iraqi dinars, as well as make a quantum leap in the Iraqi economy and operation of the economic resources to the agricultural sector, industrial, transport, services and storage and the development of Iraqi staff by following the policy of balanced economic and financial, as will step into an increase in the national currency, especially when traders rather than dealing with foreign currency and this means the power of the Iraqi dinar.

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Council of Ministers discusses 2011 budget tomorrow

The adviser in the Iraqi government, on Monday, the Cabinet meeting on Tuesday will read the terms of the budget in 2011.

The Economic Adviser peace Quraishi told the Kurdish news agency (Rn) that "a meeting on Tuesday to the Council of Ministers will read the details of the budget in 2011 is then sent to the House of Representatives for discussion and approval before the start of next year."

"The presidency of the Council of Ministers over the final details of the budget in 2011 in both its operational and complementary and dependent on monetary policy and adopt it by the Ministry of Finance and International Monetary Fund."

Announced that the Ministry of Planning and Development Cooperation in the earlier budget that in 2011 had not been made extensive changes to the part where they relate to the operational standard of living of Iraqis.

Quraishi and that "the budget will take a long time in the House of Representatives for discussion and access to a comprehensive picture of them in particular with regard to the implementation of investment projects in the country."

He pointed out that "most of the obstacles that stand behind the delay in the vote on the budget in 2011 is the request of the Ministry of Finance and other ministries to reduce expenditures and a variation on the selling prices of crude oil, which recently agreed to $ 73 per barrel of oil."

The head of the House of Representatives Osama Nujaifi in a hearing on Sunday that the government would send over the next week the budget in 2011 and will be discussed by the Iraqi Council of Representatives as soon as they arrive.

The Iraqi Finance Ministry announced last month that the finalization of the draft budget for Iraq in 2011, and the new budget allocates a large share of investment, and to support the government's development strategy that will continue for the next four years.

The initial budget for Iraq in 2011 about 86 billion and $ 400 million, an increase of up to 14 billion dollars in the last budget.

The House had previously acknowledged last January that the 2010 budget at 72 billion and $ 400 million deficit of $ 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents.

According to the Financial Administration Act, No. 95 of 2004, the government should prepare a budget for the following year, in September of each year, in preparation for discussion at the House of Representatives for approval.

And warns the Ministry of Planning of the consequences of delay in approving the budget in 2011 that this puts Iraq on the test of a serious economic.

http://www.aknews.com/ar/aknews/2/196946/

Iraq 2011 Budget Based on $73 Oil

The oil and finance ministries agreed to set the price of oil barrel at $73, to be endorsed in the 2011 state budget, oil ministry spokesman Assem Jihad told Aswat al-Iraq news agency at the weekend.

“The agreement comes in light of an export rate of 2.3 million barrels per day (bpd), including the oil exports from northern Iraq’s Kurdistan Region, estimated at 100,000 bpd,” Jihad told the agency.

Jihad pointed out that his ministry had talks with the World Bank in Amman recently in the presence of Iraq’s oil and finance ministers as well as experts from the Central Bank of Iraq.

“The World Bank expressed satisfaction over Iraq’s achievements in the field of developing oil and gas fields, which should help improve economic conditions to cope with the global economy and overcome the current state budget deficit by 2013,” he added.

Iraq had set $62 for a barrel of oil in the 2010 budget.

The initial budget for Iraq in 2011 is approximated at $86.4 billion, an increase of $14 billion from the current year’s budget.

http://www.iraq-businessnews.com/201...sed-on-73-oil/

Iraq’s Navy Recieves Boats From US

Iraq Navy’s has received the first of nine military observation boats from the United States, according to a Navy Command source quoted by Aswat al-Iraq on Sunday.

“The boat is part of an order for 9 boats, manufactured in the United States, according to a contract concluded previously,” he said.

He continued that the “boats [will be] used in military observation operations, being supplied with advanced observation facilities”.

He added that the boats are expected to contribute to the development of Iraq’s Navy, adding that their total cost would reach $181 million [212 billion Iraqi dinars].

http://www.iraq-businessnews.com/201...boats-from-us/

Iran Targets Iraq for Investment

The Head of Tehran’s Chamber of Commerce, Industries and Mines, Yahya Al-Ishaq, said Iran regards Iraq as one of the major investment locations in the Middle East region, the local satellite Press TV reported on Monday.

Iraq’s market and economic relations with Iran is a great opportunity for Tehran, and any failure to grasp this opportunity would be loss to the country, Al-Ishaq told reporters.

Meanwhile, Al-Ishaq called on the Iranian government to prepare the ground for the increased presence of Iranian banks in neighboring Iraq, which involves efforts in such areas as banking, insurance, and letters of credit, according to Press TV.

He said Iran enjoys good infrastructure, including technology and expertise, making it possible for the country to have a permanent presence in the region’s markets, the report said.

“Currently 750 projects are underway in Iraq by Iranian contractors,” the report quoted him as saying.

In April, Iraq’s Central Bank approved applications by two Iranian banks, Parsian and Karafarin, to operate in the country and open branches in the Iraqi capital of Baghdad.

http://www.iraq-businessnews.com/201...or-investment/

Iraqi Govt Pays MPs, but Not Suppiers or the Poor

We reported recently on the excessive salaries and expenses being drawn by Iraq’s parliamentarians — it now seems the country has run out of money to pay for widows’ benefits, farm crops and other programs for the poor.

According to Associated Press, in only the parliament’s fourth session since being elected in March, its members demanded to know what happened to the estimated $1 billion allocated for welfare funding by the Finance Ministry for 2010.

“We should ask the government where these allocations for widows’ aid have gone,” demanded Sadrist lawmaker Maha Adouri on Sunday, one of the women who make up a quarter of the legislature’s 325 members. “There are thousands of widows who did not receive financial aid for months.”

Another legislator said farmers have not been paid for wheat and other crops they supplied the government for at least five months.

The cause of the shortfall was unclear, but officials have worried that the deadlock over forming a new government since March’s inconclusive election ultimately would lead to funding shortages. Whatever the cause, the welfare cutoff has been felt among Iraqis.

“We are sick people and others are old, and not getting our welfare puts us in a financial crisis,” said Fatima Hassan, 54, a widow who lives with her four children in Baghdad’s Sadr City slum.

http://www.iraq-businessnews.com/201...s-or-the-poor/