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

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CBI confirms the success of his plans to maintain the value of the Iraqi dinar

The Central Bank of Iraq, Friday, the success of his plans to preserve and enhance the value of the dinar issued in the list of states stable global monetary terms.

The chancellor said the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn), "The Bank has succeeded in continuing its plans for the development of the Iraqi dinar with the value of foreign currency which was the top local and regional market."

Saleh pointed out that "the monetary value of the Iraqi dinar rose thanks to the plans and actions taken by the central bank continued to edit the criticism of the Iraqi financial constraints and administrative routine."

Saleh expressed his hope that "the percentage of stability in the value of the Iraqi dinar to global proportions as well as to neighboring countries that have survived in the stability of its currency and bringing investment to them."

Saleh added that "the central bank will continue its plans serialized according to a clearly defined strategy for the provision of global monetary environment characterized by stable and compatible with the size of construction projects and investment in the country."

The CBI said, Wednesday, the past that the high inflation rate 0.01 November November compared with last month will not affect the value of the Iraqi dinar.

The Central Bank of Iraq announced last October revealed that the rate of inflation in Iraq to 2.7% compared with last September, which encouraged the launch of liquidity for banks by 5% of the cash reserves of the existing legal to have, in order to expand lending operations and advancing the development.

Known that excessive inflation in the general level of prices and rising incomes Ouanasr cash component of cash income, such as wages or profits as well as high costs and excessive in the creation of cash balances.

And a number of economists fear the continuing high rates of inflation in the country in the absence of mechanisms to reduce the height of government institutions on the management of the economy in the country.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

http://www.aknews.com/ar/aknews/2/197879/

Trade Bank of Iraq has Big Expansion Plans

The Trade Bank of Iraq plans to expand abroad and almost double of the number of its branches in Iraq next year to benefit from an anticipated oil boom, the bank’s chairman, Hussein al-Uzri, told Reuters.

The state-run bank is also eyeing financing deals in the energy sector as OPEC member Iraq moves ahead with plans to boost oil production through a series of deals with oil majors and rebuilds its battered economy, he said.

“Business is picking up,” he said in an interview on the sidelines of the oil and gas conference in the southern oil hub of Basra.

“We expect that by end of next year we should cover all of Iraq plus we will have three branches outside of Iraq,” he said.

The bank, which has 15 branches in Iraq now, plans to open another eight or nine branches next year and to have a foothold in Beirut, London and Istanbul to feed the appetite of investors eyeing Iraq.

The Trade Bank of Iraq will help the government in financing some of its oil and power infrastructure projects, Uzri said.

“As we see in Basra, security didn’t stop (investors) from coming here,” he said at the bank’s booth, surrounded by other exhibitors including companies such as Weatherford, Schlumberger, Turkey’s TPAO and Malaysia’s Petronas, all of which have won deals in Iraq’s oil sector.

“The drive was initiated by the oil companies. Now we see service companies are also coming, and this will attract hotels, restaurants, housing and office complexes. It’s already started.”

The bank sees net profit increasing by about 25 percent in 2010, driven mainly by corporate and private banking, Uzri said.

It made $305 million in net profit last year.

“In 2010, we were targeting a 20 percent increase (in net profit), I would imagine it would be more, about 25 percent, which is good,” he said.

“We started this year the investment banking, the corporate banking. We expect revenues to expand,” he said.

It also plans to boost its capital from $427 million to $1 billion, he said.

http://www.iraq-businessnews.com/201...pansion-plans/

Iraq to Start Offshore Oil Works in December

Bloomberg reports that Iraq plans to start work in the next three weeks on offshore oil facilities in the southern part of the country, where export capacity is due to more than double by mid-2012.

Export capacity will rise to 4.5 million barrels a day by mid-2012 from the existing capacity of 1.8 million barrels a day, Director General Dhia Jaafar al-Musawi, head of the state-owned South Oil Co., said in an interview at an energy conference in Basra.

“All contracts for materials and equipments, including pipelines, cables, moorings for land and offshore areas are now completed,” he said. “More than 70 percent of the necessary pipelines have been built and are ready to be delivered for the project.”

The country plans to build two offshore “megapipelines” and three single-buoy moorings where tankers can load crude on the Persian gulf. Each mooring is due to add 900,000 barrels a day in offshore loading capacity. Half of the sea surveys and ordnance clearing activities needed for the expansion have been completed, Al-Musawi said.

http://www.iraq-businessnews.com/201...s-in-december/

Kurds should have share of political breakthrough gains – Barazani

Kurds have to be partners in the gains after they contributed to settling the country’s political crisis, Iraqi Kurdistan Region President Massoud Barazani said on Saturday, according to a statement in Arbil.

“An internal committee should be formed to determine the necessary posts for the Kurdistan people provided that all agreements are signed prior to the formation of a new government,” Barazani was quoted in a statement by the Iraqi Kurdistan Region presidential cabinet as received by Aswat al-Iraq news agency.

Barazani’s remarks came during a meeting today (Nov. 27) with a negotiation delegation from the Kurdistan Alliance bloc in the resort of Salaheddin in the Kurdish city of Arbil.

“The Kurds have played a role in brining an end to the country’s political stalemate and accordingly they have to be partners in the gains,” he said.

http://en.aswataliraq.info/?p=139272

INA legislator: Iraq to become largest oil exporter in 2012

The former Iraqi government has made great achievements in many fields, particularly oil, of which Iraq is expected to be the largest producer and exporter in 2012, according to an Iraqi MP on Saturday.

Iraqi Prime Minister-designate Nouri al-Maliki “successfully brought the Iraqi National Alliance (INA) together and has made achievements during his first term in office although many were betting on his failure,” Riad Ghareeb, an INA member and former minister of municipalities, told Aswat al-Iraq news agency.

“Iraq is going to be the largest oil producer and exporter worldwide with up to 12 million barrels per day (bpd),” he said.

He noted that his ministry has accomplished 146.7% of the overall plans in the municipalities ministry, namely in the infrastructure field.

http://en.aswataliraq.info/?p=139267

Representative of the company: companies have a competitive advantage in the Iraqi counterparts

The representative of the coalition and the Iraqi company Al Sager Saeetm (sytem) Italy, Saturday, The experience of international companies gave "preference" to compete with their counterparts in the Iraqi oil licensing rounds, and expressed concern that the coalition will be the largest contributor to rebuild Iraq and to participate in the training of cadres.

The owner Mohammed Sajjad said in an interview with the agency (Voices of Iraq) through its participation in oil and gas exhibition to be held in Basra that global companies "have good experience in the field of competition for licensing rounds of oil, which gives preference to Iraqi companies, and however, But there are Iraqi firms unable to compete because they have gained experience through her work with American companies and other foreign, especially after 2003."

According to the carpets, the social base of the Iraqi companies and their relations with the Iraqi society "makes it a competitor no matter how foreign companies, as an important factor to enter the field of oil and gas in Iraq," he continued, "We as a company we are keen to engage Iraq in all the work that we get here .. As happened in the decade that we got with the Italian oil company Eni building complex at a cost of $50 million sought for 500 people keen to enter the Iraqi partners in the work of this contract."

The owner of that coalition, the Iraqi company, "has signed a contract with the Italian oil company Eni, which operates in the Zubair oil field to build a residential complex for employees of the company in North Rumaila, in addition to building warehouses and offices," and added, "It will also open our company in next year's office in Basra, that are subsequently open training institutes for the Iraqi cadres of engineers and technicians, "adding that his company" registered as a company in the Iraqi Ministry of Trade, but Saeetm company is the largest contributor."

In response to the most important work carried out by his company now, "said the owner of the" work distributed to the three axes, the most important drilling, and has branches in 70 countries and its shares on the table in the stock exchanges of both Italy and America, "noting that the company" does not compete in licensing rounds, but making offers to get bids from international companies operating in the north and south."

The owner of that company sytem "has a long history in oil and gas services and drilling and equipping generators heavy, have entered Iraq since 60 years and the extension of pipeline network in the north and south," and added, "After 2003 the company decided to return to Iraq arose to establish an Iraqi company on behalf of the company Sager was Company sytem the largest contributor."

"And began, on Thursday, the last on the floor of the exhibition Turkish port stronghold, the activities of oil and gas exhibition was attended by hundreds of public figures, government officials and corporate managers, led by Minister of Transport and Communications and the Government of Basra, the local and the ambassadors of Kuwait, Turkey, consuls British and American, in addition to the contribution of more than 30 Arab and foreign countries in the work of the exhibition.

http://radionawa.com/Ar/NewsDetailN....058&LinkID=155

Senior Economist: lack of vision of economic reason to delay adoption of the annual budget

The expert stressed that the economic peace Sumaisem issue of the budget is a challenge for any parliament, because the budget must be made by a law of the Council of Representatives.

The Sumaisem "told the independent press," The past years have not seen confirmation of the budget in his time, although the competent authority is the Ministry of Finance submitted the budget in the eighth month in the hope it to be passed in the tenth month, but the issue was to last until the fifth month of the new year where it continues discussions on the budget at the rate of 80-10 months, which is relatively large.

She explained that the reason for this is due to several factors, notably the absence of strategic vision to the lists of parliamentary and also lack the economic vision of these blocks, so do not know whether the violation or matching them with the paragraphs of the proposed budget.

http://radionawa.com/Ar/NewsDetailN....085&LinkID=155

The government sends the budget in 2011 to the House of Representatives on Monday

An adviser to Iraqi Prime Minister Nuri al-Maliki for Economic Affairs, announced that the Council would send the Prime Minister on Monday file the budget in 2011 to the House of Representatives.

Salam al-Quraishi, a Kurdish news agency (Rn), "The Presidency of the Council of Ministers will be sent on Monday a budget in 2011 to the presidency of the Council of Representatives in order to show the debate and then vote before the end of this year."

The Quraishi that "the Council of Ministers held extensive amendments to the budget, and called on ministries to reduce fiscal expenditure commensurate with the critical situation in Iraq."

And Quraishi, that "the delay in adoption of the budget and make it as a means of conflicts of political, as happened in the 2010 budget will put Iraq into an economic risk," hoping that "the amendments to the budget by the House in line with the number of budget in 2011 of $ 86 billion based on the price of a barrel of oil agreed between the ministries of oil and finance the $ 76 per barrel of crude oil. "

The Iraqi Council of Ministers approved on 23 this month, the budget in 2011 after it was agreed that the selling prices of oil between the ministries of oil and finance.

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.

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 warned the Ministry of Planning in the earlier of the consequences of delay in approving the budget in 2011 that this puts Iraq on the touchstone of economic risk.


http://www.aknews.com/ar/aknews/2/198248/

Political first: sources for the "morning": Baghdad to ponder the signing of a new security agreement with Washington

With the continued application of the terms of the security agreement between Iraq and the United States and approved yesterday, the second anniversary of the approval in the House of Representatives, parliamentary sources said, especially as the Prime Minister Nuri al-Maliki to Ivker to sign a new agreement with Washington.

Sources said in a telephone conversation with »Sabah»: The «Prime Minister-designate to form a new government will focus on relations, Iraq - U.S. to apply the terms of the strategic framework agreement, completion of the implementation of the security agreement which provides for the withdrawal of all U.S. forces from Iraq by end of next year» .

The House of Representatives had previously passed in November 27 2008 Conventions withdrawal (security) and the strategic framework, where the voice of 149 deputies in favor of the Convention against 35 MPs rejected it, and declined to 14 deputies were absent from the meeting 77 deputies for various reasons, noting that the number of members of the former House was 275.

The sources: The «Maliki as a leader of the armed forces according to the constitution, will put the task of completing the readiness of Iraqi forces within the priorities of its future, where will these forces and the security services supplies logistics of weapons, equipment and detectors of explosives and other matters by which they can keeping the ground» .

And re «morning» on the occasion of second anniversary of the adoption of the Convention by the Parliament, published the most important paragraphs of the withdrawal agreement, to review and compare what has applied items.

According to the security agreement that counted, politicians and international observers and watchers counted a great accomplishment for all Iraqis, the withdrawal of all U.S. forces from Iraq would be the end of 2011, as pledged to the American administration headed by Barack Obama's commitment to the dates of withdrawal.

The following is the text of the main terms of the agreement, knowing that he is not taking into account the sequence as far as relevant:

Article Twenty-fourth .. withdrawal of U.S. troops from Iraq:

Recognition of the performance of Iraqi security forces and increase their capacity, and assuming full responsibility for security and building a strong relationship between the parties, it was agreed as follows:

- All United States troops to withdraw from all lands and waters and airspace of Iraq no later than December 31 2011.

- All United States troops to withdraw from the cities, villages and towns of Iraq no later than the date that Iraqi security forces take full responsibility for security in any Iraqi province, and complete the withdrawal of U.S. forces from the places mentioned above not later than June 30 2009 ( Sovereignty Day).

- Based U.S. combat forces withdrawn pursuant to paragraph (2) above in the installations and areas agreed upon located outside cities, villages and towns that will be determined by the joint committee to coordinate military operations (JMOCC) before the specified date.

- Withdraw all combat troops from the country end of the month of August of the year 2010.

- The United States recognizes the sovereign right of the Government of Iraq to request the departure of U.S. forces from Iraq at any time, and the Government of Iraq recognizes the sovereign right of the United States to withdraw U.S. forces from Iraq at any time.

- Parties agree to establish mechanisms and arrangements to reduce the number of U.S. forces during specific periods of time, and they must agree on the locations where these troops will stabilize.

Article Twenty-seventh .. deter security risks:

To promote security and stability in Iraq and to contribute in establishing peace and stability, both parties seek actively to promote the political and military capabilities of the Republic of Iraq and to enable Iraq to deter threats against its sovereignty, political independence and territorial integrity and its democratic federal constitution. And agree in this regard:

- In the event of any external or internal threat against Iraq, or the occurrence of aggression upon it, would violate the sovereignty or political independence or territorial integrity, waters or airspace, or the threat of its democratic system or its elected institutions, and at the request of the Government of Iraq, the Parties shall, to initiate immediately in the deliberations of the strategy, and as may be mutually agreed between them, the United States take appropriate measures, which include diplomatic measures, economic or military or any other action to deter such a threat.

- The parties agree to continue close cooperation in strengthening and sustaining the military and security institutions and democratic political institutions in Iraq, including, according to what they agree upon, cooperation in training, equipping and arming of Iraqi security forces, in order to combat domestic and international terrorism and outlaw groups , at the request of the Iraqi government.

- May not use the lands and waters and skies of Iraq or transit point for attacks against other countries.

Article IV missions ..:

- The Iraqi government requests the temporary assistance of U.S. forces to support them in their efforts to maintain security and stability in Iraq, including cooperation in carrying out operations against al Qaeda and other terrorist groups and outlaw groups and the remnants of the former regime.

- All such military operations that are performed under this Agreement with the consent of the Government of Iraq, and is full coordination on such operations with the Iraqi authorities. And oversees the coordination of all the military operations of the Joint Commission for the coordination of military operations (JMOCC) that is formed under this Agreement, and referred to the Joint Ministerial Committee of issues relating to proposed military operations that can not be a joint committee to coordinate military operations to decide on them.

- All these operations with the necessity of full respect for the constitution and Iraqi laws, and have performed these operations without exceeding the sovereignty of Iraq and its national interests, as determined by the Iraqi government, and that the duty of the United States to respect Iraq's laws and customs, traditions and international law in force.

- Both parties will continue their efforts to cooperate in order to strengthen the capacity of Iraq's security, as may be mutually agreed, including training, equipping, support, supply, construction and modernization of logistics systems, including transport, accommodation and catering for the Iraqi security forces.

http://www.alsabaah.com/paper.php?so...age&sid=112073

European Parliament urges Iraq to drop Aziz death sentence

The European Parliament urged Iraq on Thursday to drop a death sentence against Tareq Aziz, warning that killing him would “do little to improve the climate of violence.”

The parliament adopted a resolution reiterating its opposition to the death penalty in all cases, including war crimes and genocide, and called it “the ultimate cruel, inhuman and degrading punishment.”

The European Parliament expressed as well its deep concern over recent attacks on Christians in Iraq mainly the attack on Our Lady of Salvation Church in Baghdad.

The Parliament called on Iraqi authorities to deploy its utmost to protect minorities in the country.

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